Hybrid Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Fiber Type [Carbon/Aramid, Carbon/Glass, High-Modulus Polypropylene (HMPP)/Carbon, Ultra High Molecular Weight Polyethylene (UHMWPE)/Carbon, and Others], Resin (Thermoset a

Hybrid Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Fiber Type [Carbon/Aramid, Carbon/Glass, High-Modulus Polypropylene (HMPP)/Carbon, Ultra High Molecular Weight Polyethylene (UHMWPE)/Carbon, and Others], Resin (Thermoset and Thermoplastic), Application (Automotive, Aerospace, Marine, Wind Energy, Sporting Goods, and Others), and Geography

The hybrid composites market is expected to grow from US$ 856.02 million in 2022 to US$ 1,678.47 million by 2028; it is estimated to register a CAGR of 12.1% from 2022 to 2028.

Hybrid composites are materials that consist of two or more types of fibers embedded in a single polymer matrix. Hybrid composites are used in different end-use industries such as automotive, aerospace, marine, wind energy, and sporting goods. The composites have an exceptional strength-to-weight ratio, high stiffness, durability, and resistance to corrosion, chemicals, and environmental exposures. Due to all these benefits, they are highly used in different application sectors. Hybrid composites are manufactured using different raw materials and methods, including pultrusion, resin injection, resin transfer molding (RTM), filament winding, and automated fiber placement (AFP).

Based on application, the global hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. Wind energy segment is estimated to register the fastest CAGR in the global hybrid composites market over the forecast period. In the wind energy segment, the demand for hybrid composites is rising due to the increasing need for larger turbine blades for energy generation. Factors such as lower weight than metallic structures, ability to spin faster and capture winds at lower velocity, longer blade life, corrosion resistance, and lower maintenance costs have positioned hybrid composites as crucial and economical solutions to large-scale energy-generation projects. Research and development are highly focused on innovative materials to satisfy turbine requirements, such as increased turbine size and rotor blades for land-based and off-shore systems. The lightweight and complex airfoil-shaped blades for wind turbines are manufactured with minimal labor using hybrid composites for structure manufacturing.

Europe is estimated to register the fastest CAGR in the global hybrid composites market over the forecast period. Germany is one of the major countries in Europe hybrid composites market.

Germany has the largest automotive manufacturing industry in Europe and is home to the world’s top 10 automobile manufacturers. The country comprises of vehicle manufacturers that produce a wide range of vehicles, including passenger cars, light commercial vehicles, heavy commercial vehicles, and off-road vehicles. Thus, the demand for hybrid composites in Germany is predominantly generated by the automotive industry as companies prefer to use advanced materials and solutions in the manufacturing processes. Further, the French aerospace industry is one of the most developed and technologically advanced industries. Several research and development initiatives by the French government are contributing to the growth of the aerospace industry. According to the International Trade Administration (ITA), France has a full-range military production capability, with companies manufacturing fighter jets, nuclear submarines, aircraft carriers, and ballistic missiles. The growth of the automotive and wind energy industries in the country is also boosting the hybrid composites market growth.

Hexcel Corp, Lanxess AG, SGL Carbon SE, Gurit Holding AG, Avient Corp, Teijin Ltd, Solvay SA, PGTEX China Co Ltd, Toray Industries Inc, and Mitsubishi Chemical Holdings Corp are among the key players operating in the hybrid composites market. Players in the global market focus on providing high-quality products to fulfill customer demand. For this, they invest significantly in research and development activities.

The overall global hybrid composites market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the hybrid composites market.

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