The global Epoxy Composite Market size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.

Increasing demand for composites in the automotive industry is anticipated to boost the market growth over the forecast period. Rising fuel prices have triggered the need for fuel-efficient vehicles, which is expected to increase the usage of composites. Composites are majorly utilized as the replacement for aluminum, wood, and steel on account of their higher strength-to-weight ratio.

The high manufacturing cost of composites is challenging the growth and profitability of the market across the world. In addition, initial capital investment is anticipated to pose a challenge over the forecast period. Companies, such as Toray Industries and Teijin Ltd., are integrated across the value chain of composites ranging from raw material supply to distribution activities and have also diversified their product offerings.

Related Press Release@ Epoxy Composite Market Report

Epoxy Composite Market Report Highlights

• The glass fiber reinforced epoxy composites segment accounted for the highest revenue share of more than 60% in 2020 as a result of high demand due to their superior characteristics along with cost-effectiveness
• The automotive & transportation application segment dominated the global market and is expected to register a significant CAGR over the forecast period
• The wind energy application segment is expected to witness the fastest CAGR of more than 9% due to high product demand in this application or ensuring shape stability, structural strength, and damage resistance to wind turbine rotor blades
• Asia Pacific led the global market in 2020, in terms of revenue share, owing to the presence of a robust automotive manufacturing base in the region
• Key companies have undertaken various initiatives, such as technology innovations, R&D, partnerships, and mergers & acquisitions, to manufacture cost-effective and lightweight composite products