According to a new report published by Allied Market Research, titled, “Hybrid Fabrics Market by Fiber Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, The global hybrid fabrics market size was valued at $213.4 million in 2019, and is projected to reach $418.0 million by 2027, growing at a CAGR of 9.0% from 2020 to 2027.
Hybrid fabrics is multilayer laminate that consists of more than one type of structural fiber. Implementation of lightweight hybrid fabrics for aircraft and vehicles is expected to gain traction in the forecast timeframe. The light weight of hybrid fabrics aids in improving the fuel efficiency for vehicle. The hybrid fabrics consist of multiple fabrics including carbon/glass, glass/aramid, and carbon/aramid. The selection of hybrid fabrics solely depends on the specific application, such as for aerospace & defense, carbon/aramid fabrics are preferred for high temperature applications.
Growth in emphasis of lightweight structure in various application segments, including aerospace, is expected to fuel the market demand for hybrid fabrics. For instance, using glass fiber/aramid hybrid fabrics, the fuel efficiency and demand for increased speeds can be achieved for recreational power and sailboats. However, due to high cost, some of the hybrid fabrics such as aramid and carbon hybrid is preferred for limited applications.
Based on fiber type, glass/carbon emerged as the market leader, owing to low cost of such hybrid fabrics compared to others. The application of glass fiber in hybrid fabrics reduces the overall cost of the material. In addition, the tensile strain and compressive strain of such fabrics are higher than that of carbon/epoxy hybrid; thus, enhancing the market demand for bulk applications.
Based on application, the automotive segment accounted for a significant revenue share in 2019, owing to growing application of lightweight hybrid fabrics in commercial vehicles and private cars, which is expected to propel the hybrid fabrics market growth.
Europe accounted for a significant hybrid fabrics market share. This can be attributed to the increasing number of automotive exports from countries such as Germany and Spain. For instance, more than 77% of cars produced in Germany are exported across the globe. Furthermore, growth in demand from aerospace industries, such as Airbus, Diehl Aviation, and Liebherr Aerospace, is expected to proliferate the market growth in projected timeframe.
Major players have adopted product launch, collaboration, and acquisition to sustain the intense market competition. The key players profiled in the report include DSM, Solvay SA, SGL Group, Kordcarbon, a.s., Gurit Holding AG, Isomatex, Textum inc., and BGF Industries, Inc.
Key Findings Of The Study
- Others hybrid fabrics are projected to grow at the highest CAGR of approximately 16.8%, in terms of revenue, during the forecast period.
- By application, the automotive segment is anticipated to grow with a CAGR of 10.8%, in terms of revenue, during the forecast period.
- The Europe dominated the market with around 36% revenue shares in 2019