Global Epoxy Composite Market

Epoxy Composite Market Size, Share, Growth Analysis, By Fiber Type(Glass Fiber, Carbon Fiber, and Other Fiber), By End-use(Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2233 | Region: Global | Published Date: March, 2024
Pages: 184 |Tables: 68 |Figures: 75

Epoxy Composite Market Insights

Global Epoxy Composite Market size was valued at USD 33.31 Billion in 2022 and is poised to grow from USD 36.07 Billion in 2023 to USD 68.27 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).

The market is anticipated to be driven by the rapid replacement of traditional materials in aerospace and automotive applications. The COVID-19 pandemic in 2020 had a significant negative impact on the world market. The production processes were temporarily stopped by the lockdown measures implemented by various governments around the world to stop the virus' spread. In consequence, this reduced the demand for products across a number of industries, particularly in the automobile and aerospace sectors. Additionally, the lockdown tactics prevented travel, disrupting the world's supply chain.

The total market growth was impacted by these trends because they also caused a shortage in product supply. Due to its low weight, high strength, extensive design freedom, and simple processing & forming properties, epoxy composites have become more and more popular in sports & consumer goods applications. These are being used in a growing number of products, including tennis rackets, golf clubs, automobiles, trekking, skis, surfboards, tennis tables, the boards, badminton rackets, rods for fishing, baseball bats, hockey pucks, sports automobiles, and footwear.

Most of the major market players, including Cytec Businesses, Toray Companies, Hexcel, and Hyosung, have been incorporated throughout the entire value chain, from raw material supply through CFRP distribution. A high degree of integration enables businesses to lower the costs of acquiring raw materials and aids in the development of specialist goods, which helps enterprises gain market share.

In order to reduce production time and increase profitability, a number of significant market players, including Teijin, Huntsman, Olin Corp., & Solvay, are developing automated processes. Additionally, many producers are spending a lot of money on research and development projects to broaden the applications of their products and increase the size of their customer base.

US Epoxy Composite Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 33.31 Billion

Largest Segment

Glass Fiber

Fastest Growth

Glass Fiber

Growth Rate

8.3% CAGR

Global Epoxy Composite Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Epoxy Composite Market Segmental Analysis

The global epoxy composite market is fiber type, end-use, and region. Based on fiber type, the market is segmented on the basis of glass fiber, carbon fiber, and other fiber. Based on end-use the market is segmented into automotive & transportation, aerospace & defense, wind energy, electrical & electronics, sporting & consumer goods, and other end-use (oil & gas, marine, and construction). Based on region the global Epoxy Composite Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Epoxy Composite Market Analysis by Fiber Type

The market was headed by the glass fiber category, which had a revenue share of more than 60%. It will continue to hold the top spot throughout the forecasted years. Due to their affordability, glass fibers are increasingly being used in automotive & marine applications, which is the cause of this increase. Additionally, using composites instead of metals improves fuel efficiency, improving the overall performance of the vehicle. A wide range of applications can benefit from the excellent strength-to-weight ratios found in glass fiber varieties.

Due to the challenges involved in recycling glass-fiber epoxy composites, producers instead choose other epoxy composites, including carbon and aramid fiber epoxy composites. The quickest CAGR of more than 8.5% is anticipated for the carbon fiber market due to the exceptional thermal, mechanical, & electrical qualities that these fibers provide to composites. Additionally, these composites' exceptional strength and durability are expanding their potential for expansion in a variety of end-use sectors.

Carbon fiber reinforced composite producers work hard to take advantage of prospective opportunities in applications in industry. The goal of research is to enhance the properties of the fiber/matrix interface and the dispersion of the nano-filler inside the matrix. The performance of carbon fiber epoxy composites will be impacted if fiber is not well disseminated in the matrix, which will lead to agglomeration of carbon fillers.

Epoxy Composite Market Analysis by End-use

The automotive & transportation end-use sector dominated the market with a revenue share of more than 25% in 2022. Due to their excellent durability and lightweight, epoxy composites are ideal for structural parts utilized by automobiles and transportation systems. In many automotive applications, including the engine cover, air duct, airbags housing, instrumentation panel, bumpers beam, and interior headliner, epoxy composites are used. The demand for lighter, safer, as well as more energy-efficient cars is driving up consumption of goods in the automotive & transportation sectors. Since carbon emissions are subject to regulation by energy regulatory bodies, automakers all over the world are focusing on achieving excellent fuel efficiency.

