Global Hybrid Composites Market Value Is Expected To Reach USD 1,763.86 Million By 2028 | Report By Introspective Market Research

Market Overview:
The global Hybrid Composites Market was valued at USD 663.10 Million in 2021 and is expected to reach USD 1,763.86 Million by the year 2028, at a CAGR of 15%.

Hybrid composites are an advanced class of materials that involve combining two or more types of fibers within a single matrix. These composites offer a range of advantages over traditional fiber-supported composites and can be used in a wide variety of applications. The performance of hybrid composites is determined by a careful balance of the strengths and weaknesses of each fiber component, allowing for optimal cost-performance ratios. With increasing concerns over fuel consumption and CO2 emissions, manufacturers are increasingly turning to these materials as a substitute for metal components, which is expected to drive growth in the hybrid composite market.

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Market Dynamics:
Driver:
The global demand for lightweight materials in various industries such as automotive, aerospace, and construction is driving the growth of the hybrid composites market. Hybrid composites, with their superior properties and cost-performance balance, have become a crucial alternative to traditional materials like metals. The need to reduce fuel consumption and CO2 emissions has further fueled the adoption of these materials in the automotive and aerospace industries. With technological advancements shortening the manufacturing cycle time, the demand for hybrid composites is expected to increase in the coming years.

Opportunities:
One significant opportunity for the global hybrid composites market is the development of sustainable and environmentally friendly materials. With increasing awareness of the impact of industries on the environment, there is a growing demand for sustainable alternatives that can reduce carbon emissions and minimize waste. Hybrid composites made from natural fibers such as hemp, jute, and flax are being researched as an alternative to traditional composites that are made from synthetic fibers and non-renewable resources. The use of bio-based resins as a matrix material for hybrid composites can further enhance their sustainability. As consumers and governments demand more sustainable products, the development of environmentally friendly hybrid composites presents a significant opportunity for manufacturers in the industry.

Market Segmentation
Segmentation Analysis of Hybrid Composites Market:
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. It is estimated that using glass fiber reinforced polymer matrix (GFRP) composites as structural components could result in a 20% - 35% reduction in vehicle weight. The use of GFRP in automobiles can boost the tensile strength of the vehicle's skeleton at no extra cost. These are also being utilized in the production of blades for wind turbines as they are lightweight and can be easily installed. GFRP is anticipated to generate the highest revenue as compared to other segments, attributed to the growing offshore wind energy and the automobile industry.
• Carbon/Aramid
• Carbon/Glass
• Wood/Plastic
• Metal/Plastic
• Others

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. These materials are less affected by water and heat than other polymeric matrices and have good corrosion resistance. Furthermore, due to their low viscosity, they are useful in the construction of various reinforcing materials. Epoxy resins are also utilized to paint the outer blades and the automobile parts made of GFRP or any other material. The growing usage of epoxy resins in hybrid composites is propelling the growth of this segment.
• Epoxy
• Polypropylene
• Polyester
• Phenolics
• Others

By End-User Industry, the automotive & transportation segment is set to record the highest growth over the projected timeframe. There has been a rapid evolution in the automobile industry, even though the high consumption of fuel has been a cause of concern. Hybrid composites can be utilized to manufacture automobile parts thus, significantly reducing the weight of the vehicle. Reduction in weight results in lesser consumption of fuel, lesser spending, and reduction in emission of GHGs. Hybrid composited also imparts tensile strength and increases its durability thereby, driving the growth of the segment.
• Automotive & Transportation
• Aerospace
• Building & Construction
• Marine
• Others

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Regional Analysis of 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.

The hybrid composites market in the Asia-Pacific region is anticipated to develop at the highest CAGR during the projected timeframe. Residential and commercial building investments are growing strong in the Asia-Pacific region, particularly in China, Japan, Taiwan, and South Korea, as well as in developing economies such as India, Malaysia, Indonesia, and Vietnam. All of these factors will be aided by the region's rapidly growing population, urbanization, and rise in disposable income. Many regions in Asia-Pacific are now implementing VOC emission regulations, which may drive the use of cement boards such as fiber cement boards (FCB) and cement-bonded particleboard (CBPB). Governments in this region are acknowledging the beneficial effects of hybrid composited in the construction industry thereby, supporting the growth of the market in this region.

The hybrid composites market in the European region is estimated to develop at a substantial growth rate attributed to the growing automobile and construction industry. To tackle climate change, the EU has set ambitious goals for reducing greenhouse gas emissions. The transportation sector contributes significantly to these emissions, yet current materials technology cannot meet the sector's targets. Due to a clear link between weight and energy consumption, the EU is spending heavily on the development of robust hybrid composites that will be used to reduce vehicle weight while also lowering fuel consumption. Research institutes, automobile companies, and professional training organizations are collaborating to develop innovative hybrid composite material thereby, driving the growth of the market in this region.
North America
• US
• Canada
• Mexico
Eastern Europe
• Bulgaria
• The Czech Republic
• Hungary
• Poland
• Romania
• Rest of Eastern Europe
Western Europe
• Germany
• UK
• 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
• Bahrain
• Kuwait
• Saudi Arabia
• Qatar
• UAE
• Israel
• South Africa
South America
• Brazil
• Argentina
• Rest of SA

Players Covered In Hybrid Composites Market are:
• 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.

Recent Industry Developments In Hybrid Composites Market
1. 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.

2. 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.

Report Benefits and Key Questions Answered:
• Market Historical volume analysis: The industry analysis provides data & insights on the historical volume sales of Hybrid Composites Market.
• Market Category & segment level analysis: Hybrid Composites Market sales outlook offers category and segment level analysis on cost effective and growing product types. Market players can use this information to identify sales potential and set sales targets at the local, country, and regional level.
• Market Consumption by demographics: The market intelligence study provides utilization by demographics analysis so market players can design their product and marketing strategies on the basis of high-value consumers.
• Post-COVID consumer spending on the Market: The report includes a post-COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behaviour.
• Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments.

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