Global Epoxy-Based Composites Market - 2023-2030

Market Overview

Global Epoxy-Based Composites Market reached US$ 35.7 million in 2022 and is expected to reach US$ 63.2 million by 2030, growing with a CAGR of 7.4% during the forecast period 2023-2030.

Epoxy-based composites have high strength-to-weight ratios, making them appealing to sectors that need lightweight yet robust materials. Applications in the aerospace, automotive, wind energy, and sports goods sectors are examples of this. Demand for lightweight and high-strength composites is driven by the desire for greater fuel efficiency, performance, and productivity.

The carbon Fiber segment holds more than 2/3rd share in the market and growing demand for the automotive industry in particular to increase fuel economy and cut emissions. By making cars lighter, which reduces fuel consumption and emissions, carbon Fiber composites contribute to the achievement of these objectives. Epoxy-based carbon Fiber composites are used in vehicle bodywork, chassis components, and interior pieces, improving both sustainability and fuel economy.

Market Dynamics

Increasing Load-Bearing Applications Of The Epoxy-Based Composites Market

In addition to their enhanced mechanical properties, high adhesiveness, heat and solvent resistance, and low cost, epoxy composites are widely used in load-bearing applications, such as the automotive, aerospace, oil and gas, and construction industries. Epoxy composites also have several advantageous qualities, including lightweight, fatigue resistance, and lack of shrinkage after cooling. For these reasons, epoxy composites are routinely mixed with carbon and glass Fiber to create wind blades.

Epoxy-based composites are becoming increasingly popular in the wind energy industry as a result, which is functioning as another growth-promoting element for the business. Accordingly, the development of the market is being aided by substantial technical breakthroughs as well as the launch of several efficient and reasonably priced production methods for the manufacture of epoxy composites in large quantities.

The market is expected to grow as a result of several other reasons, including strategic alliances between leading companies and continued expenditures in research and development (R&D) operations for the production of versatile epoxy resin that can be used as a crucial component to building both land and water vehicles.

Increasing Demand For Sustainable Materials Presents A Growth

Epoxy-based composites have a great possibility of satisfying the demands of companies looking for lightweight, highly durable, and ecologically friendly solutions owing to the rising need for sustainable materials. Epoxy-based composites have the potential to contribute to several industries, including construction, automotive, wind energy, marine, sports & leisure activities, and aerospace, lower their carbon footprints, increase energy efficiency, and pursue sustainability goals.

Epoxy-based composites can gain market share and establish a competitive edge in industries that place a high value on sustainability by offering environmentally friendly substitutes without sacrificing performance. Epoxy-based composites are produced using increasingly environmentally friendly techniques as they develop. The usage of recycled or organic materials is increasing, and manufacturers are implementing innovations and processes that reduce energy consumption and trash production.

Furthermore, improvements in recycling technology are increasing the recyclable nature of epoxy-based composites, lowering waste generation, and allowing closed-loop material processes. The Increasing demand for sustainable materials presents to boost the opportunities for the epoxy-based composites market.

Exorbitant Epoxy Composite Production Costs Might Impede Expansion

Epoxy composite production has important growth potential, however, it also has several limitations that might prevent it from expanding. Epoxy composites' high manufacturing costs, which restrict their use in several industries, are one of the main restrictions. Additionally, the absence of standardized quality assurance systems and testing methodologies for epoxy composites might provide difficulties for industry participants.

Epoxy composites might have higher pricing for end consumers due to their high production costs. This could make them less accessible to consumers, especially in price-sensitive regions or those where the impact of costs on purchase decisions is greatest. The market expansion might be slowed down by higher prices that turn away prospective consumers.

Epoxy composites' high production costs may limit their ability to compete with substitute materials. If thermoplastics or aluminum offer equal performance at lower costs, industries that demand lightweight, high-strength materials might explore these alternatives. The commercial expansion of epoxy composites may be constrained by this competition from substitute materials.

COVID-19 Impact Analysis

The pandemic led to disruptions in global supply chains due to lockdowns, restrictions, and reduced manufacturing activities. This resulted in challenges in the procurement of raw materials, affecting the production of epoxy-based composites. Limited availability of raw materials and logistical issues impacted the market growth.

In some regions, governments implemented stimulus packages and infrastructure development plans to revive the economy. These initiatives led to increased construction activities, creating opportunities for epoxy-based composites in applications such as bridges, pipes, and reinforcing materials. This helped sustain market growth to some extent.

Segment Analysis

The global epoxy-based composites market is segmented based on fiber, manufacturing process, end-user and region.

Rising Demand For Aerospace & Defense Application

The Aerospace & defense segment holds more than x.x% share of the global Epoxy-Based Composites Market. Epoxy composites are utilized in key parts of aeroplanes including wings and fuselages in the aerospace and defense industries for improving the performance of the aircraft.

In the aerospace industry, where a reduction in aircraft weight of 1000 kg produces a lifetime reduced fuel consumption of 6000 metric tonnes, material lightweight solutions are particularly in demand. Owing to rising demand for passenger travel and global military spending over the past few years, the aerospace and defense (A&D) industry has seen substantial growth worldwide. Oil costs are rising regularly, which has caused an increase in interest in aeroplanes that use less fuel.

According to new data on global military spending published by the Stockholm International Peace Research Institute (SIPRI), total global military expenditure increased by 0.7 percent in real terms in 2021, to reach $2113 billion. In 2021, the United States, China, India, the United Kingdom, and Russia accounted for 62 percent of expenditures among the top five spenders.

Geographical Analysis

North America Growing Aerospace Industry

The reasons include an increase in passenger flights, a rise in the market for private helicopters, and significant investment in military space programs. The regional market is expected to benefit from space exploration missions by NASA, SpaceX, a successful U.S. private space program, and other space tourism ventures. Additionally, the region's product demand is anticipated to be driven by the rising trend of renewable energy generation.

According to the Aerospace Industries Association, the aerospace and defense industry in North America had a total revenue of approximately $892 billion in 2021 a 2.1% increase from the prior year. Epoxy-based composites play a significant role in this industry's growth, particularly in applications such as aircraft structures and interior components. That is promising news for America, as every million dollars in end-use sales supports more than four employees across end-use manufacturing and the supply chain.

Additionally, The aerospace and aviation industries' global innovation leadership and exports of their products are essential to the success of their workforce. A&D industry exports increased by 11.2 percent in 2021, reaching a total of US$ 100.4 billion. Partners from all over the world rely on American enterprises to deliver the finest capabilities at the cheapest price, whether it be in the field of sustainable aviation technology or defense equipment. The fact that U.S. A&D industry exported to 205 countries in 2021 provides proof of the industry's contribution to the country's economic prosperity and standing as a leader in innovation globally.

Competitive Landscape

The major global players include Hexcel Corporation, Gurit Holding AG, Solvay S.A., Toray Industries, Inc., Sika AG, Huntsman Corporation, Mitsubishi Chemical Corporation, Axiom Materials, Inc., Aditya Birla Chemicals and Retrac Group.

Why Purchase the Report?

• To visualize the global epoxy-based composites market segmentation based on fiber, manufacturing process, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of epoxy-based composites market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global epoxy-based composites market report would provide approximately 71 tables,64 figures and 181 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies