New York, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global hybrid composites market size is expected to expand at ~ 16% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 21 Billion by the end of 2035, up from a revenue of ~USD 9 Billion in the year 2022. The major factor to dominate the market growth is growing demand for automotive. From nearly 65 million vehicles sold globally in 2021 to approximately 66 million vehicles sold globally in 2022. Hence, the use of hybrid composites is anticipated to grow in cars.
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Additionally, the automotive industry is going through a major shift to address pressing issues impacting consumers and the environment. Making automobiles lighter to reduce energy usage is one of the most challenging jobs. It is projected that an about 9% drop in curb weight will lead to an energy consumption reduction of approximately 7% to 9%. One of the best possibilities for the conception, design, and production of lightweight components is to use composite materials due to their outstanding durability to weight ratio. Therefore, the demand for hybrid composites is projected to rise.
Hybrid Composites Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The Carbon/glass segment to garner the highest growth.
- Market in North America to grow at the highest rate.
Growing Extraction of Hybrid Composite from Textile Waste to Boost the Growth of the Global Hybrid Composites Market
Fast fashion has resulted in a huge quantity of textile waste to be produced, much of which is disposed of in landfills. One prediction state that global textile waste in 2030 is expected to reach about 16 kilograms per person. Hence, the use of textile waste in for the development of hybrid composites is growing. Furthermore, due its improved mechanical, thermal, and acoustic qualities, this hybrid composite might be utilized in the construction or automotive industries.
Hybrid Composites Market: Regional Overview
The global hybrid composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Wind Energy to Drive the Market Expansion in Asia Pacific
The market in Asia Pacific for hybrid composites is projected to garner the highest market share of about 34% over the projected period. This could be owing to rising demand for wind energy. Currently, coal makes up of about 44% of the power capacity mix in the Asia-Pacific region, while petroleum contributes to approximately 11% and wind power close to 9%. This will likely change in 2050 as the proportions of wind and solar power each double in order to make up more than 49% of the region's total power generation mix. As a result, the market in this region is experiencing growth.
Rise in Production of Aircraft to Influence the Market Growth in North America
The market in North America for hybrid composites is estimated to grow at the significant share of about 28% over the coming years. The major factor for this growth is rising production of aircraft. According to estimates, the general aviation fleet in the United States had grown to about 204,404 aircraft in 2021. Hence, the use of hybrid composites is growing in this region. It has a wide range of advantages in the aerospace industry, including strong impact resistance, great fatigue and corrosion resistance, and both.
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Hybrid Composites, Segmentation by Fiber
- Carbon/Glass
- Carbon/Aramid
- Metal/Plastic
- Wood/Plastic
The carbon/glass segment is projected to garner the highest market share of about 49% over the projected period. The growth of the segment is set to be dominated by growing construction activities. The number of built-up areas (BUAs) worldwide was estimated to be 794,431 in 2016. Around 849,406 people are anticipated to live there by 2022. And by 2050, it's anticipated that 2 million buildings would be built.
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Hybrid Composites, Segmentation by End-Use
- Automotive & Transportation
- Construction
- Wind Energy
- Marine
- Aerospace & Defense
- Sporting Goods
The automotive & transportation segment is expected to generate the notable share over the forecast period. The segment is poised to grow on account of rising demand for electric vehicles. In 2022, there were more than 9 million electric car sales globally; this year, sales are predicted to increase by another about 34% to close to 13 million.
Hybrid Composites, Segmentation by Resin Type
- Thermoset
- Thermoplastic
A few of the well-known market leaders in the global hybrid composites market that are profiled by Research Nester are General Electric, DSM N.V., QUANTUMETA, Hexcel Group, Gurit, Exel Composites, Solvay SA, PlastiComp, Inc., SGL group, PolyOne Corporation, and others.
Recent Development in the Market
- Hexcel Corporation, a Tier 1 supplier of natural fibre composite 'automotive interior parts, is working with NaCa Systems to develop a lightweight carbon fibre prepreg and wood fibre composite sports car seat back using the fast press moulding technology.
- By collaborating with advanced manufacturing technology OEM 9T Labs AGZrich, Switzerland, Solvay aids in the fabrication of additively manufactured carbon fibre reinforced plastic CFRP parts in mass production.
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