Hybrid Composites Market To Hit Value .4 Billion By 2027Posted by Mrudula Anil Karmarkar on January 15th, 2021 The global hybrid composites market size is anticipated to reach USD 1.4 billion by 2027 registering a CAGR of 13.4%, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing product demand in the manufacturing of wind energy components. Hybrid composites are made from a combination of two or more types of reinforcing fibers. Carbon-glass epoxy and carbon-aramid epoxy are predominantly used as hybrid composites owing to their unique properties, such as low density, high strength, and high impact resistance. They have high lateral as well as longitudinal mechanical strength. These composites offer unique characteristics that are useful in numerous structures and structural components in automotive, aircraft, marine, and windmills without affecting their structural performance and durability. Furthermore, the use of natural fibers in hybrid composites makes the structure more economical as well as eco-friendly. The market is highly competitive; thus, companies have undertaken various business strategies, such as technology innovations, partnerships, and merger & acquisitions, to manufacture cost-effective and lightweight products. In the U.S., the market is primarily driven by the increasing demand for lightweight materials in the automotive and aerospace industries. Carbon/glass and carbon/aramid are the largest contributors to the regional market. Capacity expansions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period. Hybrid composite products play an essential role in the manufacturing of automotive and aircraft parts. Growing concerns regarding fuel consumption and CO2 emission levels have compelled manufacturers to use these materials as substitutes for metal components. This will also boost the market growth. Technological innovations to minimize the manufacturing cycle time is expected to propel the product demand in the automotive sector. Hybrid composites offer improved mechanical properties, possible cost reduction, and overall amenability compared to conventional processing techniques. The aerospace and marine industries are tapping into the innovative technology to get composites with a lower weight, higher specific strength, high stiffness, and corrosion resistance, especially under extreme conditions. However, high costs and relatively immature manufacturing technology and complex fabrication methods are expected to hinder the market growth over the forecast period. Hybrid Composites Market Report Highlights
In terms of revenue, thermoset resin is anticipated to dominate the market with a market share of 61.9% in 2020 owing to its outstanding strength and crack resistance properties. These resins are highly suitable for usage in automotive & transportation and aerospace end-use industries, which requires lightweight materials with high strength and flammability performance. Thermoset or thermosetting hybrid composites are synthetic materials that strengthen when they are heated; however, cannot be remolded after the initial heating. These products are stronger owing to the cross-linking and are suited for use in high-temperature applications. Ascending demand for composite materials in transportation and aerospace & defense applications is expected to boost the growth of the thermosetting segment in the Asia Pacific region. Thermoplastics are less expensive, non-toxic in nature, weldable, recyclable for other processes, and have better toughness. A broad range of thermoplastic resins is used in composites, such as PET, polypropylene, and PVC. Thermoplastics resins are used owing to their increased impact resistance and ability to reform as compared to thermosetting resins. Thermoplastics have a high potential for mass-producing lightweight structural parts compared to thermoset-based composites, which go through the time-consuming chemical cross-linking process. The thermoplastic-based hybrid composites are typically processed using only heat and pressure. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450343/ibb The market is highly competitive as major companies have strong distribution networks and product brands. The ongoing research & development activities in the market present several growth and expansion opportunities to market participants, which in turn are projected to positively influence the overall market. For instance, in April 2018, Exel Composites acquired Diversified Structural Composites (DSC). This acquisition will strengthen Exel’s position in the North America region. Some of the prominent players in the hybrid composites market include:
Grand View Research has segmented the global hybrid composites market on the basis of fiber type, resin type, end use: Hybrid Composites Fiber Type Outlook (Revenue, USD Million, 2016 - 2027)
Hybrid Composites Resin Type Outlook (Revenue, USD Million, 2016 - 2027)
Hybrid Composites End-Use Outlook (Revenue, USD Million, 2016 - 2027)
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