Epoxy Composite Market Size, Share, Demand, Application, Key Players by MRFR
Posted by Moin Patni on September 26th, 2018
Epoxy Composite Market
Epoxy Composite Market Highlights: Epoxy Composite Market is expected to witness a significant growth of USD 38.19466 Billion by 2023 with CAGR of 7.4% between by 2023.
Epoxy Composite is low or high molecular weight pre-polymeric or polymeric material which is consist of at least two epoxide groups. It is extensively used in automotive, aerospace & defence, building & construction industries. Apart from these industries, the product find its application in industrial tools, sports equipment, consumer goods, and marine industry. Growing construction activities, rising demand of vehicles and commercial aircrafts from emerging economies are the primary factors driving growth of the market. The light weight vehicle in automotive industry, is set to uplift consumption of plastic over the coming years.
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Epoxy Composite Market Application: Epoxy Composite Market are growing demand from automotive industries In addition, the increasing demand from the aerospace and transportation industry is expected to fuel market growth of epoxy composites in near future. Furthermore, the increasing demand for construction materials with the feature like lightweight, heat resistance, durability, good mechanical properties, and excellent electrical insulating properties is expected to boost the demand for epoxy composite, However, high instability of the raw material prices and issues related to recyclability can restrain the growth of the epoxy composite market.
Epoxy Composite are best known for their excellent adhesion, UV, chemical and heat resistance, good mechanical properties, and outstanding electrical insulating properties. It is formed into two types i.e. glass epoxy composite and carbon epoxy composite. Among these type of epoxy composites, glass fibre-based epoxy composite is a best reinforcement because of its excellent mechanical, electrical and thermal features.
The market witnessed a significant growth over the forecasted period owing to growing end user industries such as into automotive, transportation, aerospace & defence, sporting goods, electronics industry, construction industries and others.
The trend for light weight vehicles in automotive industry is likely favour growth of the market. As per the industry experts, this trend may continue in the coming years which may consolidate epoxy composite demand. Increasing research & development activities along with growing focus on technological innovations expected to provide fuel for the growth of this market over the review period. On the other hand, global market growth is held back by increasing environmental concern. Key industries across the globe are under tremendous pressure by regulatory bodies to development products which will have least impact on environment. Moreover, consistent price fluctuations in the raw material prices, due to changing crude oil prices, also anticipated to limit the growth of this market. As per the study published by Market Research Future on Epoxy Composites market, the trend for light weight material projected to drive demand for Epoxy Composites in the coming years.
As per Organisation International des Constructers automobiles (OICA), automotive industry has produced overall 94.97 million vehicles expanding at 4.5% annual growth in 2016. Lifestyle changes, economic development, increasing spending economic power of middle class population have led the greater adoption of commercial as well as consumer vehicles over the past five years. In addition to this, rapid industrialization fuelling the demand for commercial vehicles and aircrafts year on year. Asia Pacific held major share of the market in 2016 on account of the presence of leading end users such as automotive and building & construction industries.
Epoxy Composite Market Key Players: Epoxy Composite Market are: Axiom Materials Inc. (US), Hexcel Corporation (US), Cytec Solvay Group (Belgium), Koninklijke Ten Cate NV. (Netherlands), Teijin Limited (Japan), Toray Industries, INC. (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Rotec Composite Group B.V. (Netherlands), SGL Group (Germany), Gordon Composites Inc. (US) and others.
Epoxy Composite Market Regional Analysis: Epoxy Composite Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific epoxy composite market is largest market owing to robust industry growth of end user industry in China, Japan and India. Asia-Pacific is expected to be the fastest-growing market for epoxy composite. Positive stance on end-use industries such as automotive, transportation, aerospace & defence, sporting goods, electronics industry, construction industries, and others in countries like China & India is expect to drive demand. Increasing demand from the automotive & transportation, sporting goods, aerospace & defence, and construction industries, due to increase urbanization of various countries in the APAC region including India, japan and south Korea, fuel the growth of the global epoxy composite market during the forecast period.
Epoxy Composites Market Competitive Landscape: Epoxy Composites is highly matured market driven by flourishing growth in aerospace & defence industry, along with the flourishing transportation sector. Hexcel Corporation, Teijin Limited, Toray Industries, INC., Rotec Composite Group B.V., Mitsubishi Rayon Co. Ltd. are the key shareholders in this market. Majority of the key market participants are investing in the expansion of their production capacities to strengthen their market position. After addressing dynamic growth in aerospace & defence, automotive industry, and construction industry experts have asserts that this market will be having increasing penetration of new players to enjoy the profitability of this market. Taking into account these trends, the global epoxy composites market is likely to witness considerable competition over the forecast period of 2017-2023.
Epoxy Composite Market Segment Analysis: Epoxy Composite Market has been segmented into types and end user industries. On the basis of types, the market has been divided into glass epoxy composite and carbon epoxy composite.
The glass fibre-based epoxy composite segment led the epoxy composite market, in terms of volume. Above all glass fibre-based epoxy composites led to the global epoxy composite market due to its exceptional features such as high durability, UV resistance, chemical resistance, mechanical resistance and heat & electrical resistance. Thus, the glass fibre-based epoxy composites are highly used in various industrial applications, such as automotive, wind power industry like in the maintenance of wind turbines, pipe & tank, electrical & electronics, aerospace & defence and marine. Numerous key players have invested considerably in R&D enterprises glass fibre composites to fulfil the demand of glass fibre epoxy composite.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
Epoxy Composite Market Information- by Type (Glass, Carbon), by End User (Automotive, Transportation, Aerospace & Defence, Sporting Goods, Electronics Industry, Construction Industries, and Others) and by Region - Forecast till 2023
Complete Summary of this Report @ https://www.marketresearchfuture.com/reports/epoxy-composite-market-2848
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About the AuthorMoin Patni
Joined: February 20th, 2018
Articles Posted: 412
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