Hybrid Composites Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Demand for Lightweight Materials – Composites and polymers, for example, are a great deal lighter than steel, brass, alloys, iron, etc. By using these materials, manufacturers may reduce the weight of airplane components, which helps to minimize fuel costs. Thus, the increasing demand for lightweight materials in the aerospace and defense industry is accelerating the hybrid composites market growth. For instance, Airbus has delivered over 484 narrow-body commercial aircraft in 2020, compared to Boeing's over 43 deliveries.
- Technological Advancements - Technological advances that reduce the duration of production are expected to have a positive impact on demand for automotive products. 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021.
- Growing Environmental Concerns - Manufacturers are now using these hybrid composites in place of metal parts due to rising worries about fuel usage and CO2 emission levels. This will drive market expansion as well.
Challenges
- Increasing Prices of Raw Materials – The raw materials needed for the production of hybrid composite are expensive, making consecutive component production expensive. The cycle time, which is closely related to the amount of time needed for filling and curing, has a substantial impact on the production cost of hybrid composite products. These factors may become hindrances for the market of hybrid composites.
- Lack of Skilled Labour Force
- Complicated Manufacturing Techniques
Hybrid Composites Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
16.2% |
|
Base Year Market Size (2024) |
USD 12.06 billion |
|
Forecast Year Market Size (2037) |
USD 84.92 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of hybrid composites is evaluated at USD 13.62 billion.
The hybrid composites market size was over USD 12.06 billion in 2024 and is poised to exceed USD 84.92 billion by 2037, growing at over 16.2% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for lightweight materials, growing environmental concerns and technological advancements will boost the market growth.
Asia Pacific industry is estimated to account for largest revenue share of 34% by 2037, owing to extension of the manufacturing sector besides strong growth in automotive production in the region.
The major players in the market include General Electric, DSM N.V., QUANTUMETA, Hexcel Group, Gurit, Exel Composites, Solvay SA, PlastiComp, Inc., SGL group, PolyOne Corporation
