Epoxy-Based Composites Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Epoxy-Based Composites Market is segmented By Fiber (Glass Fiber, Carbon Fiber, Others), By Manufacturing Process (Lap-up, Compression Moulding, Resin Injection, Resin Transfer Moulding, Filament, Pultrusion), By End-User (Aerospace & Defense, Automotive & Transportation, Construction, Marine, Electrical and Electronics, Wind Energy, Sports and Leisure, Others), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Epoxy-Based Composites Market Size

Global Epoxy-Based Composites Market reached US$ 35.7 million in 2022 and is expected to reach US$ 63.2 million by 2031, growing with a CAGR of 7.4% during the forecast period 2024-2031.

The global epoxy composites market is expected to grow significantly owing to the expansion of the wind energy market in developing countries, the increasing demand for lightweight materials in the automotive and transportation industries. Furthermore,  increasing demand for composite materials in pipes and tanks and oil and gas applications, and increasing demand for end-use products such as consumer electronics and other end-use industries wind power, pipes and tanks, electrification, and other end-use industries is also boosting the market growth of the product.

Asia-Pacific is among the growing regions in the global epoxy-based composites market covering more than 1/3rd of the market Asia-Pacific is the biggest transportation industry around the world, and throughout the projection period, market expansion in the area is anticipated to be fueled by the presence of multiple automotive manufacturers as well as constant increases in vehicle manufacturing. 

Epoxy-Based Composites Market Scope

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Epoxy-Based Composites Market Dynamics and Trends

Growing Demand From The Aerospace And Defense Industry

With the rising demand for passenger travel and increased military spending throughout the world, the aerospace and defense (A&D) business has seen tremendous growth over the past several years. The need for fuel-efficient aircraft has rapidly increased as a result of the steadily rising price of oil.

Epoxy composites are utilized in main structures, including wings and fuselages, in the aerospace and defense industries of the economy to enhance the performance of the aircraft. A market where material light-weighting solutions are particularly in demand is aerospace, where an aircraft's weight may be reduced by 1000 kg over the duration of its lifetime to save 6000 tonnes of aviation fuel.

Furthermore, mainly as a consequence of increasing global conflicts and the need for each nation to provide its armed forces with cutting-edge systems, the defense budgets of nations like the United States and China among others are constantly expanding. Therefore, it is anticipated that throughout the projected period, the expanding aerospace and defense industries would increase demand for the epoxy-based composite market.

Increasing Adoption Of Cost-Effective Materials Technologies

For their production processes, several end-use industries choose inexpensive materials. The end-users save a tonne of money when cost-effective products are used. Epoxy composites are reasonably priced and offer all the desirable qualities, including high strength, lightweight, and simplicity of processing.

The producers may divert their processing expenditures to other areas by using such cost-effective materials. As a result, producers in the building, consumer goods, sports, electronics and electrical industries are ready to obtain large quantities of epoxy-based composites.

Epoxy-based composites have the benefit of being strong while remaining lightweight. This quality may reduce weight in a variety of applications, resulting in cost savings in areas including transportation expenses, energy use, and material consumption. Primarily in industries like aerospace and automotive, epoxy-based composites can be more affordable than conventional materials like metal. Epoxy-based composites can replace heavier and more expensive materials at a lower cost in terms of production, upkeep, and material prices.

Raw Material Price Volatility Is Limiting Market Expansion

The fluctuating cost of raw materials required for product development is impeding the growth of the epoxy composites market. The pricing of raw materials associated with the production of epoxy composites has an impact on overall expenses. The ultimate cost of manufacturing is influenced by the upstream price of the raw materials. As a result, the growth of the market for epoxy composites firms is impacted by the fluctuating cost of raw materials.

Epoxy-based composite producers' revenues may be impacted by variable raw material costs. Price increases can put pressure on profitability and financial sustainability because producers may find it difficult to pass along the higher expenses to consumers.

The pricing of epoxy-based composites in comparison to other materials might be impacted by fluctuating raw material prices. The cost-effectiveness and market appeal of epoxy-based composites may be affected if comparable materials are more consistently priced. This may restrict the expansion of the market.