The growing product use in the structural components of aircraft, rockets, and missiles to decrease weight and improve fuel economy is predicted to drive the growth of the aerospace end-use segment throughout the forecast period. Additionally, low consumption of energy and light weight help increase the speed of missiles and airplanes. Due to their outstanding performance qualities, carbon fiber epoxy composites are greatly favored in this application area. Due to their high stiffness and specific strength, epoxy composites are lightweight. They are also resistant to corrosion and fatigue, have a high degree of optimization, and have a low dielectric loss.

Global Epoxy Composite Market By Fiber Type, 2023 (%)

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Epoxy Composite Market Regional Insights

Asia Pacific dominated the business, accounting for more than 36% of market revenue in 2022. Between 2023 and 2030, it is anticipated to grow at the fastest CAGR of over 7% while maintaining its leadership position. This increase is attributable to the region's enormous potential for development as a result of rapidly rising aircraft production and aspirational expansion goals for the capacity of many enterprises in the electric and electronics industries.

North America is anticipated to have significant growth between 2021 and 2028 as a result of rising demand for personal helicopters, an increase in air travel, and expanding military space programme investments. The regional market is expected to benefit from space-related missions by NASA, SpaceX, a successful U.S. private space programme, as well as additional space tourism ventures. Additionally, the region's product demand is anticipated to be driven by the rising trend of producing electricity from renewable sources.

Global Epoxy Composite Market By Geography, 2024-2031
  • Largest
  • Fastest

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Epoxy Composite Market Dynamics

Epoxy Composite Market Drivers

Growing Demand from Aerospace and Defense Sector

  • The aerospace and defense industry are a significant driver of the epoxy composite market. Epoxy composites offer high strength-to-weight ratios, excellent durability, and resistance to harsh environments, making them ideal for applications such as aircraft components, radomes, missiles, and defense equipment.

Epoxy Composite Market Restraints

High Cost of Epoxy Composites

  • Epoxy composites are relatively expensive compared to traditional materials such as steel, aluminum, or fiberglass. The high cost can limit their adoption in certain applications, particularly in price-sensitive industries or projects with stringent budget constraints.

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Epoxy Composite Market Competitive Landscape

The development of innovative, cost-effective solutions is being supported by significant investments in development and research by key businesses. Key firms are also enlarging the scope of their applications to investigate growth prospects across numerous end-use sectors. The world's composites market, however, is facing difficulties in expanding and being profitable due to the high costs associated with producing composites. Technology advancements, alliances, and M&A are a few more measures that leading organizations have undertaken.

Epoxy Composite Market Top Player’s Company Profiles

  • Hexcel Corporation
  • Owens Corning
  • Gurit Holding AG
  • Solvay S.A.
  • SGL Carbon SE
  • Toray Industries, Inc.
  • Mitsubishi Chemical Corporation
  • Teijin Limited
  • Cytec Solvay Group
  • Axiom Materials, Inc.
  • Park Aerospace Corp.
  • Renegade Materials Corporation
  • TenCate Advanced Composites (a part of Toray Industries)
  • Hexion Inc.
  • BASF SE
  • Huntsman Corporation
  • Arkema SA
  • Evonik Industries AG
  • Composites One LLC
  • Carbon Fibre Preforms Ltd.

Epoxy Composite Market Recent Developments

  • In April 2023, Hexcel Corporation announced the expansion of its carbon fiber production capacity in France to meet the growing demand for epoxy composites in aerospace and industrial applications.
  • In March 2023, SGL Carbon SE launched a new epoxy-based carbon fiber composite material called "Sigrafil C T50-4.8/280," specifically designed for automotive applications. The material offers high strength, low weight, and improved cost efficiency.

Epoxy Composite Key Market Trends

  • Increasing Demand from the Aerospace and Defense Sector: The aerospace and defense industry are a significant consumer of epoxy composites, driven by the need for lightweight, high-strength materials for aircraft, missiles, and defense equipment. The growing demand for fuel-efficient aircraft and advancements in military technology fuel the adoption of epoxy composites in this sector.
  • Growing Application in Automotive Light Weighting: The automotive industry is increasingly incorporating epoxy composites to reduce vehicle weight and improve fuel efficiency. Epoxy composites offer excellent strength-to-weight ratios, corrosion resistance, and design flexibility, making them suitable for applications such as body panels, chassis components, and interior parts.
  • Expansion in Wind Energy Applications: Epoxy composites play a vital role in the wind energy sector, primarily in wind turbine blades. As the demand for renewable energy sources grows, the wind energy industry continues to expand, driving the need for lightweight and durable materials like epoxy composites for efficient turbine blade design.
  • Advancements in Manufacturing Processes: Continuous advancements in epoxy composite manufacturing processes are enhancing production efficiency, reducing costs, and enabling complex designs. Technologies such as automated layup, resin infusion, and additive manufacturing are streamlining production and expanding the capabilities of epoxy composite manufacturers.

