Epoxy Composite Market Analysis

Global Epoxy Composite Market Overview

The Epoxy Composite Market Size was valued at USD 38.19466 Billion in 2022. The Epoxy Composite industry is projected to grow from USD 39.24 Billion in 2023 to USD 59.01 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2023 - 2030). Epoxy composite is a component that has higher elasticity than any other alternative. It is a type of polymer material that is combined with many elements. Fabrication is possible with the use of epoxy composite. In recent years, glass-reinforced epoxy is a fiber-reinforced plastic. The need for this component is high. Especially, the demand for glass-reinforced epoxy is gaining more traction. Rising construction activities across the globe increase the use of epoxy composite. All these factors will contribute to the high epoxy composite market value.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Epoxy Composite Market Trends

• Growing construction activities boost the market growth.

Demand for epoxy in various sectors is a crucial driver of the market. Automotive, transportation and aerospace markets will have more need for this material. Heat resistance, chemical resistance, exceptional adhesion, and UV resistance are qualities of epoxy composite. These features of the epoxy composite will attract many end-users to the market.

Especially, aerospace applications require composites with high chemical resistance. High mechanical strength is required in aerospace sectors for safety reasons. The adoption rate of epoxy chemicals will be massive in the forecast period. Further, demand from emerging nations is another crucial driver of this market. Industrialization in emerging markets is another factor driving demand. Due to industrialization production in aerospace, sporting, electronic goods, transportation, and construction industry will rise. 

Additionally, New manufacturing technologies are improving in this region. The production of high-quality composites is surging. It is a major reason that increases the growth of the overall epoxy composite market. The growth of the building, marine, pipe, and electronics industries is surging. The growing awareness about epoxy composite is a crucial driver of this market. In recent years, the industry has had exposure to this material. All these factors will cause an exceptional growth rate for this market.

In October 2023, Gurit recently revealed that they have signed supply agreements for core material kits with two Wind Turbine OEMs. The first agreement is for a four-year term and covers supply to one customer, while the second agreement is for three years, covering another customer.

Epoxy Composite Market Segment Insights

Epoxy Composite Fiber Type Insights

The Epoxy Composite market segmentation, based on Fiber Type, includes Glass, Carbon. The glass fiber segment led the market accounting for a revenue share of more than 60% in 2020 and will retain the leading position throughout the forecast years. This growth is attributed to the rising use of glass fibers in automotive and marine applications due to their cost-effectiveness. In addition, the use of composite materials in place of metals results in better fuel efficiency, thus enhancing the overall vehicle performance. The high strength-to-weight ratio of glass fiber types makes them suitable for a broad range of applications.

However, manufacturers opt for other epoxy composites, such as carbon and aramid fiber epoxy composites, due to the difficulties associated with recycling glass-fiber epoxy composites. The carbon fiber segment is expected to witness the fastest CAGR of more than 8.5% on account of the superior thermal, mechanical, and electrical properties offered by these fibers to the composites. In addition, the high strength and durability exhibited by these composites are enhancing their growth opportunities across various end-use industries. 

Epoxy Composite End-use Insights

Based on End-use, the Epoxy Composite market segmentation includes Automotive & Transportation, and Wind Energy. The automotive & transportation end-use segment led the market in 2020 with a revenue share of more than 25%. The high durability and low weight of epoxy composites make them ideal for structural components used in automotive and transportation systems. Epoxy composites are used in several automotive applications including interior headliners, underbody systems, instrument panels, bumper beams, air ducts, airbag housing, engine cover, etc. The rising demand for lighter, safer, and energy-efficient vehicles is boosting product consumption in automotive and transportation applications. Automakers across the globe are focusing on achieving high fuel efficiency as energy regulatory bodies have set limits for carbon emissions.

Swancor launched EzCiclo and CleaVER in March 2022. These products provide recycling solutions for wind turbine blades by making them reusable again after their useful life has ended. CleaVER is a technology that enables the degradation process, while EzCiclo itself is recyclable together with glass or carbon fiber composites.

Figure 2:  Epoxy Composite Market, by Fiber type, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Epoxy Composite Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific dominated the market and accounted for more than 36% of the revenue share in 2020. It is projected to expand further at the fastest CAGR of over 7% from 2021 to 2028 retaining its dominant position. This growth is attributed to high growth opportunities exhibited by the region owing to rapidly rising aircraft production, and ambitious electrical & electronics capacity addition targets by various companies.

