The hybrid composites market size is expected to grow from US$ 856.02 million in 2022 to US$ 1,678.47 million by 2028; it is estimated to register a CAGR of 12.1% from 2023 to 2028.
MARKET ANALYSIS
Hybrid composites consist of two or more fiber types embedded in a single polymer matrix. Hybrid composites are highly used in many engineering applications, offering various enhanced properties and advantages over traditional composite materials. The composites are used to combine the properties of different types of fibers. The commonly used hybrid composites are carbon-aramid reinforced epoxy, which combines strength and impact resistance, and glass-carbon reinforced epoxy, which gives a strong material. They are used in automotive, aerospace, wind energy, marine, sporting goods, and other industries. The global hybrid composites market is segmented on the basis of fiber type, resin, application, and geography.
GROWTH DRIVERS AND CHALLENGES
Hybrid composites are crucial for the safety and efficient performance of modern aircraft. The rising need for lightweight materials to construct aviation components and parts has significantly increased the demand for hybrid composites. Aircraft manufacturers are making efforts to develop huge primary thermoplastic structures in business jets and commercial aircraft. They were the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. Thus, the growing demand for lightweight materials in the aerospace & defense industry is driving the hybrid composites market growth. However, the raw material required for manufacturing hybrid composite is expensive, making sequential component production challenging and expensive. The manufacturing cost of hybrid composite parts is significantly influenced by the cycle time, which is strongly related to the time required for filling and curing. Tailoring the properties of hybrid composites requires accurate and precise material placement through composite manufacturing processes such as hand layup or automated processes. Hence, a skilled workforce is required, which can be expensive in some cases. Thus, the high cost of these composites is restricting the hybrid composites market growth.
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Hybrid Composites Market: Strategic Insights
Market Size Value in US$ 856.02 million in 2022 Market Size Value by US$ 1,678.47 million by 2028 Growth rate CAGR of 12.1% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Hybrid Composites Market: Strategic Insights
| Market Size Value in | US$ 856.02 million in 2022 |
| Market Size Value by | US$ 1,678.47 million by 2028 |
| Growth rate | CAGR of 12.1% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Hybrid Composites Market Forecast to 2030" is a specialized and in-depth study with a major focus on the global hybrid composites market trends and growth opportunities. The report aims to provide an overview of the global hybrid composites market with detailed market segmentation on the basis of fiber type, resin, application, and geography. The report provides key statistics on the consumption of hybrid composites worldwide along with their demand in major regions and countries. In addition, it provides a qualitative assessment of various factors affecting the hybrid composites market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the hybrid composites market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative hybrid composites market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global hybrid composites market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global hybrid composites market is segmented on the basis of fiber type, resin, and application. Based on fiber type, the market is segmented into carbon/aramid, carbon/glass, high-modulus polypropylene (HMPP)/carbon, ultra high molecular weight polyethylene (UHMWPE)/carbon, and others. Based on resin, the hybrid composites market is bifurcated into thermoset and thermoplastic. Based on application, the hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others.
Based on fiber type, the carbon/aramid segment accounted for a significant hybrid composites market share in 2022. Carbon/aramid hybrid composites are advanced materials that combine the desirable properties of carbon fiber and aramid fiber to create a unique and high-performance material. Carbon fibers are known for their exceptional strength, stiffness, and low weight, making them ideal for applications that require high-performance and lightweight structures. Aramid fibers, such as Kevlar, possess outstanding impact resistance, excellent energy absorption, and remarkable durability.
Based on resin, the thermoset segment accounted for a significant hybrid composites market share. Thermoset resins are utilized to make most hybrid composites. They are converted from liquid to solid state through polymerization or cross-linking. When used to produce finished goods, thermoset resins are cured by using a catalyst, heat, or a combination of the two.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
By application, the automotive segment accounted for a significant hybrid composites market share. Hybrid composites such as carbon and glass, and carbon and aramid are used in car manufacturing to reduce vehicle weight and meet mileage standards. Hybrid composites are often utilized for producing body panels and preparing car frames, rims, springs, and truck bedliners. The composites are also widely utilized by vehicle manufacturers to increase fuel efficiency and improve performance to carry larger payloads.
