Hybrid Composites Market Overview
The Hybrid Composites Market size is estimated to reach US$1.5 billion by 2027, after growing at a CAGR of 13.5% during the forecast period 2022-2027. Hybrid composites are materials that consist of two or more fiber types embedded in a single polymer matrix. These composites include thermoset and thermoplastic resins and fibers and offer superior features such as enhanced mechanical properties, high impact resistance, excellent strength and improved mechanical features. Hybrid composites have major applicability in the automotive sector, which acts as a driving factor in the hybrid composites industry. According to the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles increased from 22,655,69 units in 2020-21 to 22,933,230 units in 2021-22 in India. In addition, the demand for hybrid composites in aerospace and defense for aircraft, helicopters and general aviation is rising, thereby fueling its growth prospects.
Moreover, the disruptions led by the covid-19 outbreak due to disturbance in production activities, supply chain disruption, falling demand across end-use sectors and other lockdown restrictions impacted the growth scope. However, significant recovery in the major end-use sector is boosting the demand for hybrid composites for a wide range of applicability and utilization in automotive, construction, aerospace and others. Thus, the hybrid composites industry is anticipated to grow rapidly and contribute to the hybrid composites market size during the forecast period.
Hybrid Composites Market Report Coverage
The “Hybrid
Composites Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the Hybrid Composites Industry.
Key Takeaways
- The Asia-Pacific dominates the Hybrid Composites Market, owing to growth factors such as the flourished base for the transportation sector, initiatives towards construction projects and fast-paced urbanization, thereby boosting growth in this region.
- The flourishing automotive sector across the world is propelling the demand for Hybrid Composites for various applications in vehicle components, door panels, vehicle-electric components and others, thereby influencing the growth in the hybrid composites market size.
- The thermoset resin types such as epoxy, polyester and others have significant demand in the hybrid composites over thermoplastics type due to their superior features such as superior strength and preference for high-heat temperature.
- However, the high costs associated with the production and technology costs act as a challenging factor in the hybrid composites industry.
Figure: Hybrid Composites Market Revenue Share, By Geography, 2021 (%)
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Hybrid Composites Market Segment Analysis – by Fiber Type
The carbon/glass segment held a significant Hybrid
Composites Market share in 2021 and is projected to grow at a CAGR of 13.4% during
the forecast period 2022-2027. The carbon/glass fabric with the epoxy resin is
significantly utilized for the production of hybrid composite laminates owing
to excellent properties such as high stiffness, lightweight, high chemical
resistance and low thermal expansion over other types. Moreover, the rising
applicability of carbon/glass for the transportation sector, majorly in
automotive and aerospace is fuelling its growth scope in the hybrid composites
market. Thus, with the flourishing utilization of carbon/glass fiber types in
hybrid composites, the carbon/glass segment is projected to grow rapidly during
the forecast period.
Hybrid Composites Market Segment Analysis – by End-use Industry
The automotive segment held a significant Hybrid
Composites Market share in 2021 and
is forecasted to grow at a CAGR of 13.7% during the forecast period 2022-2027. Hybrid
composites have a flourishing application in the automotive sector for vehicle
door panels, electrical components and others due to their excellent features
such as high impact resistance, strength and versatility. The lucrative growth
in the automotive industry is influenced by factors such as rising vehicle
production, demand for fuel-efficient and vehicle electrification and rapid
industrialization. For instance, according to the European Automobile Manufacturer Association,
South America car production grew by 11% while US car production grew by 3.1%
in 2021. According to the International
Organization of Motor Vehicles Manufacturers (OICA), the global production of
passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in
2021. With the increase in automotive vehicle production, the applicability of hybrid
composites for vehicle body components, electrical components, door panels and
others is rising, which, in turn, is projected to boost its growth prospect in the
automotive industry during the forecast period.
