Hybrid Composites Market by Fiber Type, Resin (Thermoset and Thermoplastic), End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods), and Region - Global Forecast to 2023
The hybrid composites market is projected to register a CAGR of 15.0%, in terms of value, between 2018 and 2023.’’
The hybrid composites market size is estimated at USD 436 million in 2018 and is projected to reach USD 876 million by 2023, at a CAGR of 15.0% between 2018 and 2023. Hybrid composites offer various benefits such as non-corrosiveness, high stiffness, non-conductivity, flexibility, low maintenance, durability, design flexibility, and cost saving. Due to these properties, hybrid composites are used in various end-use industries such as aerospace & defense, transportation, sporting goods, and wind energy. The balance in cost and performance offered by the hybrid composites are major factors driving this market. However, high technology cost associated with the manufacturing of hybrid composites is restraining the growth of this market.
The thermoset resin segment is projected to dominate the hybrid composites market, between 2018 and 2023.’’
The hybrid composites market is segmented into two based on the resin used, namely, thermoset and thermoplastic resin. Thermoset resins are known for their excellent mechanical, electrical, and heat resistance properties. They are also available in a wide range of curing-agent variations. Also, these resins have better physical and adhesion properties, and lower shrinkage than the other resins, due to which they account for the largest share in this market.
The automotive & transportation end-use industry segment is projected to hold the highest market share in the hybrid composites market, between 2018 and 2023.’’
Hybrid composites have major applications in the automotive & transportation industry. This has helped the automotive & transportation segment to hold the largest market share in the global hybrid composites market in 2018 in terms of value and volume. The use of hybrid composites helps in achieving the strong demand for cost-effective and lightweight solutions in the automotive & transportation industry.
The hybrid composites market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2018 and 2023.’’
The hybrid composites market in APAC is projected to register the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing demand from the automotive & transportation, wind energy, sporting goods, and marine end-use industries. The increasing focus of the APAC region toward large automotive manufacturing is a key factor that is helping the hybrid composites market grow in the region. Europe holds the largest market share in the hybrid composites market. This largest share is due to the demand for hybrid composites from the automotive & transportation end-use industry in Europe.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the hybrid composites market.
By Company Type: Tier 1 - 27%, Tier 2 - 46%, and Tier 3 - 27%
By Designation: C level - 27%, Director level - 37%, and Others - 36%
By Region: North America - 18%, Europe - 37%, APAC -27%, Middle East & Africa - 9%, and Latin America - 9%
The hybrid composites market comprises major solution providers, such as Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Teijin Limited (Japan), Solvay (Belgium), General Electric (US), Exel Composites (Finland), PlastiComp, Inc. (US), Innegra Technologies, LLC (US), STRUCTeam Ltd. (UK), and QUANTUMETA (China). The study includes an in-depth competitive analysis of these key players in the hybrid composites market, with their company profiles, recent developments, and key market strategies.
The study covers the hybrid composites market. It aims at estimating the market size and the growth potential of this market, across different segments, such as fiber type, resin, end-use industry, and region. Porter’s Five Forces analysis and the key market dynamics, such as drivers, restraints, challenges, and opportunities, influencing the market, have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the market.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall hybrid composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.