Epoxy Composites Market Worth .92 Billion By 2027 | CAGR: 6.2%Posted by Nicky Arora on February 16th, 2021 The global epoxy composites market size is anticipated to reach USD 42.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Growing demand for lightweight material in industries, including aerospace and defense, automotive and transportation, and wind energy, is likely to propel the market growth.
Epoxy composites are widely used for manufacturing a wide array of aircraft as well as automotive parts. Augmenting concerns regarding CO2 emission levels and fuel consumption are expected to increase the use of carbon fiber epoxy composites as a substitute for various metal components, thereby propelling the demand for epoxy composites.
Technological advancements to reduce the manufacturing cycle time is projected to drive the demand for epoxy composites in the automotive industry. Furthermore, the demand for epoxy composites in the wind energy sector is likely to propel further owing to the additional product life and protection offered to the wind rotor blades that are functional in adverse weather conditions.
Surging demand for customized components, primarily in aircraft, automotive, and sports sectors, has urged the market players to integrate their products with downstream manufacturing technologies. Furthermore, surging demand for superior quality composite materials in the manufacturing sector is expected to drive investments in the market, thus complementing growth.
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Epoxy Composites Market Report Highlights
Epoxy Composites Market Segmentation
Grand View Research has segmented the global epoxy composites market on the basis of fiber type, end-use, and region:
Epoxy Composites Fiber Type Outlook (Revenue, USD Million, 2016 - 2027)
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