Global Hybrid Composites Market to capture a CAGR of 15.2 % according to a new research report

The Global Hybrid Composites Market size is expected to grow from USD 763.89 Million in 2022 to USD 2369.47 Million by 2030, at a CAGR of 15.2 % during the forecast period (2023-2030).

Market Overview:

Hybrid composites  are materials made by combining two or more fibre types into a single matrix. Hybrid composites are more advanced than fiber-supported composites and can be utilized in a wide range of applications. The performance of hybrid composites is a weighted sum of the individual parts, with a better balance of intrinsic advantages and disadvantages. One type of fiber's advantages may be able to compensate for aspects that are lacking in other hybrid composite materials. As a result, decent material design can help to achieve a cost-performance balance.

Top Key Players for Hybrid Composites Market:

Teijin Ltd., DSM N.V., Hexcel Corp., Exel Composites, Solvay S.A., SGL Carbon, LANXESS, PlastiComp Inc., PolyOne Corporation, Gurit, Innegra Technologies LLC and Other Major Players.

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Market Dynamics and Factors for Hybrid Composites Market:

The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Drivers:

Lowering The Environmental Impact Of Vehicles

The lightweight structure is one of the keys to improving fuel efficiency and lowering the environmental impact of vehicles (automotive and rail).

Fiber-reinforced polymer matrix (FRP) composites have significant advantages in terms of reducing vehicle weight, improving damage, corrosion resistance, internal damping, and consolidating the parts required by traditional metal component manufacturing. The automobile industry is one of the world's largest. According to Statista, global car sales will reach approximately 66.7 million units in 2021, up from approximately 63.8 million units in 2020. In addition, it also stated that China had the highest sales of cars in 2020 at 19.8 million units

Opportunities:

The Growing Awareness Among Individuals About Global Warming

Hybrid composites are made up of several materials such as carbon fiber, glass fiber, wood-plastic fiber, and many others. These are made by intertwining their fiber components into one another resulting in the production of high-quality material that is durable to heat and water. These materials are widely being utilized in the production of components that are incorporated in automobiles, turbine blades, and paints. The growing awareness among individuals about global warming has led to the development of materials that can replace traditional products thereby, reducing pollution. An increase in R&D activities along with support from government organizations will create a lucrative opportunity for market players.

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Segmentation Analysis of the Hybrid Composites Market:

By Resin Type, the epoxy segment is forecasted to lead the growth of the hybrid composite market due to their benefits such as wide range of material properties, high mechanical properties, ease of processing, little shrinkage after cure, and strong adherence to various types of fibers.

By Fiber Type, the carbon/glass segment is anticipated to have the highest share of the hybrid composites market over the forecast period. Carbon/glass fiber reinforcements are the most commonly used in polymer matrix composites.

By Fiber Type

• Carbon/Aramid
• Carbon/Glass
• Wood/Plastic
• Metal/Plastic
• Others

By Resin Type

• Epoxy
• Polypropylene
• Polyester
• Phenolics
• Others

By End User

• Automotive & Transportation
• Aerospace
• Building & Construction
• Marine
• Others

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Regional Analysis of the Hybrid Composites Market:

The North American region is anticipated to dominate the hybrid composites market growth during the forecasted period. The demand for lightweight materials in the automotive and aerospace industries is driving the market in the United States. The major contributors to the regional market are carbon/glass and carbon/aramid. Over the forecast period, capacity expansions and steady growth in the automotive and aerospace industries are likely to boost the market growth. The most common application of hybrid composites is in commercial aircraft. Unlike other vehicles, aircraft must place a higher emphasis on safety and weight. They're made possible by using high-specific-property materials like glass and carbon-reinforced hybrid composites. The growing usage of hybrid composites in the aerospace and automobile industry are the two important factors propelling the expansion of the market in this region.

By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In February 2022, Teijin Limited has announced the launch of carbon fiber woven fabric that is lightweight, strong, and cost-effective, according to the company's proprietary tow-spreading technology. For applications demanding low weight and design flexibility, such as vehicle interior materials and athletic goods, the new woven fabric is manufactured of 3K (3,000) carbon fiber filament yarn.

In February 2022, SABIC announced its partnership with Dongfeng Motors, one of China's major truck manufacturers, on the development of a revolutionary plastic composite hybrid solution for a strong lightweight truck-mounted toolbox. When compared to a similarly designed part made of steel, the finished part is up to 30% lighter, and Dongfeng benefits from the resulting production efficiency.

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