Pune India, April 22, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the epoxy composites market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the epoxy composites market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Epoxy Composites Market Size by Manufacturing Technology (Compression Moulding, Lay-up, Filament Winding, Resin Injection, Resin Transfer Moulding, Pultrusion and Others), Fiber Type (Carbon, Glass and Others), Application (Electronics and Electrical, Marine, Automotive and Transportation, Wind Energy, Aerospace and Defense, Sporting and Consumer Goods, Construction, and Others), Distribution Channel (Online and Offline) Regions, Segmentation, and forecast till 2028.
The significant players operating in the global epoxy composites market are Toray Industries, Gurit Holdings AG, Park Electrochemical Corporation, Teijin Limited, Cytec Solvay Group, Hexcel Corporation, Huntsman Corp. LLC, SGL Carbon, Arkema, Avient Corp., Olin Corp., Axiom Materials Inc., Koninklijke Ten Cate NV., Mitsubishi Rayon Co. Ltd., Rotec Composite Group B.V., Gordon Composites, Inc. and others. To achieve a substantial market share in the worldwide epoxy composites market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Toray Industries and Cytec Solvay Group are one of the most significant manufacturers and distributors present in the global epoxy composites market.
Epoxy composites are versatile materials which is used for providing structure to the product. These materials are specifically used in the load-bearing capabilities such as aerospace, automobile, marine, oil and gas, construction, etc. The specific strength of epoxy composites is too high and has solvent resistance. The epoxy composite has high heat resistance as well and thus fulfils the specific requirements of the application. The use of epoxy composite provides structural strength to hoods, bumper beans, deck lids, radiator supports, roof panels, etc. The insulation properties of epoxy composite make it favourable to be used in electrical and electronics application.
The increasing demand for lightweight and durable raw material in applications such as automobile, aerospace and defense, construction, etc. is one of the most promising drivers of the epoxy composite market. The wind energy industry is inclined towards the adoption of composite materials which is suitable for the construction of the infrastructure. Further, the use of such composites is also required in aerospace and defense applications, as it provides strength to the components such as fuselages and wings.
The developing regions are adopting the low-cost manufacturing technology for use in different end-users. The regional government has imposed strict regulations for reduction in greenhouse gas emissions. The installation of wind energy capacity has gained popularity among the countries present in both developed and developing regions. Also, the uprise trend of automotive and transportation industry, is providing lucrative opportunities to the epoxy composites market. The commercialization of newly launched epoxy composites portfolio is attracting many end-user industries. However, the fluctuating in prices of raw materials is a major restraint to the market. Further, various issues regarding the recyclability and remouldability and increasing use of different alternative resins is a challenge for the market growth.
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Segmentation Analysis
Resin transfer moulding segment is expected to be the fastest growing segment in 2021.
The manufacturing technology segment includes compression moulding, lay-up, filament winding, resin injection, resin transfer moulding, pultrusion and others. Among these, resin injection is expected to be the fastest growing manufacturing technology segment. Resin injection is one of the fastest manufacturing techniques for production of epoxy composites. Resin injection process is quick and thus helps in easy fabrication of the materials.
Carbon segment is expected to be the fastest growing segment in 2021.
The fiber type segment includes carbon, glass and others. Among these, carbon is expected to be the fastest growing fiber type segment. Carbon epoxy composites are gaining popularity among the end-user manufacturers. The glass-fibers composites have issues related to recyclability. Caron fibers have more superior mechanical and thermal properties as compared to the glass fibers. The electrical properties of such fiber are favourable to the electrical and electronics application. This factor is providing lucrative opportunities to the carbon fiber segment.
Aerospace and defense segment is expected to be the fastest growing segment in 2021.
The application segment includes electronics and electrical, marine, automotive and transportation, wind energy, aerospace and defense, sporting and consumer goods, construction, and others. Out of aerospace and defense segment is expected to be the fastest growing application segment in 2021. Aerospace and defense sector is booming in most of the countries, in both developing and developed regions. The structural components such as rockets, missiles, airplanes, etc. are manufactured using epoxy composites to reduce the weight of them. The carbon fibers are majorly used for development of such components due to higher optimization probability and resistance against corrosion.
The offline segment led the epoxy composites market with a market share of around 78.43% in 2021.
The distribution channel segment includes online and offline. The offline segment led the epoxy composites market with a market share of around 78.43% in 2021. Offline distribution channel includes retail shops, specialized shops and hardware stores. The epoxy composites market operates in a B2B setting. Thus, the end-users mostly buy in large quantities for the manufacturing of different products.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the epoxy composites diagnostics include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region dominated the epoxy composites market and held the 36.82% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and abundance of raw materials. The higher pace of industrialization and urbanization has brought tremendous growth in end-user sectors such as construction, marine, automobile, aerospace and defense. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in renewable energy along with technological developments is the significant factor behind the growing market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for epoxy composites has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of epoxy composites were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for epoxy composites significantly decreased.
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