Global Hybrid Composites Market Report and Forecast 2023-2028

Global Hybrid Composites Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global hybrid composites market reached a value of USD 800.46 million in 2022. Aided by the growing demand for lightweight, strong materials in various industries and the versatility of hybrid composites, the market is projected to further grow at a CAGR of 12.90% between 2023 and 2028 to reach a value of USD 1651.82 million by 2028.

Hybrid composites combine two or more types of fibres in a single matrix, harnessing the unique benefits of each to produce materials that offer superior mechanical properties, corrosion resistance, and durability. Commonly used in the aerospace, automotive, and construction industries, these composites have garnered attention due to their potential to meet the evolving needs of modern engineering applications.

The rise in demand for materials with an optimised balance between strength, weight, and cost has majorly influenced the hybrid composites market outlook. In the aerospace and automotive sectors, weight reduction is paramount to improve fuel efficiency and reduce greenhouse gas emissions. Hybrid composites, with their tailor-made properties, can significantly reduce the weight of components while maintaining, or even enhancing, their strength and performance.

Moreover, the construction sector, faced with the challenges of sustainability and durability, is gradually recognising the advantages of hybrid composites. The inherent corrosion resistance of these materials can extend the lifespan of structures, leading to decreased maintenance costs and longer intervals between replacements. Furthermore, their adaptability allows designers and engineers greater freedom to innovate, a feature that's steadily driving their adoption.

Another key driving factor for the hybrid composites market expansion is the rapid advancements in material science and manufacturing techniques. Continuous innovations in fibre reinforcements, resin systems, and fabrication processes have expanded the possibilities of what hybrid composites can achieve. These advancements have led to the development of composites that can withstand extreme temperatures, resist aggressive chemicals, and endure high mechanical loads, positioning them as the material of choice for challenging applications.

Furthermore, the applications of hybrid composites are not limited to the sectors mentioned. They are making inroads into the sports sector, where equipment such as golf clubs, tennis rackets, and bicycles benefit from the strength-to-weight ratio offered by these composites. In this regard, the rising sporting activities across the emerging economies is bolstering the hybrid composites market growth. Similarly, the marine sector is capitalising on the corrosion-resistant nature of hybrid composites, using them in boat hulls, masts, and other components exposed to the harsh marine environment.

Market Segmentation

The market can be divided based on fibre type, resin type, end-use, and region.

Market Breakup by Fiber Type

• Carbon/Glass and Glass/Carbon
• Aramid/ Carbon
• HMPP/Carbon
• UHMWPE/Carbon
• Others

Market Breakup by Resin Type

• Thermoset
• Thermoplastic

Market Breakup by End-Use

• Automotive
• Aerospace and Defence
• Wind Energy
• Sporting Goods
• Marine
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hybrid composites companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Royal DSM N.V.
• SGL Carbon SE
• Gurit
• Teijin Limited
• Exel Composites
• Innegra™ Technologies
• Avient Corporation
• Quantum Composites
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.