Hybrid composites are materials that are made up of two or more distinct materials at the same time, such as fibers and polymers. These materials combine the properties of both components and provide improved properties over traditional materials. They are used in a wide range of applications, including automotive, aerospace, and defense.
The scope and demand for hybrid composites are expanding due to their unique properties, such as higher strength-to-weight ratios, improved thermal and electrical properties, lower cost, and increased design flexibility. Hybrid composites are used in a variety of applications, including aerospace, automotive, medical, and sporting equipment. They have also been used to make lighter, stronger, and more durable consumer electronics components. Hybrid composites are also used in the production of wind turbine blades due to their high strength-to-weight ratio and low cost. The hybrid composite market size is expected to grow USD 876 million by 2023, at a CAGR of 15.0% during the forecast period. The major drivers of the hybrid composites market are the balanced cost and performance characteristics offered by these composites.
Europe is estimated to account for the largest share of the market in 2018. The region is considered the most advanced region in terms of technology adoption and infrastructure development. Europe is home to some of the major automotive and aerospace & defense equipment manufacturers, which create demand for hybrid composites in the region. The wide presence of the key industry players offering hybrid composites for automotive & transportation and aerospace & defense is the main driving factor for the growth of the hybrid composites market.
The major hybrid composites manufacturers includes Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Teijin Limited (Japan), General Electric (US), Exel Composites (Finland), Innegra Technologies, LLC (US), Solvay (Belgium) and PlastiComp, Inc. (US) and others.
In line with the rising demand for hybrid composites, Exel Composites has been working to deliver high-quality hybrid composites to the automotive and other end-use industries. The company focuses on building long-term strategic partnerships with companies that are leaders in the hybrid composites market. This strategy has helped Exel Composites develop new solutions and market them faster. In May 2018, the company acquired Diversified Structural Composites (US), which manufactures hybrid composites using a combination of glass and carbon. The acquisition has helped Exel Composites strengthen its business in North America.
Royal DSM N.V. has secured a strong position in the European market. It is also establishing itself in North America and APAC and is now focusing on the Latin American market. DSM is a strong market player in the hybrid composites market. It has a strong focus on R&D and has, thus, developed a new thermoset hybrid composite. In October 2016, the company has developed a product named Dyneema Carbon hybrid composites. This development has helped the company maintain its market position and provide innovative products to its customers.
