What Is The Current and Historic Market Size Analysis Of The Epoxy Composite Market?
The epoxy composite market has seen considerable growth due to a variety of factors.
• The market for epoxy composites has seen significant growth in the past years. The market size is projected to increase from $37.24 billion in 2024 to $40.33 billion in 2025, representing a compound annual growth rate (CAGR) of 8.3%.
Factors such as infrastructure development, the ascending renewable energy sector, increased demand in the electronics industry, and heightened awareness of epoxy composite benefits have been driving this growth during the historical period.
What are the Market Size and Expected Growth Rates for the Epoxy Composite Market?
The epoxy composite market is expected to maintain its strong growth trajectory in upcoming years.
• The epoxy composite market is set to experience considerable expansion in the coming years, ballooning to a size of $53.97 billion by 2029 with a compound annual growth rate (CAGR) of 7.6%.
This predicted growth during the forecast period is largely due to an escalating demand from sectors such as aerospace and defense, automotive, and construction. Furthermore, increased spending in research and development is also contributing factor. Key trends for the forecast period consist of enhancements in manufacturing procedures, invention of novel epoxy composite formulas, increasing use of epoxy composites in additive manufacturing, development of improved materials, innovation in aerospace materials, inclusion of nanocomposites, digital twins and simulation, and collaborations across different industries.
Which Key Drivers Are Propelling The Epoxy Composite Market's Growth?
The expansion of the automotive industry is projected to fuel the rise of the epoxy composite market. The automotive industry encompasses a wide variety of entities and operations related to the design, development, creation, and modification of automobiles. Epoxy composites, known for their light weight and impressive specific stiffness, are employed in this industry to create safer, more fuel-efficient vehicles with enhanced performance and stylistic choices. To demonstrate, the International Organization of Motor Vehicle Manufacturers, based in France, shared a report in 2022 stating that the global sales of passenger vehicles have grown from 56.43 million in 2021 to 57.48 million in 2022. As a result, the burgeoning automotive industry is contributing to the expansion of the epoxy composite market. The anticipated growth of the aerospace industry is another driver pushing forward the epoxy composite market. This industry is concerned with the vehicular flight within and beyond Earth's atmosphere, handling everything from research, development, design, and manufacturing to operation and maintenance of both aircraft and spacecraft. Used extensively in the aerospace industry, epoxy composites have many desirable characteristics such as high strength, lightness, durability, and resistance to corrosion and chemicals. They are instrumental in the production of various aircraft elements like wings, fuselage, and landing gear. To support this, Airbus SE, a Netherlands-based aerospace company, has revealed that the firm delivered 661 commercial aircraft to 84 clients in 2022, an 8% rise from the 611 units sold in 2021. Consequently, the expansion of the aerospace industry serves as another driving factor behind the growth of the epoxy composite market.
What Are The Key Segments Within The Global Epoxy Composite Market?
The epoxy composite market covered in this report is segmented –
1) By Fiber Type: Glass Fiber, Carbon Fiber, Other Fiber Types
2) By Manufacturing Process: Lay-up, Compression Molding, Resin Injection, Resin Transfer Molding, Filament Winding, Pultrusion
3) By End User: Aerospace And Defense, Automotive, Electrical And Electronics, Wind Energy, Sporting Goods, Marine, Piping, Other End Users
Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber, C-Glass Fiber
2) By Carbon Fiber: High-Strength Carbon Fiber, Intermediate Modulus Carbon Fiber, High Modulus Carbon Fiber
3) By Other Fiber Types: Aramid Fiber, Natural Fiber, Basalt Fiber
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What New Trends Are Influencing The Epoxy Composite Market?
Major businesses in the epoxy composite market are concentrating on unveiling cutting-edge epoxy materials to secure a competitive advantage in the industry. These next-generation epoxy materials encompass modern and innovative epoxy resin formulations and associated compounds that deliver enhanced characteristics, functionality, and applications compared to conventional epoxy materials. For example, Solvay S.A., a chemical enterprise based in France, unveiled LTM 350 in September 2022. This next-generation carbon fiber epoxy prepreg tooling material provides significant time and cost efficiencies for rapid tooling in the aerospace and composites sectors. The LTM 350 was conceived as a low-temperature prepreg with user-friendly tack, drape, and handling to facilitate the quickest lay-up speeds while ensuring the finest surface polish, setting new standards in cost-effective composite tooling. LTM 350 exemplifies an innovative epoxy prepreg that showcases the company’s ongoing pledge to assist original equipment manufacturers (OEMs), subcontractors, and tool manufacturers in the composites field in meeting tough productivity targets.
Who Are the Key Players In The Epoxy Composite Market?
Major companies operating in the epoxy composite market are:
• Mitsubishi Chemical Corporation
• Toray Industries Inc.
• Westlake Epoxy Inc.
• Arkema S.A.
• Nanya Plastics Corporation
• Owens Corning
• Sika AG
• Huntsman Corp. LLC
• Teijin Ltd.
• Aditya Birla Chemicals
• Sumitomo Bakelite Co. Ltd.
• Hexcel Corp.
• Solvay S.A.
• SGL Carbon
• Koninklijke Ten Cate B.V.
• Gurit Holding
• Scott Bader Company Ltd.
• RAMPF Group
• L&L Products India Pvt. Ltd.
• Composite One LLC
• Park Aerospace Corp.
• Hindoostan Composite Solutions
• Axiom Materials Inc.
• Gordon Composites Inc.
• Barrday Inc.
• Quantum Composites
• Sanders Composites
• Copps Industries Inc.
What Are The Regional Insights Into The Epoxy Composite Market?
Asia-Pacific was the largest region in the epoxy composite market in 2024. It is expected to be the fastest-growing region in the forecast period. The regions covered in epoxy composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
