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Epoxy Composite Market

Epoxy Composite Market: Information by Fiber Type (Glass, Carbon, Natural Fiber, Aramid Fiber), End-Use Industry (Aerospace & Defense, Automotive, Electrical & Electronics, Wind Energy), and Regions-Forecast Till 2031

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Market Overview

The global epoxy composite market size was valued at USD 18.65 billion in 2022. It is projected to reach USD 29.68 billion by 2031, growing at a CAGR of 5.3% during the forecast period (2023–2031).

The outstanding adhesion, UV resistance, chemical & heat resistance, good mechanical properties, and exceptional electrical insulation properties of epoxy composites are well known. Two types make up the composite: glass epoxy and carbon epoxy. Because of its superior mechanical, electrical, and thermal properties, glass fiber-based epoxy composite is regarded as the best reinforcement among these epoxy composites. One of the most powerful composites, epoxy composite, has many applications in end-use industries like automotive, aviation, and sports equipment. Epoxy resin is created by mixing synthetic epoxy resin with a non-woven glass core and woven glass fabric. Epoxy composites can therefore be used to create lightweight materials. Due to its excellent mechanical properties, reduced shrinkage, resistance to corrosion, excellent electrical properties, and strong adhesion to substrates, epoxy is a standard thermoset resin used in concrete repairs and structures. Epoxy composites are therefore being used in structural applications more and more. Wind turbines frequently use epoxy composites. The efficiency of wind turbines is significantly increased by their superior material qualities, such as longevity, excellent mechanical strength, and lightweight.


Market Snapshot

market snapshot
Base Year
: 2022
Study Period
: 2021-2031
: 5.3 %
Fastest Growing Market
: Europe
Largest Market
: Asia-Pacific
Market Size
: USD 29.68 billion by 2031
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Market Dynamics

What Are the Primary Factors Driving the Market for Epoxy Composite?

Emerging End-Use Applications of Fiber Composites and Environmental Advantages

The development of high-quality and specialized fiber composites like carbon fiber, glass fiber, aramid fiber, and comparable ones was made possible by ongoing research and development across various industrial sectors, including electrical & electronics, aerospace, automotive, wind turbines, and others. These fibers replaced the need for heavy metal because composites have similar benefits, like being lightweight. With ongoing R&D efforts, scientists are looking for novel epoxy composite applications in various end-use industries. A significant side effect of increasing structural weight is sustainability related to aviation emissions. Government regulators already control CO2 emissions, and achieving future emissions targets will be difficult for the aviation sector and international carriers. In this way, electric aircraft could help slow down and eventually stop the growth of emissions in the future. The manufacturing of it would increase the need for lightweight airframe components to lessen the weight of the potentially enormous battery packs.

Increase In Demand for Composite in The Automotive Industry

It is anticipated that increased demand for high-quality composite materials in the automotive industry will drive investments in creating new manufacturing technologies. Toray, Teijin Limited, Hexcel Corporation, and SGL Group are just a few businesses that use their own proprietary composite manufacturing technologies. Several academic and research institutions worked with SGL Group to produce and test CFRP materials. The demand for fuel-efficient vehicles has increased due to the rise in fuel prices. Because they have a higher strength-to-weight ratio than steel, aluminum, and wood, composites are most frequently used in their place. Auto manufacturers were forced to use composites in the production of cars due to the introduction of strict environmental legislation in Europe. Regulations compel OEMs to significantly reduce vehicle carbon dioxide (CO2) emissions, particularly in Europe. Countries that want to expand the market for goods from this sector also need the proposed regulations.

What Are the Main Obstacles to The Market Expansion for Epoxy Composite?

Expensive And Complex Carbon Fiber Manufacturing Process

The production of carbon fiber composites is a costly and challenging process. More than 20.0% of the costs to manufacture steel composites used in the automotive and aviation industries are related to carbon fiber production. Pitch and polyacrylonitrile are typically the precursors that make up the backbone of a fiber. The precursors based on PAN are used to manufacture about 90% of the carbon fiber sold today. The process is pricey overall because such expensive precursors cost about $15/lb. It is crucial to use precursors based on high-consistency PAN because the type and quality of the precursor used frequently affect the consistency and properties of the resulting carbon fiber.

What Are The Future Opportunities For Epoxy Composite?

Increase In Adoption of Composite from Different Industries

The automotive, infrastructure and aerospace sectors have been identified as providing composites with the best opportunities for near-term growth. To meet these sectors' growth's high-volume, low-cost requirements, extensive automation would be needed. Automation and cycle-time production require the development of new quick-curing resins and forming techniques. The increased use of modeling to investigate how new technologies affect composite production processes in a virtual world will be fueled by the newest resins and technologies. The International Conference and Exhibition on Reinforced Plastics claim that significant demand from the construction, electrical & electronics, transportation, and renewable energy sectors is indicative of the growth of composites in India and could offer top companies excellent potential business opportunities. By lengthening the blades, lightweight materials increase the wind turbine's performance and efficiency. Epoxy composite also gives turbines high strength, rigidity, and compression strength.


Segmental Analysis

The market is segmented by fiber type and end-use industry.

Based on fiber type, the global epoxy composite market is bifurcated into glass, carbon, natural, and aramid fiber.

The glass segment is the highest contributor to the market and is expected to grow at a CAGR of 4.8% during the forecast period. Fiberglass is another name for glass fiber. It is made up of incredibly tiny glass fibers. Fiberglass is a strong, lightweight, and chemically resistant material. Glass fibers are combined with resin to create composite materials that are strong, light, corrosion-resistant, and dimensionally stable. It offers high dielectric resistance, good design versatility, and inflammable material properties. Its exceptional strength-to-weight ratio and adaptability make it ideal for structural components in the automotive industry. The aerospace industry's shift away from using heavy metal parts in favor of glass fiber and low-cost, lightweight, and glass fiber durability are the main factors driving the market for glass fiber epoxy composites.