Epoxy Composite Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global epoxy composite market analysis, the total market revenue was impacted by these trends because they also caused a shortage in product supply. Due to its low weight, high strength, extensive design freedom, and simple processing & forming properties, epoxy composites have become more and more popular in sports & consumer goods applications. These are being used in a growing number of products, including tennis rackets, golf clubs, automobiles, trekking, skis, surfboards, tennis tables, the boards, badminton rackets, rods for fishing, baseball bats, hockey pucks, sports automobiles, and footwear. Geographically, Asia Pacific dominated the market with North America in close competition.

Report Metric Details
Market size value in 2023 USD 33.31 Billion
Market size value in 2031 USD 68.27 Billion
Growth Rate 8.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Fiber Type
    • Glass Fiber, Carbon Fiber, and Other Fiber
  • End-use
    • Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics, Sporting & Consumer Goods, Other End-use (Oil & Gas, Marine, Construction)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Hexcel Corporation
  • Owens Corning
  • Gurit Holding AG
  • Solvay S.A.
  • SGL Carbon SE
  • Toray Industries, Inc.
  • Mitsubishi Chemical Corporation
  • Teijin Limited
  • Cytec Solvay Group
  • Axiom Materials, Inc.
  • Park Aerospace Corp.
  • Renegade Materials Corporation
  • TenCate Advanced Composites (a part of Toray Industries)
  • Hexion Inc.
  • BASF SE
  • Huntsman Corporation
  • Arkema SA
  • Evonik Industries AG
  • Composites One LLC
  • Carbon Fibre Preforms Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Epoxy Composite Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Epoxy Composite Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Epoxy Composite Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Epoxy Composite Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Epoxy Composite Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Epoxy Composite Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Epoxy Composite Market size was valued at USD 33.31 Billion in 2022 and is poised to grow from USD 36.07 Billion in 2023 to USD 68.27 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).

The development of innovative, cost-effective solutions is being supported by significant investments in development and research by key businesses. Key firms are also enlarging the scope of their applications to investigate growth prospects across numerous end-use sectors. The world's composites market, however, is facing difficulties in expanding and being profitable due to the high costs associated with producing composites. Technology advancements, alliances, and M&A are a few more measures that leading organizations have undertaken. 'Hexcel Corporation', 'Owens Corning', 'Gurit Holding AG', 'Solvay S.A.', 'SGL Carbon SE', 'Toray Industries, Inc.', 'Mitsubishi Chemical Corporation', 'Teijin Limited', 'Cytec Solvay Group', 'Axiom Materials, Inc.', 'Park Aerospace Corp.', 'Renegade Materials Corporation', 'TenCate Advanced Composites (a part of Toray Industries)', 'Hexion Inc.', 'BASF SE', 'Huntsman Corporation', 'Arkema SA', 'Evonik Industries AG', 'Composites One LLC', 'Carbon Fibre Preforms Ltd.'

The aerospace and defense industry are a significant driver of the epoxy composite market. Epoxy composites offer high strength-to-weight ratios, excellent durability, and resistance to harsh environments, making them ideal for applications such as aircraft components, radomes, missiles, and defense equipment.

Increasing Demand from the Aerospace and Defense Sector: The aerospace and defense industry are a significant consumer of epoxy composites, driven by the need for lightweight, high-strength materials for aircraft, missiles, and defense equipment. The growing demand for fuel-efficient aircraft and advancements in military technology fuel the adoption of epoxy composites in this sector.

Asia Pacific dominated the business, accounting for more than 36% of market revenue in 2022. Between 2023 and 2030, it is anticipated to grow at the fastest CAGR of over 7% while maintaining its leadership position. This increase is attributable to the region's enormous potential for development as a result of rapidly rising aircraft production and aspirational expansion goals for the capacity of many enterprises in the electric and electronics industries.

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Global Epoxy Composite Market

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