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The epoxy composite market has witnessed robust growth in recent years, soaring from $34.32 billion in 2023 to $37.24 billion in 2024, showcasing a noteworthy CAGR of 8.5%. This surge in the historic period can be attributed to infrastructure development, the expanding renewable energy sector, the rising demand from the electronics industry, and an increasing awareness of the benefits offered by epoxy composites.

Anticipated Strong Growth Looking ahead, the epoxy composite market is poised for strong growth in the coming years, projected to reach $49.86 billion by 2028, with a compelling CAGR of 7.6%. The forecasted growth is fueled by increased demand from the aerospace and defense industry, rising automotive industry demands, a surge in construction industry needs, and heightened investments in research and development.

Growth In The Aerospace Industry Boosts The Epoxy Composite Market

Elevating Aerospace Sector The growth in the aerospace industry is set to propel the epoxy composite market forward. Epoxy composites, known for their superior properties such as high strength, lightweight structure, durability, and resistance to corrosion and chemicals, play a vital role in the aerospace sector. These composites are extensively used in manufacturing various aircraft components, including wings, fuselage, and landing gear.

Airbus SE’s Positive Indicators A notable example of this growth is seen in the delivery statistics of Airbus SE, a Netherlands-based aerospace corporation. In January 2023, Airbus SE reported delivering 661 commercial aircraft to 84 customers in 2022, marking an 8% increase from the 611 units sold in 2021. This surge underscores the pivotal role of epoxy composites in supporting the aerospace industry’s expanding needs.

Key Market Players Major players steering the epoxy composite market include Mitsubishi Chemical Corporation, Toray Industries Inc., and Westlake Epoxy Inc., among others. These industry giants contribute significantly to the market’s trajectory and development.

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Gaining A Competitive Edge Through Advanced Epoxy Materials

Next-Generation Epoxy Materials To gain a competitive edge, major companies in the epoxy composite market are introducing next-generation epoxy materials. These materials represent advanced formulations of epoxy resins and related compounds, offering improved properties, enhanced performance, and expanded applications compared to traditional epoxy materials.

Solvay S.A.’s Innovation An exemplar of innovation is seen in Solvay S.A.’s launch of LTM 350 in September 2022. LTM 350, a next-generation carbon fiber epoxy prepreg tooling material, brings remarkable time and cost savings to tooling in the aerospace and composites industries. Designed as a low-temperature prepreg, it provides user-friendly tack, drape, and handling, enabling faster lay-up speeds while maintaining the best surface polish. This innovation sets new benchmarks for cost-effective composite tooling.

Strategic Acquisitions and Market Positioning

Westlake Chemical Corporation’s Acquisition In February 2022, Westlake Chemical Corporation made a strategic move by acquiring the global epoxy business of Hexion Inc. for approximately $1.2 billion. This acquisition enhances Westlake Chemical Corporation’s capabilities in specialty resins, coatings, and composites. It positions the company to tap into high-growth industries and expand its product offerings across various applications. Hexion Inc., a US-based chemical company, specializes in producing specialty resins, coatings, and epoxy composites for multiple industries.

Market Segmentation The epoxy composite market is comprehensively segmented based on fiber types (Glass Fiber, Carbon Fiber, Other Fiber Types), manufacturing processes (Lay-up, Compression Molding, Resin Injection, Resin Transfer Molding, Filament Winding, Pultrusion), and end-users (Aerospace and Defense, Automotive, Electrical and Electronics, Wind Energy, Sporting Goods, Marine, Piping, Other End Users), providing a detailed view of its diverse applications.

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The Epoxy Composite Global Market Report 2023 provides an overviewof the epoxy composite market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The epoxy composite market forecast analyzesepoxy compositemarket size, epoxy composite market share,leading competitor and their market positions.

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