Epoxy Composite Market Growth Outlook Through 2024-2033

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Overview and Scope

Epoxy composite is a polymer material that uses epoxy resin to create a polymer matrix reinforced with fibers or other materials. They offer low densities relative to metals and high strength-to-weight ratios, making them ideal for aerospace and automotive applications.

Sizing and Forecast

The epoxy composite market size has grown strongly in recent years. It will grow from $34.32 billion in 2023 to $37.24 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to infrastructure development, growing renewable energy sector, rising demand from the electronics industry, growing awareness of the benefits of epoxy composites.

The epoxy composite market size is expected to see strong growth in the next few years. It will grow to $49.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increased demand from the aerospace and defense industry, rising demand from the automotive industry, growing demand from the construction industry, rising investment in research and development. Major trends in the forecast period include advances in manufacturing processes, development of new epoxy composite formulations, growing adoption of epoxy composites in additive manufacturing, advanced material development, aerospace materials innovation, nanocomposites integration, digital twins and simulation, cross-industry collaborations.

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Segmentation & Regional Insights

The epoxy composite market covered in this report is segmented –

1) By Fiber Type: Glass Fiber; Carbon Fiber; Other Fiber Types

2) By Manufacturing Process: Lay-up; Compression Molding; Resin Injection; Resin Transfer Molding; Filament Winding; Pultrusion

3) By End User: Aerospace And Defense; Automotive; Electrical And Electronics; Wind Energy; Sporting Goods; Marine; Piping; Other End Users

Asia-Pacific was the largest region in the epoxy composite market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in epoxy composite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The growing automotive industry is expected to propel the growth of the epoxy composite market going forward. The automotive industry refers to a broad range of businesses and organizations involved in designing, developing, producing and modifying motor vehicles. Epoxy composites are used in the automotive industry to manufacture safe, fuel-efficient vehicles with better performance and design options. These composites are lightweight and have high specific stiffness, making them ideal for automotive components. For instance, in August 2023, according to Statistics Canada, a Canada-based government agency, the total number of vehicle registrations in Canada rose to 26.2 million in 2021, a 1.9% increase from 2020. Furthermore, in 2022, according to a report shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the growing automotive industry is driving the growth of the epoxy composite market.

Key Industry Players

Major players in the epoxy composite market are Mitsubishi Chemical Corporation, Toray Industries Inc., Westlake Epoxy Inc., Arkema S.A., Nanya Plastics Corporation, Owens Corning, Sika AG, Huntsman Corp. LLC, Teijin Ltd., Aditya Birla Chemicals, Sumitomo Bakelite Co. Ltd., Hexcel Corp., Solvay S.A., SGL Carbon, Koninklijke Ten Cate B.V., Gurit Holding, Scott Bader Company Ltd., RAMPF Group, L&L Products India Pvt. Ltd., Composite One LLC, Park Aerospace Corp., Hindoostan Composite Solutions, Axiom Materials Inc., Gordon Composites Inc., Barrday Inc., Quantum Composites, Sanders Composites, Copps Industries Inc.

The epoxy composite market report table of contents includes: