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CHEMICALS AND ADVANCED MATERIALS

Hybrid Composites Market Segmentation by Fiber Type (Carbon/Glass, Carbon/Aramid, Metal/Plastic, Wood/Plastic, and Others); and by End-Use Industry (Automotive & Transportation, Construction, Wind Energy, Marine, Aerospace & Defense, and Sporting Goods) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • February 2020- Hexcel and NaCa Systems collaborated for the development of hybrid carbon and wood fiber composite for sports car seat back using rapid press molding process.

  • March 2019- Fortify and Royal DSM announced a partnership to that will utilize Fortify’s Digital Composite Manufacturing (DCM) for developing composite materials for the 3D printing of structural parts.

Global Hybrid Composites Market Highlights Over 2022 - 2031

The global hybrid composites market is estimated to garner a sizeable revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing utilization of these composites in various end user industries, such as construction, automotive & transportation, and aerospace & defense. Along with this, high strength & stiffness, improved fatigue resistance, and balanced thermal distortion stability provided by hybrid composites is also expected to drive growth to the market in the forthcoming years.

Hybrid Composites Market

Furthermore, rapidly rising urbanization and industrialization, especially in emerging economies, is projected to offer abundant growth opportunities to the market in the near future. According to the World Bank, 56.156% of the population in the world lived in urban areas, up from 55.72% and 55.277% in the years 2019 and 2018 respectively.

Urban Population (% of Total Population), World, 2016-2020

The market is segmented by end-use industry into automotive & transportation, construction, wind energy, marine, aerospace & defense, and sporting goods. Out of these, the automotive & transportation segment is anticipated to hold the largest share in the global hybrid composites market. This can be accounted to the fact that usage of these composites in the automotive industry has resulted in excellent performance and luxury at economical pricing. Additionally, on the basis of fiber type, the carbon/glass segment is predicted to acquire the largest share during the forecast period owing to the high strength, corrosion resistance and light weight of this type of fiber. Apart from this, escalating demand for carbon/glass fiber composites from automotive and wind energy industries is also assessed to boost the growth of the market segment in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals (% of Value Added in Manufacturing)

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Hybrid Composites Market Regional Synopsis

Regionally, the global hybrid composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing investments in residential and commercial construction in the region. As per the Indian Brand Equity Foundation (IBEF), in Union Budget 2021, Indian government allocated USD 1.89 billion to Smart Cities and AMRUT missions. Also, sectors such as energy, roads, urban and railways amount to ~71% of the projected infrastructure investments in India.

In addition, rapidly growing rates of population and urbanization are also expected to drive market growth in the region in the future. Moreover, the market in Europe is projected to grab the largest share during the forecast period ascribing to the stringent government regulations regarding volatile organic compounds (VOC) emissions, and strong presence of market players in the region.

Hybrid Composites Market Share

The global hybrid composites market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global hybrid composites market includes the following segments:

By Fiber Type

  • Carbon/Glass
  • Carbon/Aramid
  • Metal/Plastic
  • Wood/Plastic
  • Others

By End-Use Industry

  • Automotive & Transportation
  • Construction
  • Wind Energy
  • Marine
  • Aerospace & Defense
  • Sporting Goods

Growth Drivers

  • Growing Utilization of the Composites in End User Industries
  • Rising Urbanization and Industrialization in Emerging Economies

Challenges

  • High Cost of Raw Materials

Top Featured Companies Dominating the Market

  • Hexcel Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • PlastiComp, Inc.
  • PolyOne Corporation
  • Royal DSM N.V.
  • SGL Group
  • Gurit Services AG
  • Solvay SA
  • Innegra Technologies, LLC
  • STRUCTeam Ltd.
  • Exel Composites Oyj

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