The Global Epoxy Composites Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Epoxy Composites market is segmented by Fiber type (Glass Fiber, Carbon Fiber and Others); End-user (Automotive and Transportation, Electrical and Electronics, Wind Energy, Aerospace and Defense and Others); Geography (North America, Europe, APAC and ROW).
Introduction
Composite materials are formed by combining a resin matrix system such as epoxy with a reinforcing fiber. The mixture of fiber and resin has superior properties, and is increasingly being used as replacement for comparatively heavy metal materials.
The growing demand for lightweight, high mechanical strength, and corrosion resistant material is one of the major factor driving market growth.
Moreover, the market is highly capital-intensive and the stringent regulation on the raw materials used in manufacturing epoxy composites are hindering the market growth.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global epoxy composites market is expected to grow to $36.80 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 7.00% CAGR.
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.
APAC is a prominent regional market for epoxy composites due to its increasing demand from countries like India, China.
Key Trends
Technological innovations is expected to boost the growth of the market
Growing wind energy installations, particularly in the APAC region, are expected to drive the market demand in future.
Increasing merger and acquisition along the supply chain of aircraft manufacturing sector will fuel the growth
Key Market Players
Some of the key players in the market are Hexcel Corporation, Avient Corporation, Cytec Solvay Group, Teijin, Arkema, SGL Carbon.
The key players are dominating the market by adopting modern and new technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
The increasing demand for material with high mechanical strength, lightweight and resistance against corrosion has highly influenced growth of the epoxy composites market.
Surging demand for wind energy, coupled with high demand for epoxy composites from the automotive sector is driving the market
High investment and operating cost is major factor that is challenging the players for the long term.
Stringent government regulation on carbon emission are limiting the market growth
Volatile raw materials price as well as remouldability and recyclability of epoxy composites are challenging the industry players