According to a new report published by Allied Market Research titled, “Epoxy Composite Market by Fiber, End-Use Industry, and region: Opportunity Analysis and Industry Forecast, 2020–2027,” The global epoxy composite market size was valued at $16.4 billion in 2019, and is projected to reach $24.2 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Epoxy composite are well known for their outstanding adhesion, UV resistance, chemical & heat resistance, good mechanical properties, and exceptional electrical insulation properties. It is composed of two forms, that is, glass epoxy and carbon epoxy composite. Glass fiber-based epoxy composite is considered to be the best reinforcement among these types of epoxy composites because of its excellent mechanical, electrical, and thermal properties.
The epoxy composite market is witnessing significant growth in the wind energy sector due to the replacement of traditional materials in a wind turbine with epoxy composites with superior mechanical properties. Moreover, governments in different parts of the world have imposed stringent environmental laws fueling the need for sustainable energy, increasing the demand for wind turbines, and thus, escalating the demand for epoxy composites.
The glass fiber was the industry's largest segment, and holds a substantial market share. It is expected to experience exponential growth in the coming years. Whereas, the carbon fiber segment is expected to be the fastest growing consumer commodity. The main applications of the global epoxy composite market are in aerospace & defense, automotive, and wind energy sectors. There is a huge scope for epoxy composites in the automobile industry due to the need for lightweight materials to reduce the overall weight of the vehicles and increase fuel efficiency. This coupled with the fact that the automotive industry is growing at a very fast pace makes this segment attractive for investment.
Some of the key players operating in the global epoxy composite market are Barrday Inc., Bhor Chemicals and Plastics Private Limited, Cytec Solvay Group, Hexcel Corporation, Mitsubishi Chemical Corporation, Park Aerospace Corp., Sabancı Holding, SGL Carbon SE, Teijin Limited, and Toray Industries Inc.
Key Findings Of The Study:
- Based on fiber type, the glass segment emerged as the global leader with more than 61.9% share in 2019. This can be highly attributed to high demand of glass fiber in various end-use industries.
- By end-use industry, the automotive segment dominated the global epoxy composite market with around 25.9% global market share in 2019.
- Countries such as the U.S., China, and India are emerging as an investment centric hub due to wide scope in manufacturing sector.
Impact Of Covid-19 On The Global Epoxy Composite Market
- Already the entire world is battling the virulent COVID-19 pandemic. Today we are witnessing the disease's boundless global spread. Unfortunately, it affects any one of us, either directly or indirectly.
- Some of the major economies suffering the COVID-19 crises include Germany, France, Italy, Spain, the UK, Norway, and others.
- The world economy of epoxy composite industries has been experiencing a rapid slowdown due to the constraints of the COVID-19 pandemic on economic activity.
- Advanced materials such as carbon fiber composites and glass fiber composites are used in the production of medical devices and other equipment.
- Epoxy composite are primarily used in manufacturing, aerospace & defense, automotive, and wind energy; and as a reaction to the national lockdown, these sectors were experiencing a sudden decline in growth rates.
- The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
- The above factors have impacted the growth of the global epoxy composite market.