Epoxy Composites Market Growth & Trends
The global epoxy composites market size is anticipated to reach USD 42.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Growing demand for lightweight material in industries, including aerospace and defense, automotive and transportation, and wind energy, is likely to propel the market growth.
Epoxy composites are widely used for manufacturing a wide array of aircraft as well as automotive parts. Augmenting concerns regarding CO2 emission levels and fuel consumption are expected to increase the use of carbon fiber epoxy composites as a substitute for various metal components, thereby propelling the demand for epoxy composites.
Technological advancements to reduce the manufacturing cycle time is projected to drive the demand for epoxy composites in the automotive industry. Furthermore, the demand for epoxy composites in the wind energy sector is likely to propel further owing to the additional product life and protection offered to the wind rotor blades that are functional in adverse weather conditions.
Surging demand for customized components, primarily in aircraft, automotive, and sports sectors, has urged the market players to integrate their products with downstream manufacturing technologies. Furthermore, surging demand for superior quality composite materials in the manufacturing sector is expected to drive investments in the market, thus complementing growth.
Epoxy Composites Market Report Highlights
- The automotive and transportation end-use segment led the market and accounted for 25.6% share of the global revenue in 2019 on account of rising demand for durable and lightweight materials
- Germany dominated the European market, accounting for 38.5% share of the regional revenue in 2019, owing to the augmenting demand from the automotive and aerospace industries
- By fiber type, the carbon fiber segment is expected to expand at the fastest CAGR of 6.5% from 2020 to 2027 on account of superior attributes, such as high stiffness, low weight, low thermal expansion, and high chemical resistance offered by the composite material
- Asia Pacific accounted for 35.9% share of the global revenue in 2019 due to rapid industrialization in the economies, including China, Japan, and India, coupled with augmenting product demand in the growing wind energy sector
- The market is characterized by the presence of a large number of regional and international players, resulting in market fragmentation. Key players in the market have a strong distribution network and product brands launched across the globe.