According to the report published by Allied Market Research, the global Epoxy Composite Industry generated $16.4 billion in 2019, and is estimated to reach $24.2 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for epoxy composite from automotive and wind energy industries across the globe drives the growth of the global Epoxy Composite Industry. However, high cost associated with the manufacturing of carbon fiber is anticipated to restrain the growth of the market. Furthermore, growing adoption of low cost production technologies and increase in demand for high strength materials are expected to create new opportunities for the market players during the forecast period.
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- Major epoxy composite manufactrurers across the globe have stopped their manufacturing activities due to disruptions in raw material procurement, surge in demand-supply gap, and price volatility of raw materials amid the lockdown.
- Epoxy composite are widely used in aerospace & defense, industrial manufacturing, wind energy, and automotive industries. Due to lockdown amid Covid-19 pandemic these industries have halted their production activites, due to which, the demand for epoxy composite is expected to decline.
The report offers a detailed segmentation of the global Epoxy Composite Industry based on type, application, and region.
Based on type, the glass segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the carbon segment is estimated to portray the highest CAGR of 7.2% during the forecast period.
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Based on application, the automotive segment accounted for the largest share in 2019, holding more than one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, it is expected to register the highest CAGR of 6.0% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is estiamted to witness the highest CAGR of 6.3% from 2020 to 2027.
Leading market players analyzed in the research include Bhor Chemicals and Plastics Private Limited, Barrday Inc., Hexcel Corporation, Cytec Solvay Group, Park Aerospace Corp, Mitsubishi Chemical Corporation, SGL Carbon SE, Sabanc Holding, Toray Industries Inc, and Teijin Limited.