The market for epoxy composite is being driven due to the rising demand for epoxy composite which is a composition of epoxy resin widely used in various end-use industries. The rise in construction activities will raise market growth globally. For instance, the U.S construction investment for June 2022 is around US$1,784.3 billion and is 10.8% above the June 2021 estimate of US$915.2 billion according to the U.S Department of Commerce. Also, the growing healthcare facilities globally will increase the demand for epoxy composite for medical devices owing to its low-density property and in turn will raise the epoxy composite market growth during the forecast period.
Epoxy Composite Market: Leading Segments
Based on matrix type, the Epoxy Composite Market can be segmented into polymer, metal and ceramics. The polymer matrix is the leading epoxy composite segment. During the forecast period 2022-2027, the polymer matrix segment is expected to grow with a CAGR of 9.2%. Also, based on the fabrication process, the epoxy-based composites market can be segmented into lay-up, compression molding, resin injection, resin transfer molding, filament winding and pultrusion. Based on the end-use industry, the epoxy composite market can be segmented into building & construction, electric & electronics, energy, sporting & consumer goods, industrial and others. The growth of various segments can be attributed to various reasons such as the increase in housing projects and repair & maintenance work globally.
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Epoxy Composite Market: By Region
Asia Pacific region dominated the Epoxy Composite Market in terms of revenue with a share of 46% in 2021 and is projected to dominate the market at a CAGR of 8.6% by revenue during the forecast period 2022-2027. The growth is mainly driven by the growing developments in construction buildings, transportation and healthcare in the region and is also driving the carbon and fiber reinforced plastic (FRP) composite market growth. For instance, according to the China Association of Automobile Manufacturers, the total car production in China in July 2021 was around 2,45,500 units with a YOY increase of 31.5% as compared to the same period of the previous year. Thus, such surging development in end-use sectors in the region is expected to boost the demand for epoxy composite.
The Major Players in this Market Include
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the epoxy composite market. Global epoxy composite top 10 players include Axiom Materials, Hexcel Corporation, SGL Carbon, Mitsubishi Chemical Corporation, Teijin Carbon Europe GmbH, Cytec Solvay Group, Toray Industries Inc., Gurit Holding AG, Park Electrochemical Corporation and SGL Group among others.
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