Hybrid Composites Market Size, Share, Competitive Landscape and Trend Analysis Report by Fiber Type, by Resin and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

Hybrid Composites Market Analysis:

Hybrid composites are composite materials crafted from a mixture of two or more forms of reinforcing fibers. These composites exhibit high impact resistance and strength in comparison to different traditional composites. Hybrid composites are utilized in applications where a mixture of properties offered through distinct reinforcing fibers is needed. The strength of the hybrid composite is likewise dependent on the failure strain of individual fibers. Hybrid composites offer wider opportunities to control material stiffness, strength, and price. Moreover, they are low price and are lightweight. Hybrid composites are highly appropriate for utilization in automobile & transportation and aerospace end-use industries, which require lightweight materials with high strength and flammability performance. Building & construction and wind power are predicted to be the rapidly developing segments of the worldwide hybrid composites market.

COVID-19 scenario analysis

The outbreak of the coronavirus has forced the government to restrict movement and implementation of lockdown, which result in shutdown of various industries. Industries such as automobiles and aerospace are adversely affected by the virus outbreak. The government has imposed stay home policy, which has led to lack of man power in industries. Moreover, travel restrictions to prevent the spread of virus has further reduced the demand for the automobiles and aerospace industries. These factors are responsible for decline in demand for the hybrid composite market in the upcoming one/two years.

Market scenario analysis

Surge in demand for lightweight materials within the automotive industry is a key aspect projected to drive the growth of the hybrid composites market. The properties exhibited by hybrid composites in contrast to traditional composites is a primary driving force of the global market. The wind energy sector is one among the largest users of hybrid composite materials. Composites are generally utilized in manufacturing nacelle and blades, which improve the efficiency of turbines. This will further enhance the demand for the hybrid composites. Increase in importance of lightweight railway components is predicted to enhance the demand for hybrid composites within the transportation industry during the forecast period. Furthermore, the expansion of the construction& production industry in developing countries due to rapid urbanization and industrialization is predicted to reinforce the growth of the hybrid composites market. However, high production and high technology costs of hybrid composites are anticipated hamper the growth of the target market.

Market trends

Hybrid carbon fiber/glass fiber material is a lightweight and high-strength substitute for classic fiberglass and metallic applications within the automobile & transportation, building & construction, and other business markets. Components made out of these hybrid composites provide a high strength to weight ratio and are devoid of corrosion. They have prolonged service life requiring less maintenance. Their high specific properties meet the needs of applications that require significance on protection and strength. 

Regional insights

Region wise, the global hybrid composites market is analyzed across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific dominates the global hybrid composites market. This is attributed to rise in demand for passenger vehicles coupled with purchasing power & changing life style in Asia-Pacific. However, Europe is predicted to grow significantly in the hybrid composites market. This is attributed to the fact that Europe is home to a number of the key automobile and aerospace & defense equipment manufacturers, which create demand for hybrid composites within the region.

Key benefits of the report

• This study presents the analytical depiction of the global hybrid composite industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hybrid composite market share.
• The current market is quantitatively analyzed to highlight the global hybrid composite market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global hybrid composite market research report:

• Which are the leading players active in the global hybrid composite market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

  Hybrid Composites Market Report Highlights

Aspects	Details
By Fiber Type	Carbon-Glass Carbon-Aramid Metal-Plastic Wood-Plastic Others
By Resin	Thermoset Hybrid Composite Thermoplastic Hybrid Composite
By Application	Automotive & Transportation Building & Construction Aerospace Wind Energy Marine Others
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players	Teijin Limited, Koninklijke DSM N.V., Exel Composites Oyj, Hexcel Corporation, RTP Company, Toray Composite Materials America, Inc., SGL Group, LANXESS Corporation, Plasticomp, Inc., Innegra Technologies, LLC