Epoxy Composite Market Outlook 2020-2027
The global epoxy composite market size was valued at $16.4 billion in 2019, and is projected to reach $24.2 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Composite materials are formed by combining a resin matrix system such as epoxy with a reinforcing fiber. The mixture of fiber and resin has superior properties, and is increasingly being used as replacement for comparatively heavy metal materials. The fiber bears much of the load in a composite material, and is the main contributor to the properties of the composite material. The resin allows moving load between fibers, preventing buckling and holding the materials together.
Epoxy composite is used in a wide variety of end-use industries, including aerospace & defense, solar, industrial, marine, and pipes & tanks. Additionally, the rapid expansion of epoxy composite from various industries, including electricity & electronics and marine, is another predicted factor to support expansion in target market revenues during the forecast period. Various advantages offered by these products, such as UV resistance, excellent adhesion, chemical resistance, and heat resistance, are the key factors that drive the adoption of the epoxy composite. Furthermore, increase in demand for lightweight, high mechanical strength, and corrosion resistant material and rise in calling firm emerging economies are additional factors drive the demand for epoxy resin, which in turn stimulate the market expansion during the forecast period. Moreover, rise in need for lightweight materials in the automotive and aerospace industries is predicted to stimulate worldwide demand for epoxy composite due to its low weight and strength ratio.
The global epoxy composite market is segmented on the basis of fiber type, end-use industry, and region. By fiber type, the market is classified into glass, carbon, and others (natural fiber and aramid fiber). According to end-use industry, it is divided into aerospace & defense, automotive, electrical & electronics, wind energy, sporting goods, marine, piping, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
