Expansions and Agreements Were the Key Development Strategies Adopted by Leading Market Players to Drive the Global Epoxy Composite Market.
The epoxy composite market is estimated to grow from USD 21.60 Billion in 2015 to USD 33.06 Billion by 2021, at a compound annual growth rate (CAGR) of 7.34% between 2016 and 2021. The increase in the demand for epoxy composite from wind energy and aerospace & defense end-use industries is expected to drive the growth of the market.
Key players in the epoxy composite market include Hexcel Corporation (U.S), Royal Ten Cate N.V (Netherlands), Gurit Holding AG (Switzerland), Cytec Solvay Group (U.S), Park Electrochemical Corporation (U.S.), and Barrday (Canada). These players adopted various strategies such as expansions, agreements, acquisitions, new product launches, and partnerships to expand their global presence and increase their market shares. Expansions and agreements were the major strategies adopted by market players to achieve growth in the epoxy composite market.
Expansions was one the key strategies adopted by manufacturers to strengthen their position in the epoxy composite market. In 2015 and 2016, various companies in the epoxy composite market undertook capacity expansions to strengthen their market position. In 2016, various agreements between epoxy composite manufacturers and end-user industries were announced.
Epoxy composite manufacturers across the globe collaborated with other key players to broaden their market and explore new opportunities in the epoxy composite market. Asia-Pacific was the largest market for epoxy composite. The region offers growth opportunities in areas, such as wind energy, aerospace & defense, and automotive & transportation industries.
Royal TenCate N.V. (Netherlands) established a new manufacturing facility at Langley Mill (U.K.) in May 2016. This new facility was established to cater to the increasing demand for thermoset prepreg systems from Europe. This capacity expansion will provide a competitive edge to the company and improve its market position.
Related Reports:
Epoxy Composite Market by Fiber Type (Glass, Carbon), Manufacturing Process (Lay-up, Compression Molding, Resin Injection, Resin Transfer Molding, Filament Winding, and Pultrusion), End-use Industry, and Region - Global Forecast to 2021
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