Hybrid Composites Market Segment Analysis – by Geography
The Asia-Pacific held the largest Hybrid Composites Market share in 2021 up to 42.2%. The significant growth for hybrid composites in this region is influenced by the established base for the automotive sector, flourishing production base for construction and rapid urbanization. The automotive industry is significantly growing in APAC owing to growth factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), automotive production in China rose from 25,225,242 units to 26,082,220 units, 3,394,446 units to 4,399,112 units in India and 245,615 units to 265,320 units in Taiwan from 2020 to 2021. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units in quarter 1st of 2022 respectively, showing an increase of 140% year-on-year. With the production and consumption of efficient vehicles, the utilization of hybrid composites for fuel-effective and lightweight vehicles is growing, which, in turn, is projected to boost the growth prospects for hybrid composites in the Asia-Pacific region during the forecast period.
Hybrid Composites Market Drivers
Rapid Growth of the Aerospace Industry :
Hybrid Composites or polydiorganosiloxanes
has major demand in the automotive industry for a wide range of applicability
in aircraft components, helicopters, spacecraft and others. The lucrative
growth of the aerospace industry is influenced by growth factors such as a rise
in air traffic, demand for fuel-efficient and lightweight aircraft and rising
income levels. For instance, according to Boeing, the airline sector is estimated
to demand more than 44,000 new commercial airplanes, worth US$6.8 trillion by
the year 2038. According to the International Air
Transport Association (IATA), the revenue for commercial airlines in North
America is estimated to grow by 1.9% in 2022 over the previous years. According
to the Boeing Market Outlook (BMO), the aerospace industry accounted for US$9
trillion in the year 2021, up from US$8.5 trillion in the year 2020. With an increasing growth scope for aerospace
production and flourishing demand, the applicability of hybrid composites for aircraft,
helicopters and others is rising, which, in turn, boosts its demand and drives
the hybrid composites industry.
Flourishing Growth of the Building & Construction Industry:
Hybrid Composites have significant
applications in the building & construction industry for concrete, building
materials, structural items and others. The building & construction sector
experiences lucrative growth owing to growth factors such as rising government for infrastructural projects
and residential housing and urbanization. For instance, according to European
Construction Industry Federation (FIEC), construction activity increased by
10.3% in volume in France for the year 2021 compared to 2020. According to
World Bank data, the growth of the construction sector in the South Asia region
is 6.6% in 2022. According
to the United States Census Bureau, the total
construction spending in the US increased from a seasonally adjusted annual
rate of US$1.62 million in May 2021 to US$1.77 million in May 2022. With the
robust production and growth in building & construction, the demand for hybrid
composites, consisting of fibers and thermoset and thermoplastic resins in a
polymer matrix; for applicability in building materials, concrete and others is
growing, which, in turn, is driving the hybrid composites industry.
Hybrid Composites Market Challenge
High Costs Associated with Hybrid Composites:
The technology and manufacturing technology
for hybrid composites is costly and acts as a growth hampering factor in the
hybrid composites market. The complex fabrication technologies and immature
manufacturing of hybrid composite material also hinder growth. Moreover,
the increase in raw material prices such as resin, due to feedstock price rise
affects the market. In addition, the moisture absorption of this composite
fiber is high, which tends to decrease the bond between the matrix and affect
its durability. Thus, the awareness of hybrid composite products also
decreases, along with increasing production costs, thereby affecting its
application and demand in the market.
Hybrid Composites Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the Hybrid Composites Market.
The top 10 companies in the Hybrid Composites Market are:
- Royal DSM
- SGL Group
- TEIJIN Limited
- Solvay SA
- Quantum Composites
- PlastiComp, Inc.
- Hexcel Corporation
- Innegra Technologies LLC
- DSM N.V.
- Gurit
Recent Development
- In April 2022, Tenneco introduced the advanced OE hybrid friction material composites that serve the braking performance and comfort requirement in the automotive sector; thereby expanding its product portfolio and application range for automotive.
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