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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

Buy Now Report ID: 3890 | Published Date: Feb 06, 2023

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


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Hybrid Composites Market
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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.


Market Segmentation

Market-Growth-Drivers

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


Urban Population (% of Total Population), World, 2016-2020
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Top Featured Companies Dominating the Market

top-features-companies
    • 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

In-the-news

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.


preview-analysis

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Smruti Ranjan, Rajrani Baghel


Key Questions Answered in the Report

1) What are the major factors driving the growth of the hybrid composites market?

Ans: The major factors driving market growth are growing utilization of the composites in end user industries, and rising urbanization and industrialization in emerging economies.

2) What would be the CAGR of hybrid composites market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022-2031.

4) Which region will provide more business opportunities for growth of hybrid composites market in future?

Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in residential and commercial construction in the region.

5) Who are the major players dominating the hybrid composites market?

Ans: The major players in the market are Hexcel Corporation, Plasti Comp, Inc., PolyOne Corporation, Royal DSM N.V., SGL Group, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the hybrid composites market?

Ans: The market is segmented by fiber type, end-use industry, and by region.

8) Which segment captures the largest market size in the fiber type segment in the hybrid composites market?

Ans: The carbon/glass segment is anticipated to hold the largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: High cost of raw materials is estimated to hamper the market growth.

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