Epoxy composite represents a type of material used for creating a polymer matrix that is generally reinforced with fibers or other fillers to manufacture durable components with high strength-to-weight ratios. Some of the commonly utilized methods for producing this material are hand layup, compression, filament winding, injection resin and resin molding processes, etc. As compared to conventional construction materials, including metal and concrete, epoxy composite is more lightweight, flexible, and cost-effective and exhibits excellent adhesion and superior ultraviolet (UV) radiation, chemical, and heat resistance properties. Presently, it is widely available in glass and carbon fiber types.
How Big Is the Epoxy Composite Market?
According to the new market research report by IMARC Group the global epoxy composite market reached a value of US$ 32.3 Billion in 2022. It is projected to reach a value of US$ 46.4 Billion by 2028, exhibiting a CAGR of 6% during 2023-2028.
Global Industry Trends and Drivers:
The epoxy composite market is experiencing significant growth due to the increasing demand for this material in various load-bearing applications across industries such as automotive, aerospace, oil and gas, and construction. This demand is driven by the material's enhanced mechanical properties, high adhesiveness, resistance to heat and solvents, and cost-effectiveness.
In addition, the combination of epoxy composites with carbon and glass fibers is particularly valuable in the manufacturing of wind blades. These composites offer advantages such as lightweight construction, fatigue resistance, and minimal shrinkage after cooling, which contribute to their growing use in the wind energy sector. This application further boosts the market's expansion.
Furthermore, the wind energy sector's adoption of epoxy composites for component production and coating plays a significant role in market growth. Technological advancements and the introduction of efficient and affordable production solutions for bulk manufacturing of epoxy composites also have a positive impact on the global market.
Moreover, key market players' substantial investments in research and development activities to develop versatile materials suitable for air and watercraft construction are expected to further drive the epoxy composite market in the coming years.
Key Market Segmentation:
The report provides detailed segmentation of the global epoxy composite market based on based on fiber type, manufacturing process, end user and region.
Breakup by Fiber Type:Breakup by Manufacturing Process:- Lay-up
- Compression Moulding
- Resin Injection
- Resin Transfer Moulding
- Filament Winding
- Pultrusion
- Aerospace and Defense
- Automotive
- Electrical and Electronics
- Wind Energy
- Sporting Goods
- Marine
- Piping
- Others
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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