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Epoxy Composite Market Size (2024 - 2029)

The epoxy composite market is anticipated to experience growth driven by demand from the wind energy sector, despite challenges such as the availability of substitutes and the impact of the COVID-19 pandemic. The aerospace and defense industry is projected to lead the market, with the Asia-Pacific region expected to be both dominant and the fastest-growing area due to rising consumption in countries like China and India.

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Market Size of Epoxy Composite Industry

Epoxy Composite Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 21.29 Billion
Market Size (2029) USD 26.05 Billion
CAGR (2024 - 2029) 4.12 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Epoxy Composite Market Major Players

*Disclaimer: Major Players sorted in no particular order

Epoxy Composite Market Analysis

The Epoxy Composite Market size is estimated at USD 21.29 billion in 2024, and is expected to reach USD 26.05 billion by 2029, growing at a CAGR of 4.12% during the forecast period (2024-2029).

The COVID-19 epidemic had a negative impact on the epoxy composite market. Global lockdowns and severe government rules resulted in a catastrophic setback, as most production hubs were shut down. However, the business has been recovering since 2021 and is expected to rise significantly in the coming years.

  • The major factor driving the market is the growing demand for wind energy during the forecast period.
  • On the flip side, the availability of close substitutes is expected to hinder the growth of the market.
  • Further, the development of low-cost technologies for the production of epoxy composites is projected to create substantial growth opportunities in the coming years.
  • Asia-Pacific is expected to dominate the global epoxy composite market. It is also predicted to be the fastest-growing market during the forecast period owing to the increasing consumption for countries such as China and India.

Epoxy Composite Industry Segmentation

Epoxy composites, utilizing an epoxy resin, form a polymer matrix that is bolstered with fibers or fillers. This construction results in durable components boasting exceptional strength-to-weight ratios. Also, the lower density, compared to metals, translates to significant fuel efficiency gains, particularly in the aerospace and automotive industries.

The epoxy composite market is segmented by fiber type, end-user industry, and geography. By fiber type, the market is segmented into glass, carbon, and other fiber types. By end-user industry, the market is segmented into aerospace and defense, automotive and transportation, electrical and electronics, wind energy, sporting goods, and other end-user industries. The report also covers the market size and forecasts for the epoxy composite market for 27 major countries. For each segment, the market size and forecasts are done in terms of value (USD).

Fiber Type
Glass
Carbon
Other Fiber Types
End-user Industry
Aerospace and Defense
Automotive and Transportation
Electrical and Electronics
Wind Energy
Sporting Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
NORDIC Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
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Epoxy Composite Market Size Summary

The epoxy composite market is poised for significant growth, driven primarily by the increasing demand from the wind energy sector. However, challenges such as the availability of close substitutes and the lingering effects of the COVID-19 pandemic may impede this growth. The aerospace and defense industry is anticipated to be a dominant force in the market, leveraging epoxy composites for critical applications like aircraft wings and fuselages to enhance performance and fuel efficiency. The global aerospace and defense sector has been expanding due to rising passenger travel and military spending, further fueled by the need for fuel-efficient aircraft amid escalating oil prices. This trend, coupled with increasing defense budgets in countries like the United States and China, is expected to bolster the demand for epoxy composites.

The Asia-Pacific region is projected to lead the global epoxy composite market, with China and India at the forefront of this growth. The region's electronics industry is experiencing rapid expansion, driven by the rising demand for consumer electronics such as smartphones and gaming systems. In China, the aircraft parts manufacturing sector is thriving, supported by a robust aerospace policy aimed at enhancing domestic production capabilities. Meanwhile, India's civil aviation and defense manufacturing sectors are also on the rise, with significant foreign investments and government initiatives like 100% FDI in the sector. These developments, alongside a growing base of end users, are expected to propel the demand for epoxy composites in the Asia-Pacific region over the forecast period. The market remains partially fragmented, with key players including Axiom Materials, Hexcel Corporation, SGL Carbon, Mitsubishi Chemical Corporation, and Teijin Carbon Europe GmbH.

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Epoxy Composite Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Wind Energy Sector

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Close Substitutes

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Fiber Type

      1. 2.1.1 Glass

      2. 2.1.2 Carbon

      3. 2.1.3 Other Fiber Types

    2. 2.2 End-user Industry

      1. 2.2.1 Aerospace and Defense

      2. 2.2.2 Automotive and Transportation

      3. 2.2.3 Electrical and Electronics

      4. 2.2.4 Wind Energy

      5. 2.2.5 Sporting Goods

      6. 2.2.6 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Spain

        6. 2.3.3.6 NORDIC Countries

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Nigeria

        4. 2.3.5.4 Qatar

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 United Arab Emirates

        7. 2.3.5.7 Rest of Middle East and Africa

Epoxy Composite Market Size FAQs

The Epoxy Composite Market size is expected to reach USD 21.29 billion in 2024 and grow at a CAGR of 4.12% to reach USD 26.05 billion by 2029.

In 2024, the Epoxy Composite Market size is expected to reach USD 21.29 billion.

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