Increase in demand for composite in the automotive industry, emerging end-use applications of fiber composites and environmental advantages, and surge in demand for epoxy composite from wind energy industry fuel the growth of the global Epoxy composite market
PORTLAND, Ore., July 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Epoxy Composite Market by Fiber Type (Glass, Carbon, and Others) and End-Use Industry (Aerospace & Defense, Automotive, Electrical & Electronics, Wind Energy, Sporting Goods, Marine, Piping, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027"According to the report, the global Epoxy composite industry was estimated at $16.4 billion in 2019, and is expected to hit $24.2 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for composite in the automotive industry, emerging end-use applications of fiber composites and environmental advantages, and surge in demand for epoxy composite from wind energy industry fuel the growth of the global Epoxy composite market. On the other hand, expensive and complex carbon fiber manufacturing process impedes the growth to some extent. However, increase in adoption of composite from different industries is expected to create lucrative opportunities in the industry.
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- Disruptions in the automotive and electronic components supply chains as a result of production restrictions and lockdown to counter the COVID-19 pandemic are expected to hamper the global epoxy composite market growth during the forecast period.
- Furthermore, the demand from end-use sectors including aerospace & defense, solar, industrial, marine, and pipes & tanks have been curtailed as well.
- Moreover, the government bodies in various regions have issued certain relaxations on the restrictions, owing to which the industries are restarting their processes with concern to all precautionary measures.
The glass segment to lead the trail by 2027-
Based on type, the glass segment contributed to more than three fifths of the global epoxy composite market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to increase in demand for glass fiber from transportation, wind energy, and aerospace & defense industries. Nevertheless, the carbon segment would register the fastest CAGR of 7.6% during the study period. The market growth is attributed to the increased demand from applications where lightweight and superior performance is necessary, such as components for aircraft, automobile, rail, and consumer goods of high quality.
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The automotive segment to dominate during the estimated period-
Based on application, the automotive segment accounted for more than one-fifth of the global epoxy composite market revenue in 2019, and is anticipated to retain its top status till 2027. Furthermore, the segment would also portray the fastest CAGR of 6.0% from 2020 to 2027. Advantages offered by epoxy composites, such as lightweight, durability, and mechanical strength increases the efficiency of the automotive, in turn, drives the growth of the segment.
Asia-Pacific to rule the roost in terms of revenue, North America to grow at a significant pace-
Based on geography, Asia-Pacific held the major share in 2019, generating nearly two-fifths of the global epoxy composite market. In addition, the region would manifest the fastest CAGR of 6.3% by 2027. This is due to the presence of increasing automotive, wind energy, and aerospace & defense industries in the region. Furthermore, the presence of large epoxy composite manufacturers, rapid urbanization, and growing economy in the region also fuel the market growth in this region. Moreover, North America is anticipated to portray the CAGR of 5.0% from 2020 to 2027.
Frontrunners in the industry-
- Barrday Inc.
- Bhor Chemicals and Plastics Private Limited
- Cytec Solvay Group
- Hexcel Corporation
- Mitsubishi Chemical Corporation
- Park Aerospace Corp
- SGL Carbon SE
- Teijin Limited
- Toray Industries Inc.
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