Epoxy Composite Global Market Report 2024

The global epoxy composite market 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 global epoxy composite market 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.

The epoxy composite market is anticipated to experience growth driven by the expanding automotive industry. The automotive industry encompasses a wide range of enterprises and entities engaged in the design, development, production, and modification of motor vehicles. Epoxy composites find application in the automotive sector for the production of safe, fuel-efficient vehicles that offer enhanced performance and design possibilities. These composites are prized for their lightweight nature and high specific stiffness, making them well-suited for various automotive components. As an example, in August 2023, according to Statistics Canada, a government agency based in Canada, the total vehicle registrations in Canada surged to 26.2 million in 2021, marking a 1.9% increase from the previous year. Furthermore, a report shared by the International Organization of Motor Vehicle Manufacturers, a French-based trade association, revealed that global passenger vehicle sales rose from 56.43 million in 2021 to 57.48 million in 2022. Consequently, the burgeoning automotive industry is a key driver behind the epoxy composite market's growth.

The epoxy composite market is anticipated to experience growth in the coming years, primarily due to the expanding aerospace industry. The aerospace sector encompasses a wide range of activities related to flight, including the development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft, for use within Earth's atmosphere and beyond. Epoxy composites have emerged as a valuable material in the aerospace industry, owing to their exceptional characteristics, such as high strength, lightweight nature, durability, and resistance to corrosion and chemicals. They are utilized in the production of various critical aircraft components, including wings, fuselage sections, and landing gear. For instance, recent data from Airbus SE, a prominent aerospace corporation based in the Netherlands, indicates a noteworthy increase in aircraft deliveries. In 2022, Airbus delivered a total of 661 commercial aircraft to 84 customers, signifying an 8% growth compared to the 611 units delivered in the previous year. This surge in aerospace industry activity is a driving force behind the growth of the epoxy composite market.

The epoxy composite market may face challenges related to high production costs in the foreseeable future. These elevated production costs can act as a limiting factor, influencing the use and adoption of epoxy composites across various industries. One of the key contributors to these high costs is the pricing of raw materials, including resins, fibers, and additives, which significantly impact the overall production expenses. For example, in June 2021, the producer price index for plastic materials and resins, as reported by the Bureau of Labor Statistics, indicated a notable increase of 0.5% from April 2021 to May 2021. This followed previous months, with a substantial 9.4% increase in March and a 6.2% rise in April. These trends in raw material pricing have contributed to the high production costs, which, in turn, pose a restraint on the growth of the epoxy composite market.

Prominent companies in the epoxy composite market are placing their emphasis on introducing advanced epoxy materials to gain a competitive advantage in the industry. These next-generation epoxy materials encompass cutting-edge formulations of epoxy resins and related compounds, offering enhanced properties, performance, and versatility compared to traditional epoxy materials. For example, in September 2022, Solvay S.A., a chemical company headquartered in France, unveiled LTM 350, a state-of-the-art carbon fiber epoxy prepreg tooling material that delivers significant time and cost savings for rapid tooling in the aerospace and composites sectors. Engineered as a low-temperature prepreg with user-friendly tack, drape, and handling characteristics, LTM 350 facilitates the fastest lay-up speeds while achieving exceptional surface quality, setting new benchmarks for cost-effective composite tooling. This innovative epoxy prepreg exemplifies the company's ongoing commitment to assist original equipment manufacturers (OEMs), subcontractors, and tool makers in the composites industry in meeting demanding productivity objectives.

In February 2022, Westlake Chemical Corporation, a petrochemical firm based in the United States, completed the acquisition of Hexion Inc.'s global epoxy business for an estimated $1.2 billion. This strategic acquisition is anticipated to enhance Westlake Chemical Corporation's expertise in specialty resins, coatings, and composites, enabling the company to enter high-growth sectors and expand its range of products across various applications. Hexion Inc. is a US-based chemical company that manufactures specialty resins, coatings, and epoxy composites for diverse industries.

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.

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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the epoxy composite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of fibers incorporated in epoxy composites include glass fiber, carbon fiber, and others. Glass fiber, for example, consists of fine strands of glass used as reinforcement. Various manufacturing processes are employed in the production of epoxy composites, such as lay-up, compression molding, resin injection, resin transfer molding, filament winding, and pultrusion. These composites find diverse applications across various industries, serving end-users like aerospace and defense, automotive, electrical and electronics, wind energy, sporting goods, marine, piping, and more.

This report provides epoxy composite market statistics, including epoxy composite industry global market size, regional shares, competitors with a epoxy composite market share, detailed epoxy composite market segments, market trends and opportunities and any further data you may need to thrive in the epoxy composite industry. This epoxy composite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The epoxy composite market consists of sales of adhesives, epoxy-based coatings, wind turbine blades and sports equipment. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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