Based on the end-useindustry, the global epoxy composite market is bifurcated into aerospace & defense, automotive, electrical & electronics, wind energy, sporting goods, marine, and piping.

The automotive segment is the highest contributor to the market and is expected to grow at a CAGR of 6% during the forecast period. Passenger cars, sports utility vehicles, vans, trucks, buses, and recreational vehicles all fall under the umbrella term "automotive." Due to their many desirable qualities, including high strength, durability, lightweight, fire resistance, and many others, reinforcement materials are in high demand in the automotive industry. Globally, strict regulations governing CO2 emissions from vehicles must be implemented. Additionally, due to tightening CAFE emission standards and government-mandated fuel economy regulations, automotive OEMs are searching for new materials and manufacturing techniques to reduce vehicle weight and boost fuel efficiency. Additionally, lightweight materials are a solution to offset vehicle weights by including improved safety features, electrical equipment, and the large batteries required for electric vehicles. Since weight reduction is the key to pollution control, auto manufacturers must immediately produce lightweight vehicles.


Regional Analysis

Asia Pacific Dominates the Global Market.

The global epoxy composite market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

Asia Pacific is the highest shareholder in the global epoxy composite market and is expected to grow at a CAGR of 5% during the forecast period. China, Australia, India, Japan, and the rest of Asia-Pacific are all included in the Asia-Pacific epoxy composite market analysis. Due to the expansion of this region's automotive, aerospace & defense, and transportation industries, Asia-Pacific is the largest market for epoxy composites. The demand for epoxy composites is predicted to increase as epoxy composites become more widely used in the design of lightweight automobiles and automotive products. Many printed circuit boards are made using glass fiber epoxy composites (PCBs). The Asia-Pacific region's PCB market is proliferating as a result of the region's end-user solid product demand and established electronics manufacturing industry. The demand for epoxy composites in the area is consequently anticipated to increase. Due to their low weight-to-strength characteristics, epoxy composite sporting goods and sportswear offer improved performance.

Europe is expected to grow at the fastest CAGR of 6.3% during the forecast period. The UK, Germany, France, Italy, Spain, and the rest of Europe are all included in Europe’s epoxy composite market analysis. Epoxy composite is crucial to the production of automotive and aviation parts. Manufacturers are switching out metal components with composite materials due to rising fuel consumption and CO2 emissions concerns. Epoxy composite demand in the automotive industry is anticipated to be driven by technological advancements that shorten production cycle times. Throughout the anticipated period, these elements are anticipated to fuel market expansion in this area. Epoxy composites are more in demand due to the rising demand for epoxy resins in the wind energy sector. They are helpful in various sectors, including aerospace and defense, marine, oil & gas, and electrical & electronics. The automotive industry relies heavily on composite materials when using various resins.


Epoxy Composite Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Epoxy Composite Market

  1. Huntsman International LLC.
  2. Solvay
  3. Owens Corning
  4. Hexcel Corporation
  5. Rotec Composite Group B.V.
  6. ISO SPORT Verbundbauteile GmbH
  7. Gurit
  8. SGL Carbon
  9. Sumitomo Bakelite Co. Ltd.
  10. Axiom Materials Inc.
  11. Scott Bader Company Ltd.
  12. SpecialChem
  13. Barrday Inc.
  14. IDI Composites International
  15. Mitsubishi Chemical Corporation
  16. Avient
  18. Arkema
  19. Teijin Carbon Europe GmbH,

Report Scope

Report Metric Details
CAGR 5.3%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Fibre Type
    1. Glass
    2. Carbon
    3. Natural Fiber
    4. Aramid Fiber
  2. By End Use Industry
    1. Aerospace & Defense
    2. Automotive
    3. Electrical & Electronics
    4. Wind Energy
    5. Sporting Goods
    6. Marine
    7. Piping
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Recent Developments

  • July 2022, At its Aerospace Innovation Centre (AIC), Hexcel Corporation has partnered with Spirit AeroSystems Europe in a strategic partnership to create more environmentally friendly aircraft manufacturing technologies for upcoming aircraft production.
  • June 2022, In collaboration with Axiom Materials, the NIAR Automated Technologies Laboratory for Aerospace Systems is researching automated fiber placement (AFP) of AX-7810-610. This solvent-based Ceramic Matrix Composites prepreg can withstand temperatures up to 1,650 °F and is commonly used in engine components.

Epoxy Composite Market Segmentation

By Fibre Type

  • Glass
  • Carbon
  • Natural Fiber
  • Aramid Fiber

By End Use Industry

  • Aerospace & Defense
  • Automotive
  • Electrical & Electronics
  • Wind Energy
  • Sporting Goods
  • Marine
  • Piping

By Regions

  • North America
  • Europe
  • Asia-Pacific

Frequently Asked Questions (FAQs)

What is the growth rate for the epoxy composite market?
The global epoxy composite market growing at a CAGR of 5.3% from (2023–2031).
Asia Pacific region has the largest share of the epoxy composite market.
Emerging end-use applications of fiber composites and environmental advantages, increase in demand for composite in the automotive industry are some key drivers supporting the growth of the epoxy composite market.
The glass segment is the leading segment for the market during forecast period.
The key players in the global epoxy composite market include Huntsman International LLC., Solvay, Owens Corning, Hexcel Corporation, Rotec Composite Group B.V., ISO SPORT Verbundbauteile GmbH, Gurit, SGL Carbon, Sumitomo Bakelite Co., Ltd., Axiom Materials.
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