Product ID: SQMIG15E2233
Global Epoxy Composite Market Size, Share, Growth Analysis, By Fiber Type(Glass Fiber, Carbon Fiber), By End-use(Automotive & Transportation, Aerospace & Defense) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2233 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
68 |
Figures:
75
Global 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.
Global Epoxy Composite Market Report Snapshots
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