Epoxy Composite Market Projected to Reach 33.06 Billion USD by 2021

The report "Epoxy Composite Market by Fiber Type (Glass, Carbon), Manufacturing Process (Lay-up, Compression Molding, Resin Injection, Resin Transfer Molding, Filament Winding, and Pultrusion), End-use Industry, and Region - Global Forecast to 2021", The epoxy composite market was valued at USD 21.60 Billion in 2015, and is projected to reach USD 33.06 Billion by 2021, at a CAGR of 7.34% between 2016 and 2021.

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The epoxy composite market is expected to be driven by the increasing wind energy installations especially in Asia-Pacific region, increasing use of epoxy composites in structural applications in the aerospace & defense industry, need for lightweight materials to produce fuel-efficient vehicles due to the increasing environmental concerns, especially in Europe, and the increasing demand from the pipe & tank and oil & gas industries. In addition, the use of epoxy composite is also increasing in the sporting goods industry in the manufacturing of products, such as tennis rackets, bicycles, fishing rods, and golf shafts.

The glass fiber-based epoxy composites segment led the epoxy composite market, in terms of volume

The glass fiber-based epoxy composite segment led the epoxy composite market, in terms of volume. Glass fiber-based epoxy composites offer better fabrication adaptability, high durability and high strength-to-weight ratio. Therefore, the composites are increasingly used in industries, such as wind energy, pipe & tank, oil & gas, electrical & electronics, and marine, among others. Several companies have invested in manufacturing glass fiber composites, especially in China, to meet the increasing demand of glass fiber epoxy composite. For instance, Owens Corning (U.S.) signed a strategic alliance with two Chinese glass fiber manufacturing companies (Xingtai Jinniu and Taishan Fiberglass) to increase the supply of customized glass fiber reinforcements in this region.

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Wind Energy was the largest end-user industry segment of the epoxy composite market

The use of epoxy composites in the wind energy end-use industry is expected to increase in near future. The segment contributed a share of 35.62% in terms of value, in 2015 to the epoxy composite market. The growth of the segment is majorly driven by the increasing wind energy capacity in Asia-Pacific, especially in China. In addition, advantages offered by epoxy composites, such as lightweight, durability, and mechanical strength increases the efficiency of the wind turbines. This has resulted in increasing use of epoxy composite in the wind energy industry.

Asia-Pacific was the largest market for epoxy composite

Asia-Pacific dominated the epoxy composite market, globally, due to the presence of growing wind energy, automotive & transportation, and aerospace & defense industries in the region. Furthermore, the presence of large epoxy composite manufacturers, growing economy, and rapid urbanization in the region are expected to fuel the use of epoxy composites in construction, electrical & electronics, pipe & tank, and marine industries. The market for PCB (printed circuited board), wherein glass fiber-based epoxy composites are widely used, is growing rapidly in this region. Some of the key players present in the region include Toray Industries (Tokyo, Japan), Teijin Limited (Osaka, Japan), and Mitsubishi Rayon Co. Ltd. (Tokyo, Japan).

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Gurit Holdings AG (Switzerland), Park Electrochemical Corporation (U.S.), Toray Industries (Japan), Teijin Limited (Japan), Hexcel Corporation (U.S.), and Cytec Solvay Group (Belgium) are some of the major players in the epoxy composite market. They have been adopting various organic and inorganic growth strategies, such as agreements, new product launched, acquisitions and expansions to enhance their shares in the epoxy composite market.

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