Epoxy Composite Market worth 33.06 Billion USD by 2021 | Key Players include Toray Industries, Teijin Limited, Mitsubishi Rayon Co. Ltd., Hexcel Corporation, SGL Group, Gurit Holding AG, Cytec Solvay Group, Park Electrochemical Corporation, Barrday, Axiom

According to recent research "Epoxy Composite Market by Fiber Type (Glass, Carbon), Manufacturing Process (Lay-up, Compression Molding, Resin Injection, Resin Transfer Molding, Filament Winding, and Pultrusion), End-use Industry, and Region - Global Forecast to 2021", published by MarketsandMarkets™, The epoxy composite market was valued at USD 21.60 Billion in 2015, and is projected to reach USD 33.06 Billion by 2021, at a CAGR of 7.34% between 2016 and 2021.

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Increase in the demand materials that are lightweight and have high mechanical strength is expected to boost the growth of the epoxy composite market

The epoxy composite market is projected to grow at a CAGR of 6.67% in terms of volume, and 7.34% in terms of value from 2016 to 2021. The market is expected to reach USD 33.1 billion by 2021. Asia-Pacific was the largest market for epoxy composite. The key countries in this region, namely, China, Japan, and India among others, are witnessing high demand of epoxy composite from various end-use industries.

Over the few years there has been a considerable increase in the use of epoxy composite in structural parts of wind turbines, aircrafts, as the composites have high strength and toughness, are lightweight, and their rate of wear and tear is low. These properties of epoxy composites are expected to drive the market in various end-use industries, such as wind energy, aerospace & defense, automotive & transportation, sporting goods, electrical & electronics, pipe & tank, and marine, among others in the coming years.

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Leading players in the epoxy composite market followed strategies of expansions and agreements, partnerships, acquisitions, and new product launches for businesses growth. Asia-Pacific is the largest consumer of epoxy composite, due to the increasing wind energy installations and development of transportation infrastructure which include rails, bridges, and airports in the region.

Expansions was one the key strategies adopted by manufacturers to strengthen their position in the epoxy composite market. In 2015 and 2016, various companies in the epoxy composite market undertook capacity expansions to strengthen their market position. In 2016, various agreements between epoxy composite manufacturers and end-user industries were announced.

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Epoxy composite manufacturers across the globe collaborated with other key players to broaden their market and explore new opportunities in the epoxy composite market. Asia-Pacific was the largest market for epoxy composite. The region offers growth opportunities in areas, such as wind energy, aerospace & defense, and automotive & transportation industries.

Royal TenCate N.V. (Netherlands) established a new manufacturing facility at Langley Mill (U.K.) in May 2016. This new facility was established to cater to the increasing demand for thermoset prepreg systems from Europe. This capacity expansion will provide a competitive edge to the company and improve its market position.

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