Epoxy Composites Market: Lightweight Composites with Excellent Material Properties
- Epoxy composite is one of the highly important composites with broad range of applications in end-use industries such as automobile, aviation, and sports materials
- Epoxy resin is produced by the combination of epoxy synthetic resin with woven glass fabric and non-woven glass core. Hence, epoxy composites can be employed in the manufacture of lightweight materials.
- Epoxy is a popular thermoset resin that is employed in various composite parts, and concrete repairs and structures due to its superior mechanical properties, lesser shrinkage, corrosion resistance, excellent electrical properties, and strong adhesion to substrates. Thus, epoxy composites are being increasingly used in structural applications.
- Rise in requirement of lightweight materials in automobile and aviation industries is anticipated to drive the demand for epoxy composites across the globe due to its low weight-to-strength ratio. Furthermore, growth in demand for composite materials in pipes & tanks and oil & gas applications is estimated to fuel the global epoxy composites market during the forecast period.
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Rapid Growth of Wind Energy Market to Propel Demand for Epoxy Composites
- The global wind power market is expanding at rapid pace. The market was more than 50 GW in 2017, the total installations of wind power plants were 52,492 MW in 2017. Rise in capacity of wind energy in developing countries such as China and India is estimated to drive the demand for epoxy composites.
- Epoxy composites are widely employed in wind turbines. Their superior material properties such as durability and excellent mechanical strength along with lightness of weight significantly boost the efficiency of wind turbines.
- Thus, expansion in the wind energy market is anticipated to drive the demand for epoxy composites across the globe
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Fiber Glass Epoxy Composites to Hold Key Share of Global Epoxy Composites Market
- Fiber glass epoxy composites are widely employed in a broad range of end-use industries such as wind energy, pipes & tanks, electrical & electronics, oil & gas, and marine, as these composites have high durability, and high strength-to-weight ratio and fabrication adaptability
- Rapid growth in the electrical & electronics industry, primarily in emerging economies, due to public and private investments and rise in demand for end-use products such as consumer electronics devices are anticipated to drive the fiber glass epoxy composites segment
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Asia Pacific is to Dominate Global Epoxy Composites Market
- Geographically, the global epoxy composites market can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a key region of the global epoxy composites market. Expansion in automotive, transportation, and aerospace & defense industries is estimated to drive the market in Asia Pacific in the near future. Increase in popularity of epoxy composites in design of lightweight automobile and automotive products is estimated to positively impact the demand for epoxy composites.
- Glass fiber epoxy composites are widely employed in the manufacture of PCBs. The market for printed circuit board (PCB) is rapidly expanding in Asia Pacific region due to the presence of well-established electronics manufacturing industry and high demand for end-use products in the region. This, in turn, is anticipated to drive the demand for epoxy composites in the region.
- Epoxy composites sports goods and sportswear offer enhanced performance quality due to its low weight to strength properties of the composites. Large presence of young population, improvement in standard of living, and increase in popularity of various sports through governmental support in countries such as China and India have augmented the demand for high quality sports goods and sportswear in the Asia Pacific region. It is positively impacting the demand of epoxy composites in Asia Pacific region.
- North America and Europe are estimated to hold key share of the global epoxy composites market in the near future. Increase in demand for lightweight materials, primarily in fuel efficient automobile designs, due to the implementation of stringent environmental regulations is likely to drive the demand for epoxy composites in North America and Europe.
Key Players in Market
Key players operating in the global epoxy composites market engage in product developments in the field of lightweight and durable materials to gain competitive advantage over their competitors. Major players operating in the global epoxy composites market include:
- Gurit Holding AG
- Cytec Solvay Group
- Hexcel Corporation
- Park Electrochemical Corporation
- Axiom Materials
- Quantum Composites
- Composites One
- Myko Engineering
- SGL Group
- Rotec Composite Group B.V.
- Toray Industries, INC