The emergence of the Philippines, Indonesia, Singapore, Malaysia, and Vietnam as major shipbuilding centers in the Asia Pacific is also expected to drive the demand for composites in the region over the forecast period. Asia Pacific is the largest market for transportation ly and the presence of numerous automotive manufacturers coupled with steady growth in automobile production is expected to propel the regional market growth over the forecast period.

Figure 3:  EPOXY COMPOSITE MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is also expected to witness considerable growth from 2021 to 2028 owing to the growing number of air passengers, the rise in the demand for private helicopters, and increasing investments in military space programs. Space exploration missions by NASA, SpaceX – a booming private sector space program in the U.S., and other space tourism expeditions, are anticipated to have a positive impact on the regional market. In addition, the emerging trend of renewable energy generation is also expected to drive product demand in the region.

Epoxy Composite Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Epoxy Composite market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Epoxy Composite industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Epoxy Composite. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Epoxy Composite industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Epoxy Composite industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Epoxy Composite market players, including Axiom Materials, Barr day, Hexcel Corporation, Mitsubishi Chemical Corporation, and others, are attempting to increase market demand by funding R&D initiatives.

Axiom Materials is a manufacturer of composite materials and engineered products. It offers film adhesives, unidirectional tapes, polyesters, fiberglass, etc. The company caters to the aerospace, military, automotive, industrial, sports, and medical industries.

Also, Barrday is an advanced material solutions company whose product lines encompass applications for the composite, energy, and protective markets. It has expertise in fiber reinforcement, prepregs and laminates, coatings, adhesives, sealants, and core materials. The company offers research, development, testing, and other services.

Westlake Chemical Corporation announced on November 2021 that it would acquire Hexion’s global epoxy business based out of Rotterdam, Netherlands; the deal was valued at around $1.2bn USD, according to sources close to the matter.

Key Companies in the Epoxy Composite market include

• Axiom Materials


• Barr day


• Hexcel Corporation


• Mitsubishi Chemical Corporation


• Park Aerospace Corp.


• Sanders Composites


• SGL Carbon


• Replies d.d.

Epoxy Composite Industry Developments

October 2021, Retrac Group, a UK-based composite specialist, introduces a variety of sustainable bio-composite products. The latest range features five sustainable or recycled composite material choices and has been built to provide customers access to improved sustainability with high performance. The Retrac Group has lately signed a partnership in the supply chain with Bcomp, a leading flax natural fiber specialist, and the UK-based prepreg manufacturer and supplier, which earlier this year launched the Evopreg ampliTex prepreg range, Composites Evolution. The prepregs mix the Bcomp’s ample range of flax reinforcements with the high-performance Evopreg epoxy resin systems.

September 2021, Norplex, the U.S.-based company, has announced the launch of Norplex Advanced Composites with the building of a state-of-the-art production center based in Manhattan, Mon., U.S. the plant will grow to provide advanced prepregs, which offer cost-effective composite solutions for mid-and high-volume applications. Norplex Advanced Composites starts with a product portfolio, which includes fabric and unidirectional (UD) glass-epoxy prepregs, a prepreg molding system, EnableX, and NorPLY, a range of fatigue-resistant laminates. These products and their characterization capabilities and material development help position Norplex Advanced Composites for an extremely cooperative partnership with OEMs, Tier 1s, and fabricators in transportation, aerospace, industrial, medical, renewable energy goods & recreation markets.

September 2020 saw Sumitomo Bakelite Co., Ltd. develop low-dielectric epoxy composite materials suitable for high-frequency applications, thereby expanding its market share within communication as well as electronics industries where these types of products are widely used due to their excellent electrical properties coupled with low cost.

In January 2021, Sika AG acquired reinforcing fiber composite systems manufacturer Kreps LLC, strengthening its epoxy composites position in the US market while also broadening its product offering range, especially for customers within the construction sector.

Epoxy Composite Market Segmentation

Epoxy Composite Fiber Type Outlook

• Glass


• Carbon

Epoxy Composite End-use Outlook

• Automotive & Transportation


• Wind Energy

Epoxy Composite Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America