Epoxy Composite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global market for an epoxy composite is expected to grow at a CAGR of over 5% during the forecast period. The major factor driving the market studied is the growing demand from the wind energy sector during the forecast period. On the flip side, availability of close substitutes and unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market.

Aerospace and Defense industry is expected to dominate the market studied during the forecast period.

Asia-Pacific is expected to dominate the global epoxy composite market and is also forecasted to be the fastest-growing market during the forecast period owing to the increasing consumption for countries such as China and India.

Key Market Trends

Growing Demand from the Aerospace and Defense Industry

• In the aerospace and defense industry, epoxy composites are used in primary structures, such as wings and fuselages to improve the performance of the aircraft.
• Aerospace is a market in which material light-weighting solutions are particularly in demand, where reducing the weight of an aircraft by 1000 kilos saves 6000 metric tons of aviation fuel over its lifetime.
• The global aerospace and defense (A&D) industry has been significantly growing over the past few years, due to the growing passenger travel demand and military expenditure, across the world. The constantly increasing oil-prices has resulted in a rapid increase in demand for fuel-efficient aircraft.
• Additionally, the defense budget in countries such as the United States, China among others is continuously increasing as a result of rising global tensions and the country’s desire to equip the armed forces with modern platforms.
• Therefore, the growing aerospace and defense industry is expected to boost the demand for epoxy composite market during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region represents the largest market for the epoxy composite market during the forecast period.
• The electronics industry in the region is growing rapidly, over the past few years, owing to the consistently increasing demand for cellular phones, portable computing devices, gaming systems, and other personal electronic devices.
• The aircraft parts and assembly manufacturing sector in China is growing at a rapid pace, with the presence of over 200 small aircraft parts manufacturers. Major manufacturers are concentrated in Nanchang, Shanghai, Chengdu, Xi’an, Harbin, Shijiazhuang, and Shenyang.
• The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales, over the next 20 years.
• India is the 9th-largest civil aviation industry in the world. It is projected to be the 3rd-largest by 2020. The domestic production capacity is limited, due to the lack of latest technology in the country. The government has announced 100% FDI in the sector. Companies, like Airbus, Boeing, Rolls Royce, Air Asia, etc., are investing in the country.
• India’s defense manufacturing has improved, and the country has increased its export of defense equipment, including Cheetah helicopters, to countries, such as Afghanistan, Indonesia, Nepal, Vietnam, South Korea, Myanmar, Israel, Russia, etc. The ISRO is also rapidly developing spacecraft.
• Hence, with such trends, coupled with rapidly growing end users, the demand for epoxy composite in Asia-Pacific region is expected to grow over the forecast period.

Competitive Landscape

The global epoxy composite market is partially fragmented. The major companies are Axiom Materials, Hexcel Corporation, SGL Carbon, Mitsubishi Chemical Corporation, and Teijin Carbon Europe GmbH.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support