REGIONAL ANALYSIS
The report provides a detailed overview of the global hybrid composites market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for the largest hybrid composites market share in 2022. In Asia Pacific, China and India are among the world’s top five countries with installed wind power. Hybrid composite is increasingly utilized for wind energy applications. Asia Pacific is home to significant global semiconductor and automobile players, including Samsung Electronics Co., Ltd.; Sony Group Corporation; SK Hynix Inc.; Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. These companies are focused on expansion, research and development, and product innovation. Thus, prominent semiconductors and automobile players in the region have increased the demand for hybrid composites. Europe accounted for a significant share of the market and valued at more than US$ 250 million in 2022. The automotive industry is growing significantly across various countries in Europe. According to the report by European Commission, turnover generated by the automotive industry in Europe represents 7% of the region’s total GDP. Additionally, the presence of prominent automotive players, including Volkswagen AG, Stellantis NV, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, and Renault SA, significantly contributes to the demand for hybrid composites in Europe.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnerships, acquisitions, and new product launches are among the major strategies adopted by the players operating in the global hybrid composites market.
- In 2022, Lanxess AG launched sustainable product variants to its Tepex brand composite range.
- In 2022, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and also announced its plan to explore sale options for its Avient Distribution business.
- In 2021, Solvay SA completed the installation of its new thermoplastic composites (TPC) manufacturing facility.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic led to a decline in the progress of many industries across the world. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for global manufacturers. The automotive, aerospace, marine, wind energy, sporting goods, and other industries have been major contributors to the demand for hybrid composites. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the restrictions on national and international boundaries. The labor shortage resulted in the deceleration of hybrid composite production. Disruptions in the global supply chain and the shutdown of hybrid composite production facilities had negatively impacted the hybrid composites market growth. The automotive industry is one of the major end users of hybrid composites. During the pandemic, the industry reported reduced demand, supply interruptions, financial pressure, and labor shortage.
In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap. Moreover, the rising vaccination rates led to conducive environments for industrial progress. This has resulted in the increasing demand for hybrid composites from different industries.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Hexcel Corp, Lanxess AG, SGL Carbon SE, Gurit Holding AG, Avient Corp, Teijin Ltd, Solvay SA, PGTEX China Co Ltd, Toray Industries Inc, and Mitsubishi Chemical Holdings Corp are among the key players operating in the hybrid composites market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fiber Type, Resin, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The key players operating in the global hybrid composites market include Hexcel Corp, Lanxess AG, SGL Carbon SE, Gurit Holding AG, Avient Corp, Teijin Ltd, Solvay SA, PGTEX China Co Ltd, Toray Industries Inc, and Mitsubishi Chemical Holdings Corp.
The projected growth of the market is attributed to the growing demand for lightweight materials in aerospace & defense industry and rising use of hybrid composites in wind energy and automotive industries.
The thermoset segment held the largest share of the global hybrid composites market in 2022. Thermoset resins are utilized to make most hybrid composites. Thermoset hybrid composites are easy to produce as the liquid resin is easy to handle.
In 2022, Asia Pacific held the largest share of the global hybrid composites market. In Asia Pacific, China and India are among the world’s top five countries with installed wind power. Hybrid composite is increasingly utilized for wind energy applications. Asia Pacific is home to significant automobile players across the world. The strong presence of the automotive industry in countries such as China, India, Japan, and South Korea is fueling the hybrid composites market growth in the region.
The carbon/aramid segment held the largest share in the global hybrid composites market in 2022. Carbon/aramid hybrid composites are advanced materials that combine the desirable properties of carbon fiber and aramid fiber to create a unique and high-performance material.
Ans. Europe is estimated to register the fastest CAGR in the global hybrid composites market over the forecast period. The increasing installed wind capacity and growing automotive, aerospace & defense industries in the region are driving the market growth.
The List of Companies - Hybrid Composites Market
- Hexcel Corp
- Lanxess AG
- SGL Carbon SE
- Gurit Holding AG
- Avient Corp
- Teijin Ltd
- Solvay SA
- PGTEX China Co Ltd
- Toray Industries Inc
- Mitsubishi Chemical Holdings Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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