The global Epoxy Composite Market size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key players are Teijin Ltd., Toray Industries, Inc., Huntsman Corp. LLC, SGL Carbon and Hexcel Corp. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.
Increasing
demand for composites in the automotive industry is anticipated to boost the
market growth over the forecast period. Rising fuel prices have triggered the
need for fuel-efficient vehicles, which is expected to increase the usage of
composites. Composites are majorly utilized as the replacement for aluminum,
wood, and steel on account of their higher strength-to-weight ratio.
The
high manufacturing cost of composites is challenging the growth and
profitability of the market across the world. In addition, initial capital
investment is anticipated to pose a challenge over the forecast period.
Companies, such as Toray Industries and Teijin Ltd., are integrated across the
value chain of composites ranging from raw material supply to distribution
activities and have also diversified their product offerings.
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Epoxy Composite Market Report Highlights
- The glass
fiber reinforced epoxy composites segment accounted for the highest
revenue share of more than 60% in 2020 as a result of high demand due to
their superior characteristics along with cost-effectiveness
- The
automotive & transportation application segment dominated the global
market and is expected to register a significant CAGR over the forecast
period
- The wind
energy application segment is expected to witness the fastest CAGR of more
than 9% due to high product demand in this application or ensuring shape
stability, structural strength, and damage resistance to wind turbine
rotor blades
- Asia Pacific
led the global market in 2020, in terms of revenue share, owing to the
presence of a robust automotive manufacturing base in the region
- Key
companies have undertaken various initiatives, such as technology
innovations, R&D, partnerships, and mergers & acquisitions, to
manufacture cost-effective and lightweight composite products
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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