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.
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.
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
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.
The global hybrid composites market is further classified on the basis of region as follows:
Our in-depth analysis of the global hybrid composites market includes the following segments:
By Fiber Type
By End-Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing utilization of the composites in end user industries, and rising urbanization and industrialization in emerging economies.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the increasing investments in residential and commercial construction in the region.
The major players in the market are Hexcel Corporation, Plasti Comp, Inc., PolyOne Corporation, Royal DSM N.V., SGL Group, and others.
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.
The market is segmented by fiber type, end-use industry, and by region.
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.
High cost of raw materials is estimated to hamper the market growth.
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