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The global Epoxy Composite Market size is expected to reach USD 55.97 billion by 2028, registering a CAGR of 8.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced lightweight functional materials in various industries, such as automotive & transportation, aerospace & defense, and wind energy, is expected to drive the market.
Increasing demand for composites in the automotive industry is anticipated to boost the market growth over the forecast period. Rising fuel prices have triggered the need for fuel-efficient vehicles, which is expected to increase the usage of composites. Composites are majorly utilized as the replacement for aluminum, wood, and steel on account of their higher strength-to-weight ratio.
The high manufacturing cost of composites is challenging the growth and profitability of the market across the world. In addition, initial capital investment is anticipated to pose a challenge over the forecast period. Companies, such as Toray Industries and Teijin Ltd., are integrated across the value chain of composites ranging from raw material supply to distribution activities and have also diversified their product offerings.
Related Press Release@ Epoxy Composite Market Report
Epoxy Composite Market Report Highlights
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