According to a new market research report published by sheer analytics and insights, “The Global Epoxy Composites Market was $27.3 Bn in 2020, and it is expected to reach $54.2 Bn by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 6.3% between 2021-2031, as per the latest market research report titled Global Epoxy Composites Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Epoxy composites are defined as the advanced level of composite material which can resist corrosion and lighter in weight, dent-resistant, and flexible in nature. The composites are mostly produced from a non-woven glass core and woven glass fabric, which are a combination of synthetic epoxy resin. The composites help to increase the life of the wind rotor blades and protect blades from adverse weather conditions. This is the prime reason why the market is growing rapidly over the forecast period. Increasing demand for lightweight materials in the automotive and aviation industries across the globe is expected to propel market growth. The growing transportation and automotive industry on account of developing commercial as well as the domestic market, particularly in the globe, has boosted the market over the forecast period.
However, in this current pandemic of COVID-19, the motors market is affected much. It changes the growth rate graph slightly in the Epoxy Composites market. But it has been expected that after the pandemic situation, the global Epoxy Composites market will reach a high position in the graph. Apart from that, the rising of the Epoxy Composites sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Epoxy Composites Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Hexcel Corporation, Cytec Solvay Group, Polyone Corporation, Hindoostan Composite Solutions, Teijin Limited, Park Electrochemical Corporation, Arkema, SGL Carbon, Toray Industries, Inc., Huntsman Corporation LLC, Gurit Holding AG, Barrday, Axiom Materials, Quantum Composites, and Composites One among others.
The Global Epoxy Composites Market Has Been Segmented into:
Global Epoxy Composites Market: By Fiber Type
Global Epoxy Composites Market: By End-Use Outlook
Global Epoxy Composites Market: By Region