Hybrid Composites Market

Hybrid Composites Market Size (2023-2028):

The hybrid composites market was $506.62 million in 2022. It is expected to be around $882.34 million in 2028 with a current CAGR of 17.45%.

Drivers and Restraints of the Global Hybrid Composites Market:

The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the composites market around the world. The ease of handling non-utilized plastic material is also a driving factor. PE-base composites are the highest contributor adding to the overall growth of the worldwide hybrid composites industry.

The usage of composites in aerospace, and wind energy turbines are also growing, and these options often come cheap as compared to their counterparts that help in the growth of the industry. The demand for lightweight materials is also increasing in different parts of the world that allowing growth opportunities for the hybrid composites market. Environmental concerns have also raised the production of carbon-based composites.

Thermoset resins exhibit immaculate strength and crack resistance. These resins are viable for use in automotive & transportation and marine applications are some of the largest end-use industries demanding materials that possess high strength, lightweight, and improved performance. Thermoset resin accounts for a significant share of the global hybrid composite because of its uses in several end-use verticals. Therefore, it is evident that with the increasing end-user applications, the market for hybrid composites is supposed to skyrocket in the foreseen period.

The hybrid composites market is facing stiff competition across the planet. These competitors are proving to be very feasible substitutes for these composites and thus hinder the growth of the former. Rising energy prices are another barrier thwarting the expansion of this industry. This is because of the low melting property affiliated with the hybrid composites. The uneven distribution of linking agents is also considered a drawback associated with hybrid composites and brings down growth opportunities.

Opportunities in the Hybrid Composites Market:

Increased growth in industries such as automotive that have a high demand for Hybrid composites has presented the market with a glowing opportunity to register high growth rates in the coming years. For instance, in the European region, the growth of the aerospace and wind power sector has triggered a high demand for lightweight materials and thus provides a lot of opportunities for hybrid composite manufacturers to come up with improved materials for these end-use industries.

Challenges in the Hybrid Composites Market:

Some of the hybrid composites are non-recyclable, as a result, their usage gets very limited and many industries find it unsuitable for their needs. The government norms adhering to the usage of recyclable products make it a challenge for the global hybrid composites market. On top of that, epoxy resins are used in many of these composites which in itself is costly and thus finds the cost-effective balance, which is acting as a serious threat to the development of this industry in the following years.

HYBRID COMPOSITES MARKET REPORT COVERAGE:

The hybrid Composites Market is segmented into the following categories as per the research report until 2028.

• By Fibre Type

• By Resin (Thermoset and Thermoplastic)

• By End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods)

Hybrid Composites Market - By Region 

• North America

• Europe 

• Asia Pacific

• Latin America

• The Middle East and Africa

The Asia Pacific is the fastest-growing market. Europe accounted for the largest market among all the regions as this region has many leading manufacturers & technological advancements. India, China, and Japan are some of the fastest-growing countries in the Asia-Pacific region. A shift of market has been noticed from North America & Europe towards the Asia Pacific region.  The Asia Pacific is growing at a high pace due to the availability of raw materials, cheap labor & area for industrial setup.

The European region is witnessing high advancements in the hybrid composites industry. Many of the automotive and aerospace component makers in this region are continuously involved in product developments and the advancement of hybrid composite goods in this region. The makers across the region are adopting different expansion game plan to boost their place in the industry. The Asia Pacific is the key area of the global hybrid composites market. The hybrid composites industry in the region is predicted to rise at a fast rate throughout the foreseen period owing to a common expansion in end-user markets that use hybrid composites in the locale. Nations like India, China, and South Korea are predicted to propel the call for hybrid composites in the region.

Recent Developments:

• Recently a study was done on the impact response of Pennisetum purpureum/glass-reinforced epoxy (PGRE) hybrid composites when exposed to moisture & high temperatures. IMATEK IM10 drop weight impact tester was used to study the impact response of hybrid composites. The composites were subjected to humidity for several hours & at various temperatures. The results showed that untreated PGRE composites yielded the maximum peak loads impact responses at different energy levels. An increase in temperature reduced the stiffness of composites substantially. The increasing absorbed energy resulted in peak deflection causing severe damage to the composite. 

• A study was conducted to analyze the mechanical & physical properties of sisal & hybrid sisal fiber-reinforced polymer composites. Some natural fibers such as sisal, banana, jute, kenaf, & oil palm are available in abundance & are found to possess superior mechanical properties. Due to its high tensile strength modulus & impact strength sisal is one of the most promising fiber reinforcements for polymer composites. Sisal-based thermoset & thermoplastic composites are found to be very useful in various industries such as automobile, marine & aircraft structures. 

• Recently research was conducted on design optimization & energy absorption mechanics of CFRP/ Aluminium hybrid structures when loaded transversally. It was found that the energy absorption of the hybrid tube was affected mainly by ply thickness whereas there was a marginal effect due to the ply angle. The hybrid resulted in a 42.96% increase in specific energy absorption (SEA) & the mean crushing force was improved by 37.75%. 

Key Market Players Profiled  in the Hybrid Composites Market are:

Some of the key market players are

1. Innegra Technologies, LLC (United States of America)

2. Solvay (Belgium)

3. Gurit (Switzerland)

4. Hexcel Corporation (United States of America)

5. Teijin Limited (Japan)

6. General Electric (United States of America)

7. Exel Composites (Finland)

8. PlastiComp, Inc. (United States of America)

9. Royal DSM N.V. (Netherlands)

10. & SGL Group (Germany)