Press release
Epoxy Composite Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Epoxy Composite Market Trends
The Business Research Company offers in-depth market insights through Epoxy Composite Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The epoxy composite market size has grown strongly in recent years. It will grow from $34.32 billion in 2023 to $37.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to infrastructure development, growing renewable energy sector, rising demand from the electronics industry, growing awareness of the benefits of epoxy composites.
The epoxy composite market size is expected to see strong growth in the next few years. It will grow to $49.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increased demand from the aerospace and defense industry, rising demand from the automotive industry, growing demand from the construction industry, rising investment in research and development. Major trends in the forecast period include advances in manufacturing processes, development of new epoxy composite formulations, growing adoption of epoxy composites in additive manufacturing, advanced material development, aerospace materials innovation, nanocomposites integration, digital twins and simulation, cross-industry collaborations.
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Market Segmentation:
The main types of fibers included in epoxy composites are glass fiber, carbon fiber and others. Glass fiber refers to a type of reinforced fiber made from fine strands of glass. The types of manufacturing processes are lay-up, compression molding, resin injection, resin transfer molding, filament winding and pultrusion, used by various end users, including aerospace and defense, automotive, electrical and electronics, wind energy, sporting goods, marine, piping and others.
Epoxy Composite Global Market Report 2023 provides data on the global epoxy composite market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The epoxy composite market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Expanding Automotive Industry Boosts Epoxy Composite Market Growth For Lightweight, High-Performance Components
The growing automotive industry is expected to propel the growth of the epoxy composite market going forward. The automotive industry refers to a broad range of businesses and organizations involved in designing, developing, producing and modifying motor vehicles. Epoxy composites are used in the automotive industry to manufacture safe, fuel-efficient vehicles with better performance and design options. These composites are lightweight and have high specific stiffness, making them ideal for automotive components. For instance, in August 2023, according to Statistics Canada, a Canada-based government agency, the total number of vehicle registrations in Canada rose to 26.2 million in 2021, a 1.9% increase from 2020. Furthermore, in 2022, according to a report shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the growing automotive industry is driving the growth of the epoxy composite market.
Competitive Landscape:
Major players in the epoxy composite market are Mitsubishi Chemical Corporation, Toray Industries Inc., Westlake Epoxy Inc., Arkema S.A., Nanya Plastics Corporation, Owens Corning, Sika AG, Huntsman Corp. LLC, Teijin Ltd., Aditya Birla Chemicals, Sumitomo Bakelite Co. Ltd., Hexcel Corp., Solvay S.A., SGL Carbon, Koninklijke Ten Cate B.V., Gurit Holding, Scott Bader Company Ltd., RAMPF Group, L&L Products India Pvt. Ltd., Composite One LLC, Park Aerospace Corp., Hindoostan Composite Solutions, Axiom Materials Inc., Gordon Composites Inc., Barrday Inc., Quantum Composites, Sanders Composites, Copps Industries Inc.
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Top Trend - Gaining A Competitive Edge In The Epoxy Composite Market Through Advanced Epoxy Materials For Improved Performance And Cost-Effectiveness
Major companies operating in the epoxy composite market are focused on introducing next-generation epoxy materials to gain a competitive edge in the market. Next-generation epoxy materials refer to advanced and innovative formulations of epoxy resins and related compounds that offer improved properties, performance, and applications compared to traditional epoxy materials. For instance, in September 2022, Solvay S.A., a France-based chemical company, launched LTM 350, a next-generation carbon fiber epoxy prepreg tooling material that offers remarkable time and cost savings for swift tooling in the aerospace and composites industries. It was designed as a low temperature prepreg with user-friendly tack, and handling to enable the fastest lay-up speeds while giving the best surface polish, establishing new benchmarks in cost-effective composite tooling. LTM 350 is an innovative epoxy prepreg demonstrating the company's ongoing commitment to aid OEMs (original equipment manufacturers), subcontractors and tool makers in the composites industry in achieving challenging productivity goals.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Epoxy Composite Market Characteristics
3. Epoxy Composite Market Trends And Strategies
4. Epoxy Composite Market - Macro Economic Scenario
5. Epoxy Composite Market Size And Growth
…..
27. Epoxy Composite Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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