The Global Hybrid Composites Market was Estimated at $436 Million in 2018 and is Projected to Reach $876 Million by 2023, Growing at a CAGR of 15%
DUBLIN, Dec. 6, 2018 /PRNewswire/ --
The "Hybrid Composites Market by Fiber Type, Resin (Thermoset and Thermoplastic), End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The hybrid composites market is projected to grow from USD 436 million in 2018 to USD 876 million by 2023, at a CAGR of 15% during the forecast period.
The market is growing because of the high demand from the automotive & transportation, wind energy, and sporting goods end-use industries. Hybrid composite products are preferred as they can reduce the weight of the product and are stronger than metallic parts. The market witnessed strong growth in the past few years owing to the growing use in the US, Germany, China, Brazil, and Japan.
The hybrid composites market is segmented on the basis of fiber type into Carbon/Glass and Glass/Carbon, HMPP/carbon, UHMWPE/carbon, aramid/carbon, and others. Carbon/glass and glass/carbon hybrid fiber composites are the key types used in the automotive & transportation and wind energy industries. These are lightweight materials, which reduce the weight of vehicles and wind blades. The increasing demand from the automotive & transportation and wind energy end-use industries is expected to drive the market during the forecast period.
Thermoset resins exhibit outstanding strength and crack resistance. These resins are suitable for use in automotive & transportation and marine applications, which are some of the largest end-use industries requiring materials that possess high strength, lightweight, and flammability performance. Thermoset resin dominates the hybrid composite market owing to its wide-scale applications in various end-use industries including automotive & transportation, aerospace & defense, wind energy, and marine.
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 enabled good performance and luxury at economical pricing. The better cost and performance properties offered by hybrid composites is expected to drive their demand in the automotive & transportation end-use industry.
The region is experiencing maximum developments in the hybrid composites market. Majority of the automotive and aerospace component manufacturers across the region are constantly involved in product innovations and development of hybrid composites products in this region. The manufacturers across the region are adopting various growth strategies to strengthen their position in the market.
Market Developments (2016-2018)
- Solvay (Belgium) has developed a new hybrid composite material. The composite is made using a combination of fibers namely carbon and glass. The resin used is polyarylamide. The development has helped the company enhance its presence in the hybrid composites market.
- Royal DSM N.V. has developed a product named Dyneema Carbon hybrid composites. The new product developed by the company offers improved performance in comparison to pure carbon fiber composites. It has been developed by the company to meet improved performance requirements such as the reduced weight of components, high improved impact resistance, and enhanced vibration dampening.
- Exel Composites (Finland) acquired Diversified Structural Composites (US). Diversified Structural Composites is a manufacturer of composites; it also manufactures hybrid composites using a combination of glass and carbon. The acquisition has helped Exel Composites strengthen its business in North America.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Unit Considered
1.6 Limitations
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Hybrid Composites Market
4.2 Hybrid Composites Market, By End-Use Industry
4.3 Hybrid Composites Market, By End-Use Industry and Region
4.4 Hybrid Composites Market, By Fiber Type
4.5 Hybrid Composites Market, By Resin
4.6 Hybrid Composites Market, By Country
5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Balance in Cost and Performance Characteristics
5.1.2 Restraints
5.1.2.1 High Technology Cost Associated With the Manufacturing of Hybrid Composites
5.1.3 Opportunities
5.1.3.1 Penetration of Hybrid Composites in Newer Applications
5.1.3.2 Growing Demand From Emerging Markets
5.1.4 Challenges
5.1.4.1 Increasing Awareness Related to Hybrid Composites
5.2 Porter's Five Forces Analysis
5.2.1 Threat of New Entrants
5.2.2 Threat of Substitutes
5.2.3 Bargaining Power of Suppliers
5.2.4 Bargaining Power of Buyers
5.2.5 Intensity of Competitive Rivalry
6 Hybrid Composites Market, By Fiber Type
6.1 Introduction
6.2 Carbon/Glass and Glass/Carbon Hybrid Composites
6.3 Aramid (Kevlar)/Carbon Hybrid Composites
6.4 Hmpp/Carbon Hybrid Composites
6.5 Uhmwpe/Carbon Hybrid Composites
6.6 Other Fiber Hybrid Composites
7 Hybrid Composites Market, By Resin
7.1 Introduction
7.1.1 Thermoset Hybrid Composite
7.1.2 Thermoplastic Hybrid Composite
8 Hybrid Composites Market, By End-Use Industry
8.1 Introduction
8.2 Aerospace & Defense
8.3 Wind Energy
8.4 Automotive & Transportation
8.5 Sporting Goods
8.6 Marine
8.7 Others
9 Hybrid Composites Market, By Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 APAC
9.5 MEA
9.6 Latin America
10 Competitive Landscape
10.1 Introduction
10.2 Competitive Scenario
11 Company Profiles
11.1 Royal DSM N.V.
11.2 SGL Group
11.3 Gurit
11.4 Hexcel Corporation
11.5 Teijin Limited
11.6 General Electric
11.7 Exel Composites PLC
11.8 Solvay
11.9 Plasticomp, Inc.
11.10 Innegra Technologies, LLC
11.11 Other Companies
11.11.1 Quantum Composites
11.11.2 Talon Technology
11.11.3 Textum Inc
11.11.4 C. Cramer, Weberei, GmbH & Co. Kg
11.11.5 Composites Evolution
11.11.6 Rock West Composites
11.11.7 Devold Amt
11.11.8 Colan Australia
11.11.9 Taiwan Taiyuan Composites Co., Ltd.
11.11.10 Cit Composite Materials Italy
11.11.11 Structeam Ltd
11.11.12 Quantumeta
11.11.13 Rtp Company
11.11.14 Aerodyn Energiesysteme GmbH
11.11.15 G. Angeloni S.R.L.
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