Epoxy-Based Composites Market Segmentation Analysis

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

Rising Demand For Glass Fiber

The glass fiber segment holds a major share of the global epoxy-based composites market and glass fibers are increasingly being used in automotive and marine applications owing to their affordability, which is the cause of this increase. Additionally, composite materials have superior fuel economy than metals, which improves the overall performance of the vehicle. The excellent strength-to-weight ratio of glass fiber varieties makes them appropriate for a wide range of applications.

Furthermore, the glass fiber segment is the highest contributor to the market and is expected to grow at a CAGR of 4.8% during the forecast period. Glass fiber demand for epoxy-based composites is also being driven by the building and infrastructure industries. Because of its longevity, strength, and resistance to the effects of the environment, glass fiber-reinforced composites are utilized in pipelines, tanks, and other infrastructure components.

Glass fiber is flexible and may be easily integrated into many epoxy-based composite solutions. It is appropriate for a variety of industries and applications since it can be customized to satisfy certain design requirements and performance objectives.

Epoxy-Based Composites Market Geographical Share

Asia-Pacific Growing Electronics Industry

The Asia-Pacific epoxy-based composites market has witnessed significant growth and popularity covering 1/4th share in 2022. Owing to the continuously rising demand for personal electronic devices like game consoles, handheld computers, and mobile phones, the electronics industry in the area has been expanding quickly in recent years.

With more than 200 minor aviation parts producers, China's manufacturing industry for aircraft parts and assemblies is expanding quickly. Concentrations of significant manufacturers may be found in Nanchang, Shanghai, Chengdu, Xi'an, Harbin, Shijiazhuang, and Shenyang. One of the most thorough initiatives to compete at the highest levels of aerospace development and production is the Chinese aerospace strategy. Over the next 20 years, China is anticipated to be the world's largest single market for civil aircraft sales

The civil aviation industry in India is the ninth-largest in the world. By 2020, it is anticipated to be the third-largest. Since there is a lack of advanced Fibers in the nation, the local manufacturing capacity is constrained. The government has declared that the industry is open to 100% FDI.

Businesses like Airbus, Boeing, Rolls Royce, and Air Asia, among others, are making investments there. Additionally, the ISRO is building spacecraft quickly. Therefore, the demand for epoxy composite in the Asia-Pacific region is anticipated to increase throughout the projected period as a result of such trends and quickly expanding End User Industries.

Epoxy-Based Composites Market Companies

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.

COVID-19 Impact On Epoxy-Based Composites Market

The COVID-19 caused disruptions in global supply chains owing to lockdowns, travel restrictions, and reduced manufacturing capacity. This led to delays in the production and delivery of raw materials and finished epoxy-based composite products. The pandemic significantly reduced demand in multiple industries that substantially rely on epoxy-based composites, including aerospace, automotive, and construction. The fall in consumer demand for composite materials was attributed to lockdowns, lower consumer spending, and project delays or cancellations.

Key Developments

• On October 2021, Retrac Group, a composites and metallics manufacturing specialist in the Formula One, automotive, and aerospace industries is launched its sustainable bio-composite range at this year’s Advanced Engineering Show at the UK's NEC Birmingham, Alabama.
• On July 22, 2019, Aditya Birla Chemicals Thailand Limited acquired Recyclamine Fiber from Chemical Fiber startup Connora Technologies. Since 2016, Aditya Birla Chemicals and Connora Technologies have worked together under a Joint Development Agreement to scale up the production of the recyclable epoxy thermoset Fiber developed by Connora. Aditya Birla Chemicals is a division of the $48.3 billion global conglomerate Aditya Birla Group.
• On January 2019, Hexcel Corporation acquired ARC Technologies LLC, a leading supplier of custom RF / EMI and microwave-absorbing composite materials for military, aerospace, and industrial applications. The acquisition strengthens Hexcel’s existing advanced materials portfolio in structural composites and thermoplastics and provides new opportunities for growth and market penetration.

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 2024

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