The global epoxy composites market size is anticipated to reach USD 42.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Growing demand for lightweight material in industries, including aerospace and defense, automotive and transportation, and wind energy, is likely to propel the market growth.
Epoxy
composites are widely used for manufacturing a wide array of aircraft as well
as automotive parts. Augmenting concerns regarding CO2 emission levels and fuel
consumption are expected to increase the use of carbon fiber epoxy composites
as a substitute for various metal components, thereby propelling the demand for
epoxy composites.
Technological
advancements to reduce the manufacturing cycle time is projected to drive the
demand for epoxy composites in the automotive industry. Furthermore, the demand
for epoxy composites in the wind energy sector is likely to propel further
owing to the additional product life and protection offered to the wind rotor
blades that are functional in adverse weather conditions.
Surging
demand for customized components, primarily in aircraft, automotive, and sports
sectors, has urged the market players to integrate their products with
downstream manufacturing technologies. Furthermore, surging demand for superior
quality composite materials in the manufacturing sector is expected to drive
investments in the market, thus complementing growth.
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Epoxy Composites
Market Report Highlights
- The automotive
and transportation end-use segment led the market and accounted for 25.6%
share of the global revenue in 2019 on account of rising demand for
durable and lightweight materials
- Germany
dominated the European market, accounting for 38.5% share of the regional
revenue in 2019, owing to the augmenting demand from the automotive and
aerospace industries
- By fiber
type, the carbon fiber segment is expected to expand at the
fastest CAGR of 6.5% from 2020 to 2027 on account of superior attributes,
such as high stiffness, low weight, low thermal expansion, and high
chemical resistance offered by the composite material
- Asia Pacific
accounted for 35.9% share of the global revenue in 2019 due to rapid
industrialization in the economies, including China, Japan, and India,
coupled with augmenting product demand in the growing wind energy sector
- The market is
characterized by the presence of a large number of regional and
international players, resulting in market fragmentation. Key players in
the market have a strong distribution network and product brands launched
across the globe.
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Epoxy Composites
Market Segmentation
Grand View Research has segmented
the global epoxy composites market on the basis of fiber type, end-use, and
region:
Epoxy Composites
Fiber Type Outlook (Revenue, USD Million, 2016 - 2027)
- Glass Fiber
- Carbon Fiber
- Others
Epoxy Composites
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Automotive & Transportation
- Aerospace & Defense
- Wind Energy
- Electrical & Electronics
- Sporting & Consumer Goods
- Others
Epoxy Composites
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
List of Key
Players of Epoxy Composites Market
- Hexcel Corporation
- Cytec Solvay Group
- Polyone Corporation
- Hindoostan Composite Solutions
- Teijin Limited
- Park Electrochemical Corporation
- Arkema
- SGL Carbon
- Toray Industries, Inc.
- Huntsman Corporation LLC
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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