The Hybrid Composites Market is projected to reach USD 1.49 Billion by 2026, with strong growth expected during the forecast period. The market's ability to balance cost and performance characteristics is driving global demand.
Hybrid composites are unique due to their technical functions, which require specific performance characteristics such as high durability, stability, and exceptional resistance to flames, heat, and chemical agents. The market is driven by the balance in cost and performance provided by these composites.
The strength and durability of hybrid composites depend on the breakdown pressure of individual fibers, with the best results achieved when the fibers are highly strain compatible. Hybrid composites offer greater opportunities to control material strength, stiffness, and cost. The growing demand for lightweight aircraft and vehicles across the globe is supporting the growth of the hybrid composites market due to environmental protection regulations by the European Chemicals Agency and the US Environmental Protection Agency.
Other key findings from the report include:
- The carbon/glass and glass/carbon fiber accounts for the largest share of 36.7% of the market in 2018, with carbon/glass fibers commonly used in the manufacturing of spare seatbacks, door panels, tire lining, and boot liner, among others.
- The automotive and transportation end-user segment accounts for the largest share of 27.3% of the market in 2018.
- The thermoset resin type is expected to witness a higher CAGR of 14.8% during the forecast period.
- The European market accounts for the largest market share of 26.2% of the market in 2018 and is expected to provide lucrative growth towards the global market, due to the presence of prominent automotive and aerospace defense equipment manufacturers leading massive demand for hybrid fabrics in the region.
- Key players in the Hybrid Composites Market include Hexcel Corporation, SGL Carbon SE, Exel Group World Wide, TEIJIN LIMITED, Solvay, Gurit, Innegra Technologies, LLC, PlastiComp, Inc., Royal DSM N.V, General Electric.
Notable Innovation of Hybrid Composites Market:
For instance, Solvay developed a new hybrid composite material in October 2017 that uses a mixture of fibers, including carbon and glass, with polyarylamide resin. This development has helped Solvay enhance its presence in the hybrid composites market.
Other key players in the market include:
Hexcel Corporation, SGL Carbon SE, Exel Group World Wide, TEIJIN LIMITED, Gurit, Innegra Technologies, LLC, PlastiComp, Inc., Royal DSM N.V, and General Electric.
The key factors driving the growth of the Hybrid Composites Market:
- Ability to balance cost and performance characteristics, which stimulates the market globally.
- Hybrid composites are distinguished from other fabrics based on specific technical functions that require particular performance characteristics such as high durability and stability, and exceptional resistance to flames, heat, and chemical agents.
- The balance in cost and performance provided by the hybrid composites is a significant factor propelling this market.
- Hybrid composites provide more extensive opportunities to control material strength, stiffness, and cost.
- The growing demand for lightweight aircraft and vehicles across the globe due to stringent controls for environment protection by the European Chemicals Agency and the US Environmental Protection Agency is one of the fundamental factors supporting the growth of the hybrid composites market.
- APAC is anticipated to witness the highest CAGR of 15.9% during the forecast period, driven by the growing demand from wind energy, automotive transportation end-use enterprises, and ever-increasing focus towards large automotive manufacturing in the region.
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