The global epoxy composites market size was valued at USD 26.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. Increasing demand for lightweight materials in the aviation and automotive industries across the globe is expected to bolster the demand for epoxy composites owing to the low weight-to-strength ratio. Epoxy is a well-known thermoset resin that is used in different types of composite parts as well as concrete structures and repairs owing to its corrosion resistance, superior electrical and mechanical properties, and lower shrinkage. On account of the aforementioned factors, the demand for epoxy composites is likely to propel in structural applications.
Surging demand for wind energy, coupled with high demand for epoxy composites from the automotive sector in the U.S., is anticipated to propel the market growth. Furthermore, the growing demand for composite materials in applications such as electrical and electronics and sporting and consumer goods is likely to drive the market over the forecast period.
Growing wind energy installations, particularly in the Asia Pacific region, are expected to drive the demand for epoxy composites over the forecast period. Furthermore, increasing demand for lightweight materials such as epoxy composites, to produce fuel-efficient automobiles owing to rising environmental concerns in European economies, is likely to boost the market growth.
Glass fiber led the market and accounted for 60.3% share of the global revenue in 2019. The segment is expected to maintain its lead owing to characteristics such as low weight, superior fabrication adaptability, high durability, and high bulk strength, as compared to other metals.
The market for epoxy composites is majorly categorized based on fiber type into glass fiber, carbon fiber, and others. Epoxy composites are used in a wide array of applications in the end-use markets, including aviation, automobile, and sports materials, on account of their superior electrical, mechanical, and thermal properties.
The automotive and transportation end-use segment led the market and accounted for a 25.6% share of the global revenue in 2019. The segment is projected to maintain its lead over the forecast period. This is attributed to the rapidly expanding automotive and transportation sector owing to the growth of commercial as well as domestic markets, particularly in North America and Asia Pacific.
Based on end-use, the market is primarily categorized into aerospace and defence, wind energy, electrical and electronics, automotive and transportation, and sporting and consumer goods. Epoxy composite materials are anticipated to witness robust demand in the aforementioned end-use segments owing to the superior material attributes, including durability and superior mechanical strength.
Asia Pacific led the market and accounted for 35.9% of the global revenue share in 2019 and is expected to maintain its lead over the forecast period. The rapidly expanding wind energy sector in economies such as India and China is expected to propel the demand for epoxy composites in the region over the forecast period.
China dominated the Asia Pacific market in 2019 on account of the rapid growth of the transportation, construction, and electrical and electronics sectors in the economy, which in turn, is responsible for increased demand for epoxy composites. According to the Global Electrical & Electronics Council, China is the largest producer of electrical and electronics in the world. China aims to increase installed electrical and electronics capacity to 400 GW by 2030.
North America accounted for a major revenue share in 2019 and is estimated to expand at a significant CAGR over the forecast period. Growing demand for lightweight materials, such as epoxy composites, primarily in fuel-efficient automotive designs, owing to the implementation of strict environmental regulations, is expected to drive the product demand.
Europe accounted for the third-largest revenue share in 2019 and is anticipated to expand at a CAGR of 6.3% from 2020 to 2027. The rising popularity of epoxy composite materials for designing lightweight automotive components and automobiles is projected to bolster the demand for epoxy composites in the region over the forecast period.
Key companies are: Hexcel Corporation; Cytec Solvay Group; Polyone Corporation; Hindoostan Composite Solutions; Teijin Limited; Park Electrochemical Corporation; Arkema; SGL Carbon; Toray Industries, Inc.; Huntsman Corporation LLC.
Surging demand for wind energy, coupled with high demand for epoxy composites from the automotive sector in the U.S., is anticipated to propel the market growth. Furthermore, the growing demand for composite materials in applications such as electrical and electronics and sporting and consumer goods is likely to drive the market over the forecast period.
Growing wind energy installations, particularly in the Asia Pacific region, are expected to drive the demand for epoxy composites over the forecast period. Furthermore, increasing demand for lightweight materials such as epoxy composites, to produce fuel-efficient automobiles owing to rising environmental concerns in European economies, is likely to boost the market growth.
Glass fiber led the market and accounted for 60.3% share of the global revenue in 2019. The segment is expected to maintain its lead owing to characteristics such as low weight, superior fabrication adaptability, high durability, and high bulk strength, as compared to other metals.
The market for epoxy composites is majorly categorized based on fiber type into glass fiber, carbon fiber, and others. Epoxy composites are used in a wide array of applications in the end-use markets, including aviation, automobile, and sports materials, on account of their superior electrical, mechanical, and thermal properties.
The automotive and transportation end-use segment led the market and accounted for a 25.6% share of the global revenue in 2019. The segment is projected to maintain its lead over the forecast period. This is attributed to the rapidly expanding automotive and transportation sector owing to the growth of commercial as well as domestic markets, particularly in North America and Asia Pacific.
Based on end-use, the market is primarily categorized into aerospace and defence, wind energy, electrical and electronics, automotive and transportation, and sporting and consumer goods. Epoxy composite materials are anticipated to witness robust demand in the aforementioned end-use segments owing to the superior material attributes, including durability and superior mechanical strength.
Asia Pacific led the market and accounted for 35.9% of the global revenue share in 2019 and is expected to maintain its lead over the forecast period. The rapidly expanding wind energy sector in economies such as India and China is expected to propel the demand for epoxy composites in the region over the forecast period.
China dominated the Asia Pacific market in 2019 on account of the rapid growth of the transportation, construction, and electrical and electronics sectors in the economy, which in turn, is responsible for increased demand for epoxy composites. According to the Global Electrical & Electronics Council, China is the largest producer of electrical and electronics in the world. China aims to increase installed electrical and electronics capacity to 400 GW by 2030.
North America accounted for a major revenue share in 2019 and is estimated to expand at a significant CAGR over the forecast period. Growing demand for lightweight materials, such as epoxy composites, primarily in fuel-efficient automotive designs, owing to the implementation of strict environmental regulations, is expected to drive the product demand.
Europe accounted for the third-largest revenue share in 2019 and is anticipated to expand at a CAGR of 6.3% from 2020 to 2027. The rising popularity of epoxy composite materials for designing lightweight automotive components and automobiles is projected to bolster the demand for epoxy composites in the region over the forecast period.
Key companies are: Hexcel Corporation; Cytec Solvay Group; Polyone Corporation; Hindoostan Composite Solutions; Teijin Limited; Park Electrochemical Corporation; Arkema; SGL Carbon; Toray Industries, Inc.; Huntsman Corporation LLC.
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