New York, Sept. 05, 2019 (GLOBE NEWSWIRE) -- The growth of the market is governed by various factors such as growing demand from the automotive industries and stringent government regulations
The Hybrid Composites Market is expected to reach USD 1.49 Billion by 2026, according to a new report by Reports and Data. The Hybrid Composites Market is anticipated to show robust growth during the forecast period. The key factors driving the market are the ability to balance cost and performance characteristics which tend to stimulate the market globally.
Hybrid composites are distinguished mainly from other fabrics based on specific technical functions that need particular performance characteristics such as high durability and stability and exceptional resistance to flames, heat, and chemical agents. The balance in cost and performance provided by the hybrid composites is a significant factor propelling this market.
The durability of hybrid composites are dependent on the breakdown pressure of individual fibers. Most hybrid results are achieved when the fibers which are highly strain compatible. Hybrid composites provide more extensive opportunities to control material strength, stiffness, and cost. The growing demand for lightweight aircraft and vehicles across the globe due to stringent controls for environment protection by the European Chemicals Agency and the US Environmental Protection Agency is one of the fundamental factors supporting the growth of hybrid composites market.
APAC is anticipated to witness the highest CAGR of 15.9% during the forecast period. This growth is due to the growing demand from wind energy, automotive & transportation end-use enterprises. The ever increasing focus towards large automotive manufacturing is a critical factor leading to the growth of the market in this region.
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Further key findings from the report suggest
- The Hybrid Composites Market is estimated to reach USD 1.49 Billion by 2026, at a CAGR of 14.8% during the forecast period.
- The carbon/glass and glass/carbon fiber accounts for the largest share of 36.7% of the market in 2018.
- Carbon/glass fibers are often used in the manufacturing of spare seatbacks, door panels, tire lining, boot liner, among others. It also shows high draping capacity, making it perfect for automotive manufacturers. These components help in decreasing vehicle weight and hence increases fuel efficiency.
- The automotive and transportation end user segment accounts for the largest share of 27.3% of the market in 2018.
- The thermoset resin type is expected to witness a higher CAGR of 14.8% during the forecast period.
- The European market accounts for the largest market share of 26.2% of the market in 2018 and is expected to provide lucrative growth towards the global market, due to the presence of prominent automotive and aerospace & defense equipment manufacturers leading massive demand for hybrid fabrics in the region.
- Various players are developing strategies to mark their presence in the industry.
- Solvay developed a new hybrid composite material in October 2017. The composite is produced using a mixture of fibers, namely carbon and glass. The resin applied is polyarylamide. The development has supported the company to enhance its presence in the hybrid composites market.
- The Key players in the Hybrid Composites Market include Hexcel Corporation, SGL Carbon SE, Exel Group World Wide, TEIJIN LIMITED, Solvay, Gurit, Innegra Technologies, LLC, PlastiComp, Inc., Royal DSM N.V, General Electric
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the market on the basis of Resin Type, Fiber, End User, and region:
Resin Type Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Thermoset
- Thermoplastic
Fiber Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Carbon/Glass and Glass/Carbon
- Aramid/Carbon
- HMPP/Carbon
- UHMWPE/Carbon
- Others
End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Automotive & Transportation
- Marine
- Aerospace & Defense
- Wind Energy
- Others
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Regional Outlook (Volume, Square Meters; and Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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