What is the global market size of Epoxy Composite Market?

Global Epoxy Composite Market size was valued at USD 30.76 Billion in 2021 and is poised to grow from 33.31 billion in 2022 to 63.04 billion by 2030, at an 8.3% during the forecast period (2023-2030).

Epoxy Composite Market Size, Share, Growth Analysis, By Fiber Type(Glass Fiber, Carbon Fiber, and Other Fiber), By End-use(Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2233 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 68 | Figures: 75

Epoxy Composite Market Dynamics

Epoxy Composite Market Drivers

Growing Demand from Aerospace and Defense Sector

The aerospace and defense industry are a significant driver of the epoxy composite market. Epoxy composites offer high strength-to-weight ratios, excellent durability, and resistance to harsh environments, making them ideal for applications such as aircraft components, radomes, missiles, and defense equipment.

Epoxy Composite Market Restraints

High Cost of Epoxy Composites

Epoxy composites are relatively expensive compared to traditional materials such as steel, aluminum, or fiberglass. The high cost can limit their adoption in certain applications, particularly in price-sensitive industries or projects with stringent budget constraints.

Epoxy Composite Market Report Snapshots

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

The development of innovative, cost-effective solutions is being supported by significant investments in development and research by key businesses. Key firms are also enlarging the scope of their applications to investigate growth prospects across numerous end-use sectors. The world's composites market, however, is facing difficulties in expanding and being profitable due to the high costs associated with producing composites. Technology advancements, alliances, and M&A are a few more measures that leading organizations have undertaken. 'Hexcel Corporation', 'Owens Corning', 'Gurit Holding AG', 'Solvay S.A.', 'SGL Carbon SE', 'Toray Industries, Inc.', 'Mitsubishi Chemical Corporation', 'Teijin Limited', 'Cytec Solvay Group', 'Axiom Materials, Inc.', 'Park Aerospace Corp.', 'Renegade Materials Corporation', 'TenCate Advanced Composites (a part of Toray Industries)', 'Hexion Inc.', 'BASF SE', 'Huntsman Corporation', 'Arkema SA', 'Evonik Industries AG', 'Composites One LLC', 'Carbon Fibre Preforms Ltd.'

The aerospace and defense industry are a significant driver of the epoxy composite market. Epoxy composites offer high strength-to-weight ratios, excellent durability, and resistance to harsh environments, making them ideal for applications such as aircraft components, radomes, missiles, and defense equipment.

Increasing Demand from the Aerospace and Defense Sector: The aerospace and defense industry are a significant consumer of epoxy composites, driven by the need for lightweight, high-strength materials for aircraft, missiles, and defense equipment. The growing demand for fuel-efficient aircraft and advancements in military technology fuel the adoption of epoxy composites in this sector.

Asia Pacific dominated the business, accounting for more than 36% of market revenue in 2022. Between 2023 and 2030, it is anticipated to grow at the fastest CAGR of over 7% while maintaining its leadership position. This increase is attributable to the region's enormous potential for development as a result of rapidly rising aircraft production and aspirational expansion goals for the capacity of many enterprises in the electric and electronics industries.

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Epoxy Composite Market Size, Share, Growth Analysis, By Fiber Type(Glass Fiber, Carbon Fiber, and Other Fiber), By End-use(Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics), By Region - Industry Forecast 2024-2031

Epoxy Composite Market Dynamics

Epoxy Composite Market Report Snapshots

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