Industry Overview of Epoxy CompositeMarket
Epoxy composite is a material that utilizes epoxy resin to form a polymer matrix, which is then reinforced with fibers or other fillers. This combination produces strong components with a high strength-to-weight ratio. Common production methods for epoxy composites include hand layup, compression, filament winding, and injection resin and resin molding processes. Compared to traditional construction materials, such as metal and concrete, epoxy composite is lightweight and offers flexibility, cost-effectiveness, excellent adhesion, and superior resistance to ultraviolet (UV) radiation, chemicals, and heat. These properties protect the object from deterioration. As a result, epoxy composites find widespread utilization across several sectors, including aerospace, defense, automotive, electrical and electronics, marine, wind energy, piping, etc.
How Big Is theEpoxy CompositeMarket?
The globalepoxy composite marketsize reached US$ 32.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 46.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
Global Industry Trends and Drivers:
The epoxy composite market is primarily driven by the increasing adoption of the product in load-bearing applications in the automotive, aerospace, oil and gas, and construction industries on account of its high adhesiveness, improved mechanical properties, heat and solvent resistance, and cost-effectiveness. Moreover, the growing demand for epoxy composites in the wind energy industry for the production and coating of components is further propelling the market growth. Apart from this, the development of advanced technologies and the launch of efficient and affordable manufacturing solutions for mass manufacturing of epoxy composites are acting as significant growth-inducing factors. Additionally, other factors, such as strategic collaborations among key players and the inflating investments in research and development (RD) activities to develop versatile epoxy resins suitable for constructing air and watercraft, are expected to bolster the epoxy composite market in the coming years.
Key Market Segmentation:
The detailed segmentation of the global epoxy composite market report based on based on fiber type, manufacturing process, end user and region.
Breakup by Fiber Type:
- Glass Fiber
- Carbon Fiber
- Others
Breakup by Manufacturing Process:
- Lay-up
- Compression Moulding
- Resin Injection
- Resin Transfer Moulding
- Filament Winding
- Pultrusion
Breakup by End User:
- Aerospace and Defense
- Automotive
- Electrical and Electronics
- Wind Energy
- Sporting Goods
- Marine
- Piping
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are Arkema S.A, Avient Corporation, Axiom Materials Inc., Gurit, Hexcel Corporation, Huntsman Corporation LLC, Mitsubishi Chemical Holdings Corporation, SGL Carbon SE, Solvay S.A, Teijin Limited and Toray Industries Inc.
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