The hybrid composites market was $506.62 million in 2021. It is expected to be around $882.34 million in 2027 with a current CAGR of 17.45%.
Drivers and Restraints of the Global Hybrid Composites Market:
The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the composites market around the world. Ease of handling non-utilized plastic material is also a driving factor. PE-base composites are the highest contributor adding to the overall growth of the worldwide hybrid composites industry.
The usage of composites in aerospace, and wind energy turbines are also growing, and these options are often come cheap as compared to their counterparts that help in the growth of the industry. The demand for lightweight materials is also increasing in different parts of the world that allowing growth opportunities for the hybrid composites market. Environmental concerns have also raised the production of carbon-based composites.
Thermoset resins exhibit immaculate strength and crack resistance. These resins are viable for use in automotive & transportation and marine applications that are some of the largest end-use industries demanding materials that possess high strength, lightweight, and improved performance. Thermoset resin accounts for a significant share of the global hybrid composite because of its uses in several end-use verticals. Therefore, it is evident that with the increasing end-user applications, the market for hybrid composites is supposed to skyrocket in the foreseen period.
The hybrid composites market is facing stiff competition across the planet. These competitors are proving to be a very feasible substitute for these composites and thus hinder the growth of the former. Rising energy prices are another barrier thwarting the expansion of this industry. This is because of the low melting property affiliated with the hybrid composites. The uneven distribution of linking agents is also considered a drawback associated with the hybrid composites and brings down growth opportunities.
Increased growth in industries such as automotive that have a high demand for Hybrid composites has presented the market with a glowing opportunity to register high growth rates in the coming years. For instance, in the European region, the growth of the aerospace and wind power sector has triggered a high demand for lightweight materials and thus provides a lot of opportunities for hybrid composite manufacturers to come up with improved materials for these end-use industries.
Some of the hybrid composites are non-recyclable, as a result, their usage gets very limited and many industries find it unsuitable for their needs. The government norms adhering to the usage of recyclable products make it a challenge for the global hybrid composites market. On top of that, epoxy resins are used in many of these composites which in itself is costly and thus finds the cost-effective balance, which is acting as a serious threat to the development of this industry in the following years.
Market Size Available
2021 – 2026
2022 - 2027
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
Market Leaders Profiled
Innegra Technologies, LLC (United States of America), Solvay (Belgium), Gurit (Switzerland), Hexcel Corporation (United States of America), Teijin Limited (Japan), General Electric (United States of America), Exel Composites (Finland), PlastiComp, Inc. (United States of America), Royal DSM N.V. (Netherlands), & SGL Group (Germany).
The hybrid Composites Market is segmented into the following categories as per the research report until 2027.
By Fibre Type
By Resin (Thermoset and Thermoplastic)
By End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods)
Hybrid Composites Market - By Region
The Asia Pacific is the fastest-growing market. Europe accounted for the largest market among all the regions as this region has many leading manufacturers & technological advancements. India, China, and Japan are some of the fastest-growing countries in the Asia Pacific region. A shift of market has been noticed from North America & Europe towards the Asia Pacific region. The Asia Pacific is growing at a high pace due to the availability of raw materials, cheap labor & area for industrial setup.
The European region is witnessing high advancements in the hybrid composites industry. Many of the automotive and aerospace component makers in this region are continuously involved in product developments and the advancement of hybrid composites goods in this region. The makers across the region are adopting different expansion game plan to boost their place in the industry. The Asia Pacific is the key area of the global hybrid composites market. The hybrid composites industry in the region is predicted to rise at a fast rate throughout the foreseen period owing to a common expansion in end-user markets that use hybrid composites in the locale. Nations like India, China, and South Korea are predicted to propel the call for hybrid composites in the region.
Recently a study was done on the impact response of Pennisetum purpureum/glass-reinforced epoxy (PGRE) hybrid composites when exposed to moisture & high temperatures. IMATEK IM10 drop weight impact tester was used to study the impact response of hybrid composites. The composites were subjected to humidity for several hours & at various temperatures. The results showed that untreated PGRE composites yielded the maximum peak loads impact responses at different energy levels. An increase in temperature reduced the stiffness of composites substantially. The increasing absorbed energy resulted in peak deflection causing severe damage to the composite.
A study was conducted to analyze the mechanical & physical properties of sisal & hybrid sisal fiber-reinforced polymer composites. Some natural fibers such as sisal, banana, jute, kenaf, & oil palm are available in abundance & are found to possess superior mechanical properties. Due to its high tensile strength modulus & impact strength sisal is one of the most promising fiber reinforcements for polymer composites. Sisal-based thermoset & thermoplastic composites are found to be very useful in various industries such as automobile, marine & aircraft structures.
Recently research was conducted on design optimization & energy absorption mechanics of CFRP/ Aluminium hybrid structures when loaded transversally. It was found that the energy absorption of the hybrid tube was affected mainly by ply thickness whereas there was a marginal effect due to the ply angle. The hybrid resulted in a 42.96% increase in specific energy absorption (SEA) & the mean crushing force was improved by 37.75%.
Key Market Players Profiled in the Hybrid Composites Market are:
Some of the key market players are
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Fibre Type
5.1.2 Y-o-Y Growth Analysis, By Fibre Type
5.1.3 Market Attractiveness Analysis, By Fibre Type
5.1.4 Market Share Analysis, By Fibre Type
5.2.4 Y-o-Y Growth Analysis, By Resin
5.2.5 Market Attractiveness Analysis, By Resin
5.2.6 Market Share Analysis, By Resin
5.3 End-Use Industry
5.3.2 Automotive & Transportation
5.3.3 Aerospace & Defense
5.3.4 Wind Energy
5.3.6 Sporting Goods
5.3.7 Y-o-Y Growth Analysis, By End-Use Industry
5.3.8 Market Attractiveness Analysis, By End-Use Industry
5.3.9 Market Share Analysis, By End-Use Industry
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Fibre Type
188.8.131.52 By Resin
184.108.40.206 By End-Use Industry
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Fibre Type
22.214.171.124 By Resin
126.96.36.199 By End-Use Industry
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Fibre Type
220.127.116.11 By Resin
18.104.22.168 By End-Use Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Innegra Technologies, LLC
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.4 Hexcel Corporation
8.5 Teijin Limited
8.6 General Electric
8.7 Exel Composites
8.8 PlastiComp, Inc.
8.9 Royal DSM N.V.
8.10 SGL Group
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
Global Hybrid Composites Market Market By Region, From 2022 - 2027( USD Million )
Global Hybrid Composites Market Market By Fibre Type, From 2022 - 2027( USD Million )
Global Hybrid Composites Market Market By Resin , From 2022 - 2027( USD Million )
Global Thermoset Market By Region, From 2022 - 2027( USD Million )
Global Thermoplastic Market By Region, From 2022 - 2027( USD Million )
Global Hybrid Composites Market Market By End-Use Industry, From 2022 - 2027( USD Million )
Global Automotive & Transportation Market By Region, From 2022 - 2027( USD Million )
Global Aerospace & Defense Market By Region, From 2022 - 2027( USD Million )
Global Wind Energy Market By Region, From 2022 - 2027( USD Million )
Global Marine Market By Region, From 2022 - 2027( USD Million )
Global Sporting Goods Market By Region, From 2022 - 2027( USD Million )
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