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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