Epoxy composites market is expected to rise from its initial estimated value of USD 24.75 billion in 2018 to a projected value of USD 42.78 billion by 2026, registering a CAGR of 7.08% in the forecast period of 2019-2026.
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Rise in market value can be attributed to growth in demand for composite materials from the developing regions and economies of the world. Few of the major competitors currently working in the epoxy composite market are
- ISOSPORT Verbundbauteile GmbH
- Axiom Materials, Inc
- Koninklijke Ten Cate bv
- Mitsubishi Chemical Corporation
- Rotec Composite Group B.V.
- Hexcel Corporation
Other Players Are Sumitomo Bakelite Co., Ltd.; PARK ELECTROCHEMICAL CORP.; Huntsman International LLC; Barrday, Inc.; SGL Carbon; Gordon Composites, Inc.; IDI Composites International; TORAY INDUSTRIES, INC.; TEIJIN LIMITED and ATL Composites. Epoxy composite can be defined as advanced levels of composite material that are produced from woven glass fabric and non-woven glass core that are combined with a combination of epoxy synthetic resin. The factors behind the demand for the product from various end-users are its characteristics as having enhanced adhesive qualities, resistance to various environmental factors & substances, and being a good insulator of electricity.
- Growth in demand for the product from wind energy industry amid growth in the development of offshore wind farms and projects
- Growth in demand from consumers for better quality products with enhanced characteristics such as high strength-to-weight ratio, resistance against environmental factors; this factor is expected to drive the market growth
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- Constraint associated with the vulnerable nature of prices of raw materials
- Complications associated with recycling the product and re-use of the obsolete materials; this factor is expected to restrain the market growth
Segmentation: Global Epoxy Composites Market
- By Fiber Type
- Carbon Fiber
- Glass Fiber
- By Manufacturing Technology
- Pultrusion Process
- Layup Process
- Resin Transfer Molding Process
- Resin Injection Molding Process
- Filament Winding Process
- Compression Molding Process
- By End-Use Industry
- Sporting Goods
- Wind Energy
- Automotive & Transportation
- Pipe & Tank
- Aerospace & Defense
- Electrical & Electronics
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In February 2018, Huntsman International LLC announced that they had acquired Nanocomp Technologies Inc. This acquisition will help in advancement of Huntsman’s portfolio for advanced composite materials due to expertise of Nanocomp’s in development of carbon-based materials.
- In September 2017, Hexcel Corporation announced the launch of various new advanced products and associated technologies at “CAMX 2017 (Composites and Advanced Materials Expo) held in Florida, United States from 12-14 September, 2017. The products include epoxy prepreg and a carbon fiber, which is expected to meet the growing demand from the various applicable industries.
Global epoxy composite market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of epoxy composite market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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