Epoxy Composite Market (2023 - 2028)

Basic Info – A form of polymer material known as an epoxy composite uses an epoxy resin to generate a polymer matrix that is strengthened with fibers or other fillers. This makes it possible to create durable parts with very high strength-to-weight ratios. Epoxy composites’ lower densities than metals allow for significant fuel savings in automobile and aeronautical applications. Epoxy-based polymer composites are more resistant to deterioration from corrosion, spalling, or rotting than conventional building materials like metal, concrete, wood, etc.

Global Market Overview – The market for epoxy composites has grown significantly due to the rising need for materials that are lightweight, extremely mechanically strong, and corrosion-resistant. In keeping with this, a major factor supporting the market expansion for epoxy composites is the growing demand from developing nations. The market for epoxy composites is also benefiting from the quick expansion of epoxy composite use in the wind energy sector and the high demand for epoxy composites from the automotive industry. The primary driver of the market’s expansion is the rising demand for composite materials in industries including electrical & electronics, athletic goods, and consumer goods.

Market Driver – Epoxy composites are utilized in key aircraft structures including wings and fuselages in the aerospace and defense sectors to boost the aircraft’s performance. In the aerospace industry, where lowering an aircraft’s weight by 1000 kg can save 6000 metric tonnes of aviation fuel throughout the aircraft’s lifetime, material lightweight solutions are particularly in demand. Due to rising demand for passenger travel and increased military spending globally over the past few years, the aerospace and defense (A&D) business has experienced rapid growth. The demand for aircraft with high fuel efficiency has risen quickly as a result of the steadily rising price of oil. Additionally, as a result of escalating international tensions and the need for each nation to provide its armed forces with cutting-edge systems, the defense budgets of countries like the United States and China among others are constantly expanding.

Therefore, it is anticipated that over the projected period, the expanding aerospace and military industries will increase demand for epoxy composites.

Over the forecast period, it is anticipated that rising demand for composites in the automotive industry will fuel market expansion. The need for fuel-efficient automobiles has been sparked by rising fuel prices, and composites consumption is anticipated to rise as a result. Since composites have a higher strength-to-weight ratio than steel, wood, and aluminum, they are frequently used as alternatives to these materials.

To limit greenhouse gas emissions, governments in regions including Asia Pacific, Europe, and North America have enacted strict environmental rules. As a result, the generation of energy is shifting to renewable sources. Installations of wind energy capacity to cut greenhouse gas emissions are rising quickly in these areas to cut carbon emissions. Increasing demand for epoxy composite from the wind energy industry, emerging demand from developing countries, and the need for material with high mechanical strength, lightweight, and resistance against corrosion are the factors driving the epoxy composite market over the forecast period.

Segmentation Analysis – The Epoxy Composite market is segmented by fiber type, end-user industry, manufacturing process, and region. In this, the market is divided into glass fiber, carbon fiber, and other segments based on the type of fiber used. The epoxy composites market is divided into six different manufacturing processes: layup, compression molding, resin injection molding, resin transfer molding, filament winding, and pultrusion. Wind energy, sporting goods, aerospace and defense, automotive and transportation, pipe and tank, electrical and electronics, marine, and other industries are included in the end-user section of the epoxy composites market.

According to the type of fiber used, epoxy composites based on glass fiber are more flexible to manufacture, have a long lifespan, and have a high strength-to-weight ratio. As a result, industries like shipping, pipe and tank, wind energy, marine, oil & gas, and electrical & electronics industries, among others, are using composites more and more. The segment with the biggest revenue share was glass fiber-reinforced epoxy composites, which were in high demand due to their exceptional qualities and cost-effectiveness.

In the near future, the automotive end-use industry is anticipated to see an increase in the use of epoxy composites. Direct investments in the creation of new manufacturing technologies are anticipated to result from an increase in demand for high-quality composite materials in the automobile industry. Due to the region’s expanding automotive and transportation, wind energy, and aerospace and military industries, Asia-Pacific dominated the epoxy composite market globally.

Geographical Analysis – Due to the rapidly expanding wind energy sector in countries like China and India within this area, Asia-Pacific dominates the epoxy composites market. Over the forecast period, North America is anticipated to expand at a significant growth rate due to rising demand for lightweight materials, such as epoxy composites, primarily in fuel-efficient automotive designs, as a result of the implementation of strict environmental regulations in the region. The development in demand from the wind energy, aerospace and defense, automotive and transportation, and construction industries was the main driver of this expansion. The epoxy composite market in this area is being driven by the existence of reputable epoxy composite manufacturers and rising wind energy capacity, particularly in China.

With more than 200 minor aviation parts producers, China is experiencing tremendous growth in the manufacturing of aircraft parts and assemblies. Nanchang, Shanghai, Chengdu, Xi’an, Harbin, Shijiazhuang, and Shenyang are the main manufacturing hubs.

One of the most comprehensive initiatives to reach the pinnacle of aerospace development and production may be seen in the Chinese aerospace policy. Over the next 20 years, China is anticipated to be the greatest single market in the world for the selling of civil aircraft.

Developments – Due to the strong product demand in this application for guaranteeing shape stability, structural strength, and damage resistance to wind turbine rotor blades, the wind energy application segment is anticipated to develop. Companies like Toray Industries and Teijin Ltd. have diversified their product lines and are integrated across the composite value chain, from the supply of raw materials to distribution activities.

In 2022, RAMPF Group announced to exhibit high-performance epoxy boards and engineered solutions for composite manufacturing at JEC World. The highlight of JEC World was the RAKU® TOOL WB-0691, WB-0700, WB-0890, and WB-0950 boards for racing, maritime, aerospace, and medical technology applications.

In January 2021, Huntsman Advanced Materials completed the acquisition of Gabriel Performance Products from Audax Private Equity. Gabriel Performance Products is a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for coatings, adhesives, sealants, and composite end-markets.

Conclusion – The increasing need for material with high mechanical strength, lightweight, and resistance against corrosion has highly influenced the growth of the epoxy composites market and will continue to increase its market growth over the forecasting period.