Hybrid Composites Market to experience an impressive growth of 16.2% during 2020-2025
January 28, 2020
Hybrid Composites Market is likely to witness an impressive CAGR of 16.2% during the forecast period. High demand from the automotive & transportation, sporting goods, and wind energy end-use industries is the major factor driving the hybrid composites market. Owing to the ability of reducing weight and being stronger than their metallic counterparts, hybrid composite products are preferred. The market portrayed robust growth in the past few years owing to the increasing use in the US, Germany, China, Brazil, and Japan.
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Hybrid Composites Market Segment Insights:
By Fiber Type:
Based on the fiber type, the market is segmented as carbon/glass and glass/carbon, aramid/carbon, HMPP/carbon, UHMWPE/carbon, and others. Carbon/glass and glass/carbon are estimated to lead the market during the forecast period. The growth is owing to their extensive use in the automotive & transportation and wind energy industries.
By Resin Type:
Based on the resin type, the market is segmented as thermoset and thermoplastic. The thermoset resin segment is expected to dominate the market in the coming five years. Thermoset resins own remarkable strength and crack resistance. These resins are felicitous for employment in automotive & transportation and marine applications, which are some of the largest end-use industries calling for materials that bear lightweight, high strength, and flammability performance. Thermoset resins command the hybrid composites market supported by their extensive applications in various end-use industries including aerospace & defense, automotive & transportation, wind energy, and marine.
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as automotive & transportation, marine, aerospace & defense, wind energy, sporting goods, and others. The automotive & transportation segment will lead the market during the forecast period. The growth is owing to the practice that the automotive & transportation industry uses hybrid composites to reduce weight and increase the fuel efficiency of vehicles. The use of hybrid composites in the automotive industry has sponsored good performance and luxury at economical pricing. The better cost and performance properties offered by hybrid composites is expected to bolster their demand in the automotive & transportation end-use industry in the coming five years.
By Region:
In terms of regions, Europe is expected to lead the global hybrid composites market. The growth is owing to the region experiencing maximum developments in the hybrid composites market. A large number of automotive and aerospace component manufacturers across the region are continuously engaged in product innovations and development in this region. The manufacturers across the region are adopting various growth strategies to underpin their position in the market.
Key Players:
Some of the major players in the hybrid composites market are Aerodyn Energiesysteme GmbH, Colan Australia, Composites Evolution, C. Cramer, Weberei, GmbH & Co. Kg, Devold Amt, Exel Composites PLC, G. Angeloni S.R.L., Innegra Technologies, LLC, Hexcel Corporation, and Teijin Limited.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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