Hybrid Composites Market by Resin Type and Geography - Global Forecast and Analysis 2019-2023
Global Hybrid Composites Market: About this market
Hybrid composites are high-performance materials that are fabricated by mixing two or more types of fibers in resin to combine properties such as compressive strength, impact strength, and tensile strength. Technavio’s hybrid composites market analysis considers sales from both thermoset hybrid composites and thermoplastic hybrid composites. Our analysis also considers the sales of hybrid composites in APAC, Europe, North America, South America, and MEA. In 2018, the thermoset hybrid composite segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising demand for wind turbines in energy generation will play a significant role in the thermoset hybrid composites segment to maintain its market position. Also, our global hybrid composites report also looks at factors such as extensive use of carbon fibers in the aviation industry, growth of pultrusion in the automotive industry, and technological advances in the aerospace industry. However, uncertainties in the energy-intensive manufacturing process of fiber-reinforced plastic, limited commercial recycling operations and limited NDT of fiber-hybrid composites in offshore wind turbines may hamper the growth of the hybrid composites industry over the forecast period.
Global Hybrid Composites Market: Overview
Growth of pultrusion in the automotive industry
Pultrusion is a cost-effective and continuous closed molding method of manufacturing high-volume hybrid composite parts. This process is mainly used to manufacture fiber-reinforced polymer composites that are used in the automotive industry in manufacturing roof beams, door intrusion beams, bumper beams, front-end support systems, chassis rails, and transmission tunnels. This will result in the increasing demand for pultrusion products in the automotive industry and consequently fuel the growth of the hybrid composites market at a CAGR of almost 15% during the forecast period.
Use of fiber hybrid composites in the wind power industry
The global energy demand is increasing with the growing population, increase in industrialization, and economic activities. The wind energy sector is one of the largest users of hybrid composite materials. The composites are primarily used in manufacturing nacelle and blades, which improves the efficiency of turbines. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global hybrid composites market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global hybrid composite market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading hybrid composite manufacturers, that include Hexcel Corp., LANXESS AG, Mitsubishi Chemical Corp., SGL Carbon SE, Toray Industries Inc.
Also, the hybrid composite market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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