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According to the latest market report of Grand View Research on October 12, the global epoxy resin composite market is expected to reach US$42.92 billion in 2027, with a compound annual growth rate of 6.2% from 2020 to 2027. The growing demand for lightweight materials in industries such as aerospace and defense, automotive and transportation, and wind energy are likely to drive market growth.
At present, epoxy resin composite materials have been widely used in processing various aircraft and automobile parts. As global concerns about carbon dioxide emission levels and fuel consumption continue to increase, it is expected that carbon fiber/epoxy composites will be increasingly used as substitutes for various metal components, thereby promoting the development of epoxy composites. demand.
In the application of epoxy resin composites, due to the growing demand for durable and lightweight materials, the automotive and transportation end-use markets dominate the market. In 2019, the automotive and transportation sectors should account for 25.6% of the global market size.
According to fiber type, due to the superior properties of composite materials such as high rigidity, low weight, low thermal expansion and high chemical resistance, the carbon fiber/epoxy composite market is expected to be composited at the fastest rate of 6.5% from 2020 to 2027 Annual growth rate increases.
Due to the rapid industrialization of economies including China, Japan and India and the increasing demand for products in the growing wind energy sector, the Asia-Pacific region accounted for 35.9% of the global total in 2019.
At present, the major players in the global epoxy resin composite market include Hexcel, Solvay Group, Polyone Corporation, Hindustan Composite Solutions, Teijin Co., Ltd., Parker Electrochemical Company, Arkema, SGL Carbon, Toray Industrial Co., Ltd., Huntsman Corporation, etc.