Epoxy Composites Market Size, Share & Trends Report

Epoxy Composites Market Size, Share & Trends Analysis Report By Fiber Type (Glass Fiber, Carbon Fiber), By End Use (Automotive & Transportation, Wind Energy), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Oct, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-095-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global epoxy composites market size was valued at USD 25.32 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027. Increasing demand for lightweight materials in the aviation and automotive industries across the globe is expected to bolster the demand for epoxy composites owing to the low weight-to-strength ratio. Epoxy is a well-known thermoset resin that is used in different types of composite parts as well as concrete structures and repairs owing to its corrosion resistance, superior electrical and mechanical properties, and lower shrinkage. On account of the aforementioned factors, the demand for epoxy composites is likely to propel in structural applications.

U.S. epoxy composites market size

Surging demand for wind energy, coupled with high demand for epoxy composites from the automotive sector in the U.S., is anticipated to propel the market growth. Furthermore, the growing demand for composite materials in applications such as electrical and electronics and sporting and consumer goods is likely to drive the market over the forecast period.

Growing wind energy installations, particularly in the Asia Pacific region, are expected to drive the demand for epoxy composites over the forecast period. Furthermore, increasing demand for lightweight materials such as epoxy composites, to produce fuel-efficient automobiles owing to rising environmental concerns in European economies, is likely to boost the market growth.

Economies including China, Japan, India, South Africa, Brazil, and South Korea are projected to witness major development in terms of inorganic and organic growth strategies. Key players have made strategic investments in the aforementioned economies with suitable manufacturing conditions, coupled with high product demand from the end-use industries.

The augmenting use of different types of epoxy composites for manufacturing sporting and consumer goods, including bicycles, tennis rackets, golf shafts, and fishing rods, is anticipated to bolster the demand for epoxy composites. Improving living standards, coupled with the growing popularity of various sports, are driving the demand for high-quality sportswear and sports goods. This, in turn, is likely to propel the market growth over the forecast period.

Fiber Type Insights

Glass fiber led the market and accounted for 60.3% share of the global revenue in 2019. The segment is expected to maintain its lead owing to characteristics such as low weight, superior fabrication adaptability, high durability, and high bulk strength, as compared to other metals.

The market for epoxy composites is majorly categorized based on fiber type into glass fiber, carbon fiber, and others. Epoxy composites are used in a wide array of applications in the end-use markets, including aviation, automobile, and sports materials, on account of their superior electrical, mechanical, and thermal properties.

The carbon fiber segment is anticipated to expand at the fastest CAGR of 6.5% in terms of revenue from 2020 to 2027 owing to various material properties, including low thermal expansion, high chemical resistance, lightweight, and high stiffness. Carbon fibers are generally combined with other materials to form epoxy composites. Furthermore, it is molded with plastic resin to create a carbon fiber-reinforced polymer.

The glass fiber epoxy composites are majorly used in various industries. The epoxy composites are increasingly used in various end-use industries, including oil and gas, electrical and electronics, wind energy, and automotive, owing to the demand for lightweight, chemical and UV resistant, and superior electrical insulating composite materials.

End-use Insights

The automotive and transportation end-use segment led the market and accounted for a 25.6% share of the global revenue in 2019. The segment is projected to maintain its lead over the forecast period. This is attributed to the rapidly expanding automotive and transportation sector owing to the growth of commercial as well as domestic markets, particularly in North America and Asia Pacific.

Based on end-use, the market is primarily categorized into aerospace and defense, wind energy, electrical and electronics, automotive and transportation, and sporting and consumer goods. Epoxy composite materials are anticipated to witness robust demand in the aforementioned end-use segments owing to the superior material attributes, including durability and superior mechanical strength.

Global epoxy composites market share

The electrical and electronics segment is estimated to witness significant growth over the forecast period. The epoxy composites are anticipated to gain popularity in this end-use segment owing to product characteristics including superior electrical properties, corrosion resistance, superior substrate adhesion, and low weight and shrinkage.

The wind energy segment is anticipated to expand at the highest CAGR of 6.9% from 2020 to 2027 owing to the increased demand for epoxy composites for manufacturing wind turbines that offer extended product life and efficiency. The expansion of the wind energy sector in various economies, including India and China, is expected to propel the product demand over the forecast period.

Regional Insights

Asia Pacific led the market and accounted for 35.9% of the global revenue share in 2019 and is expected to maintain its lead over the forecast period. The rapidly expanding wind energy sector in economies such as India and China is expected to propel the demand for epoxy composites in the region over the forecast period.

China dominated the Asia Pacific market in 2019 on account of the rapid growth of the transportation, construction, and electrical and electronics sectors in the economy, which in turn, is responsible for increased demand for epoxy composites. According to the Global Electrical & Electronics Council, China is the largest producer of electrical and electronics in the world. China aims to increase installed electrical and electronics capacity to 400 GW by 2030.

North America accounted for a major revenue share in 2019 and is estimated to expand at a significant CAGR over the forecast period. Growing demand for lightweight materials, such as epoxy composites, primarily in fuel-efficient automotive designs, owing to the implementation of strict environmental regulations, is expected to drive the product demand.

Europe accounted for the third-largest revenue share in 2019 and is anticipated to expand at a CAGR of 6.3% from 2020 to 2027. The rising popularity of epoxy composite materials for designing lightweight automotive components and automobiles is projected to bolster the demand for epoxy composites in the region over the forecast period.

Key Companies & Market Share Insights

The global market is highly competitive owing to the presence of both multinational as well as local manufacturers. Key players are integrated at various stages of the value chain, such as raw material procurement, production, and distribution. Major market players are engaged in patenting their technologies for composite production and expanding their global presence by adopting various strategies, including investments, capacity expansion, agreements, and acquisitions.

The market participants compete based on several parameters, including technical competence, product performance, quality, price, and corporate reputation. Mergers & acquisitions, licensing agreements, and new product launches are some of the strategies adopted by the participants to strengthen their position in the market and gain a greater market share. Some prominent players in the global epoxy composites market include:

  • Hexcel Corporation

  • Cytec Solvay Group

  • Polyone Corporation

  • Hindoostan Composite Solutions

  • Teijin Limited

  • Park Electrochemical Corporation

  • Arkema

  • SGL Carbon

  • Toray Industries, Inc.

  • Huntsman Corporation LLC

Epoxy Composites Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 26.61 billion

Revenue forecast in 2027

USD 42.92 billion

Growth Rate

CAGR of 6.2% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Fiber type, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; India; Japan; Australia; Brazil; Argentina; South Africa; Saudi Arabia

Key companies profiled

Hexcel Corporation; Cytec Solvay Group; Polyone Corporation; Hindoostan Composite Solutions; Teijin Limited; Park Electrochemical Corporation; Arkema; SGL Carbon; Toray Industries, Inc.; Huntsman Corporation LLC

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Grand View Research has segmented the global epoxy composites market report on the basis of fiber type, end-use, and region:

  • Fiber Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Glass Fiber

    • Carbon Fiber

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Automotive & Transportation

    • Aerospace & Defense

    • Wind Energy

    • Electrical & Electronics

    • Sporting & Consumer Goods

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

    • Central & South America

      • Argentina

      • Brazil

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

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