The hybrid composites market is expected to grow from USD 436 million in 2018 to USD 876 million by 2023, at a compound annual growth rate (CAGR) of 15.0% during the forecast period. The report "Hybrid Composites Market by Fiber Type, Resin (Thermoset and Thermoplastic), End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods), and Region - Global Forecast to 2023", The major factor driving the market is balanced cost and performance characteristics offered by hybrid composites. Hybrid composites offer properties comparable with carbon fiber such as high strength, low weight, and increased resistance to corrosion, but with the lesser price than carbon fiber composites.
Carbon/glass fiber hybrid composite parts are lighter and stronger than their metal counterparts, due to which, they are extensively used in many industries, including automotive & transportation and wind energy. Carbon/glass hybrid fiber composites are used in high-end vehicles to reduce the overall cost.
The hybrid composites market has been segmented on the basis of end-use industry into 5 categories: automotive & transportation, aerospace & defense, wind energy, marine, sporting goods. The wind energy end-use industry is expected to grow at the highest CAGR during the forecast period, due to increasing wind turbine installations across the globe especially in the APAC region.
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.
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) are some of the key players in the hybrid composites market.
