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Increasing wind power facilities in the developing countries, increasing use in structural applications, especially in space and defense sectors, the requirement for lightweight fuel-efficient car materials due to growing environmental, as industry demand increases are projected to drive the global epoxy composite market. Market Research Future projected that the global epoxy composite market is predicted to grow at an exponential growth with attaining the valuation of USD 38.194666 billion during the forecast period, 2016-2023.
Growing use in the sporting goods industry for the manufacture of products such as golf sleeves, fishing rods, bicycles, and tennis rackets, increasing construction activities, increasing demand for cars and commercial aircraft, especially emerging economies, lifestyle changes, economic development, rapid industrialization, emphasis on the growth of technological innovations and the increased R&D activities is anticipated to drive the global market.
Wind turbine manufacturers prefer lightweight materials such as epoxy composites to manufacture wind turbine parts such as wind turbine blades, gondolas, and hubs. The epoxy compound replaces the use of outmoded materials such as alloys and metals in wind turbines owing to its superior mechanical characteristics. Wind turbine parts require less maintenance and a high strength-to-weight ratio, which is attained with an epoxy compound. Lightweight materials increase the efficiency and performance of wind turbines by increasing blade length.
On the contrary, factors such as recycling problems, combined with high volatility in commodity prices, are anticipated to restrain the growth of the epoxy composites market over the forecast years.
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Some of the leading players contributing to the growth of the global epoxy composite market include Axiom Materials, Inc., Cytec Solvay Group, Hexcel Corporation, Koninklijke Ten Cate nv., Toray Industries, Teijin Limited INC., Mitsubishi Rayon Co. Ltd., Gordon Composites, Inc, Rotec Composite Group B.V., and SGL Group.
Asia Pacific region is the largest epoxy composites market due to demand for various applications such as automotive, transportation, aerospace, and defense in the China region, followed by Japan and Japan. India. With growing demand from the automotive, aerospace, and construction sectors in India, Japan, and South Korea, Asia Pacific is the largest consumer in the global epoxy composites market, followed by an increase in consumption in the epoxy composites market in North. America.
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The global epoxy composite market is majorly classified based on type and end-users.
Based on type, the global market is diversified into carbon epoxy composite and glass epoxy composite. Of these, the epoxy glass composite segment will represent the largest market share and is likely to grow faster during the forecast years owing to the high demand for epoxy compounds in a variety of industries comprising tanks, pipes and, electrical and electronic systems, and wind power, other fabrication operations.
Based on end-users, the epoxy composites market is classified into the construction, automotive, sporting goods, electronics, aerospace and defense, transportation, and other industries. Others include oil, gas and wind industries. Of these, the wind sector is predicted to have the largest market share over the forecast years due to the increasing wind power capacity in the APAC region, mainly in China. Also, the attractive benefits of epoxy composites such as strength, lightness, and durability have contributed to increasing the efficiency of wind turbines. As a result, the use of epoxy composites in the wind power industries has augmented.
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