Hybrid Composites Market size was over USD 10.47 Billion in 2023 and is projected to exceed USD 74.56 Billion by 2036, witnessing over 16.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hybrid composites is assessed at USD 11.94 Billion. Hybrid composites, which combine both glass and carbon fibers, enable manufacturers to customize mechanical qualities for any particular application without modifying the required dimensions of the tubes or poles. These properties of hybrid composites are escalating the market growth. For instance, the United Nations Environment Programme predicts that between 2017 and 2030, chemical sales will nearly quadruple.
For principal structures of commercial, industrial, aeronautical, marine, and recreational facilities a hybrid composite may be used. It's got a lot of advantages for the aeronautics industry like high fatigue and corrosion resistance, plus excellent impact protection. The U.S. commercial aviation industry contributes USD 1 trillion yearly, or 5% of the country's GDP.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
16.3% |
|
Base Year Market Size (2023) |
USD 10.47 Billion |
|
Forecast Year Market Size (2036) |
USD 74.56 Billion |
|
Regional Scope |
|
Fibre (Carbon/Glass, Carbon/Aramid, Metal/Plastic, Wood/Plastic)
The carbon/glass category is poised to lead the market during the forecast period with about 49% share of the global hybrid composites market. Carbon/glass composites have better properties such as lightweight that help in reducing the weight of the wind blades and vehicles. In the production of hybrid composite laminates, carbon/glass and glass fiber-reinforced fabrics with an epoxy matrix are used. These composite materials offer a range of properties that increase demand in industry and beyond, e.g. reduced thermal expansion, strong rigidity, tolerance to temperatures up to 1 500 C, chemical resistance values higher than 700 C as well as lower weight. With significantly less expense than if they had utilized carbon fiber, users can achieve up to 85 to 90% of the benefits of carbon.
End-Use (Automotive & Transportation, Construction, Wind Energy, Marine, Aerospace & Defence, Sporting Goods)
The automotive & transportation industry is expected to garner the largest market share. In the automotive sector, the usage of hybrid composites has made high-performance and luxury affordable. Hybrid composites' improved cost and performance attributes are anticipated to fuel demand in the automotive and transportation end-use sectors.
Our in-depth analysis of the global market includes the following segments:
|
Fiber |
|
|
End-User |
|
|
Resin Type |
|
APAC Forecast
By region, Asia Pacific is projected to hold 34% share of hybrid composites market during the forecast period. The market is growing owing to the extension of the manufacturing sector besides strong growth in automotive production in the region. The region is also the most profitable destination for the construction, aerospace, and electronics sectors because of the presence of major key players. In 2022, 66% of investors want to make investments in Australian infrastructure. In the meantime, 60% plan to make investments in Singapore's infrastructure.
North America Statistics
North America is expected to hold the second-largest share of about 28% in the market during the forecast period. The market in the region is growing owing to the presence of countries such as the United States which is one of the major manufacturers of commercial aircraft, cargo jets, and defense aircraft, and is also projecting the growth of the market. A total of 35 mergers and acquisitions deals for more than USD 10.3 Billion have been revealed in North America's aerospace and defense industry over the previous year.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?