Epoxy Composites Market – Market Overview
Epoxy resins is low or high molecular weight pre-polymeric or polymeric material which is consist of at least two epoxide groups. It is extensively used in automotive, aerospace & defence, building & construction industries. Apart from these industries, the product find its application in industrial tools, sports equipment, consumer goods, and marine industry. Growing construction activities, rising demand of vehicles and commercial aircrafts from emerging economies are the primary factors driving growth of the market. The light weight vehicle in automotive industry, is set to uplift consumption of plastic over the coming years.
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As per Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive industry has produced overall 94.97 million vehicles expanding at 4.5% annual growth in 2016. Lifestyle changes, economic development, increasing spending economic power of middle class population have led the greater adoption of commercial as well as consumer vehicles over the past five years. In addition to this, rapid industrialization fuelling the demand for commercial vehicles and aircrafts year on year. Asia Pacific held major share of the market in 2016 on account of the presence of leading end users such as automotive and building & construction industries.
The trend for light weight vehicles in automotive industry is likely favour growth of the market. As per the industry experts, this trend may continue in the coming years which may consolidate epoxy composite demand. Increasing research & development activities along with growing focus on technological innovations expected to provide fuel for the growth of this market over the review period. On the other hand, global market growth is held back by increasing environmental concern. Key industries across the globe are under tremendous pressure by regulatory bodies to development products which will have least impact on environment. Moreover, consistent price fluctuations in the raw material prices, due to changing crude oil prices, also anticipated to limit the growth of this market. As per the study published by Market Research Future on Epoxy Composites market, the trend for light weight material projected to drive demand for Epoxy Composites in the coming years.
Key Players:
Axiom Materials, Inc. (US), Hexcel Corporation (US), Cytec Solvay Group (Belgium), Koninklijke Ten Cate nv. (Netherlands), Teijin Limited (Japan), Toray Industries, INC. (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Rotec Composite Group B.V. (Netherlands), SGL Group (Germany), and Gordon Composites, Inc. (US), among others are some of the prominent players at the forefront of competition in the Global Epoxy Composites Market and are profiled in MRFR Analysis.
Epoxy Composites Market- Competitive Landscape
The global Epoxy Composites is highly matured market driven by flourishing growth in aerospace & defence industry, along with the flourishing transportation sector. Hexcel Corporation, Teijin Limited, Toray Industries, INC., Rotec Composite Group B.V., Mitsubishi Rayon Co. Ltd. are the key shareholders in this market. Majority of the key market participants are investing in the expansion of their production capacities to strengthen their market position. After addressing dynamic growth in aerospace & defence, automotive industry, and construction industry experts have asserts that this market will be having increasing penetration of new players to enjoy the profitability of this market. Taking into account these trends, the global epoxy composites market is likely to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
December 8, 2017- Hexcel Corporation announced that it has entered into a definitive agreement to acquire the Aerospace & Defence (A&D) business of Oxford Performance Materials (OPM). OPM A&D engages in manufacturing qualified, high-performance thermoplastic, carbon fibre reinforced 3D printed parts for Commercial Aerospace and Space and Defence applications. This development will provide range of new technology solutions to the aerospace and defence customers of Hexcel Corporation in printed parts as well as assembled structures and broader design solutions.
January 5, 2017- Teijin Limited announced the acquisition of all the shares in the Continental Structural Plastics (CSP). The deal was finalized at USD 825 million. CSP will operate into the market as a wholly-owned subsidiary of Teijin and its management team will retain the agility and decision making ability necessary to operate effectively in the automotive industry.
April 1, 2017 - Toray Composites (America), Inc. and Toray Carbon Fibers America, Inc. merged to create a new business called Toray Composite Materials America, Inc. The merger will both firms to leverage on the success by utilizing their collective knowledge and expertise. As a result of this development, both firms will be in a position to jointly invest in innovative and personalized end to end solutions through the consolidation of our North American materials businesses.
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