Global Epoxy Composite Market Size, Share, Growth Analysis, By Fiber Type(Glass Fiber, Carbon Fiber), By End-use(Automotive & Transportation, Aerospace & Defense) - Industry Forecast 2024-2031

Global Epoxy Composite Market size was valued at USD 33.31 Billion in 2022 and is poised to grow from 36.07 Billion in 2023 to 68.27 Billion by 2031, at a 8.3% during the forecast period (2024-2031).

The quick replacement of conventional materials in aerospace and automotive applications is expected to propel the market. The global market suffered greatly in 2020 as a result of the COVID-19 epidemic. The lockdown measures put in place by numerous countries worldwide to halt the virus's spread momentarily halted the production operations. As a result, there was less of a demand for goods in several industries, especially the automotive and aircraft industries. Furthermore, the lockdown measures hindered travel, upsetting the global supply chain. These tendencies also led to a shortfall in the supply of products, which had an effect on the growth of the market as a whole. Epoxy composites are becoming more and more common in consumer goods and sports applications because of its high strength, cheap weight, easy processing, and forming qualities. An increasing range of items are using these, such as badminton rackets, tennis rackets, golf clubs, cars, hiking, skis, surfboards, tennis tables, fishing rods, baseball bats, hockey pucks, sports cars, and footwear.

From the provision of raw materials through CFRP distribution, the majority of the leading market players, such as Cytec Businesses, Toray Companies, Hexcel, and Hyosung, have been integrated throughout the whole value chain. A high level of integration helps companies create specialized items and reduces the cost of obtaining raw materials, both of which increase market share. Several major participants in the sector, such as Teijin, Huntsman, Olin Corp., and Solvay, are creating automated methods to shorten manufacturing times and boost profits. In addition, a lot of manufacturers are investing a lot of money in R&D initiatives to expand the applications for their goods and grow their clientele.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Epoxy Composite Market Beverage Packaging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Epoxy Composite Market Segmental Analysis

By fiber type, end use, and geography, the worldwide epoxy composite market is segmented. The market is divided into glass, carbon, and other fiber categories based on the type of fiber. The market is divided into several end-use categories, including automotive and transportation, wind energy, electrical and electronics, aerospace and defense, sporting goods, and other end-use (oil and gas, marine, and construction). The regions that make up the worldwide epoxy composite market are South America, MEA, Asia-Pacific, Europe, and North America.

Drivers of the Global Epoxy Composite Market

The market for epoxy composites is mostly driven by the aerospace and defense sector. Epoxy composites are perfect for applications including radomes, missiles, defense equipment, and aircraft components because they have high strength-to-weight ratios, exceptional durability, and resilience to severe environments.

Restraints in the Global Epoxy Composite Market

When weighed against more conventional materials like steel, aluminum, or fiberglass, epoxy composites are comparatively pricey. Their high cost may prevent them from being adopted in some applications, especially in those with strict budgetary constraints or in industries where prices are critical.

Market Trends of the Global Epoxy Composite Market

Growing Need from the Defense and Aerospace Industries Epoxy composites are widely used in the aerospace and defense sector because these industries require lightweight, very durable materials for missiles, airplanes, and defense equipment. Adoption of epoxy composites in this industry is fueled by the military's technological developments and the growing demand for fuel-efficient aircraft.