The Hybrid Composites Market size is estimated at USD 2.13 billion in 2024, and is expected to reach USD 3.51 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the hybrid composites market was mixed. While it presented immediate challenges, it also highlighted the potential of these materials and triggered trends that could contribute to long-term growth.
Lockdowns and travel restrictions disrupted the flow of raw materials and finished products, leading to production delays and material shortages. Industries heavily reliant on hybrid composites, such as aerospace, automotive, and wind energy, experienced significant downturns due to travel restrictions and economic slowdown, dampening demand for material. On the flip side, the pandemic highlighted the need for advanced materials in medical devices and equipment, creating opportunities for biocompatible hybrid composites in prosthetics, implants, and surgical instruments.
The hybrid composites market is moderately fragmented in nature. The major players (not in any order) include LANXESS, DSM, Avient Corporation, Hexcel Corporation, and SGL Carbon, among others.
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