Press release
Epoxy Composite Market Estimated Growth Curve, Trends, Size, Share And Analysis Report 2024-2033
Epoxy Composite Market Demand
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.
Market Overview -
Epoxy composite is a polymer material that uses epoxy resin to create a polymer matrix reinforced with fibers or other materials. They offer low densities relative to metals and high strength-to-weight ratios, making them ideal for aerospace and automotive applications.
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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.
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, drape 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.
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Key Segments -
The epoxy composite market covered in this report is segmented -
1) By Fiber Type: Glass Fiber; Carbon Fiber; Other Fiber Types
2) By Manufacturing Process: Lay-up; Compression Molding; Resin Injection; Resin Transfer Molding; Filament Winding; Pultrusion
3) By End User: Aerospace And Defense; Automotive; Electrical And Electronics; Wind Energy; Sporting Goods; Marine; Piping; Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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