Global Hybrid Composites Market Report and Forecast 2024-2032

Global Hybrid Composites Market Outlook

The global hybrid composites market size reached a value of nearly USD 903.72 million in 2023. The market is projected to grow at a CAGR of 12.8% between 2024 and 2032, reaching a value of around USD 2683.73 million by 2032.

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Global Hybrid Composites Market Trends

Hybrid composites refer to composites which are a combination of two or more types of fibres that are embedded in a singular polymer matrix. These composites are used in multiple engineering applications owing to various benefits such as lightweight, high strength, strength-to-weight ratio, ease of structure development, and low cost.

• The rising demand for hybrid composites in diverse end-use sectors including wind energy, aerospace and military, and automotive and transportation, owing to their stiffness and high strength is augmenting the market.

• In the production of automotive and aviation parts, hybrid composite goods have become crucial owing to their lightweight and cost-effectiveness. Manufacturers are increasingly using these materials in place of metal parts due to the rising concerns about fuel usage and carbon emission levels, thereby favouring the hybrid composites market growth.

• In comparison to traditional processing methods, hybrid composites provide better mechanical qualities, potential cost savings, and general adaptability. Moreover, hybrid composites made from advanced technologies are lighter, corrosion-resistant, rigid, and have a higher specific strength, due to which their use in challenging environments in the aerospace and defence sectors is growing.

Opportunities and Challenges in the Market

Owing to their high strength, cost-effectiveness, high performance, and low weight, the demand for fibre and glass composites is rapidly increasing in diverse end-use sectors, including automotive and defence, among others.

However, high manufacturing and technical costs of hybrid composites can impact their demand. Besides, composite fibres have poor fire resistance and high moisture absorption properties, which weakens the link between the matrix and the fibre and reduces their longevity.

Global Hybrid Composites Market Analysis

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Based on fibre type, the market can be segmented into carbon/glass and glass/carbon, aramid/carbon, HMPP/carbon, and UHMWPE/carbon, among others. By resin type, it can be bifurcated into thermoset and thermoplastic. Based on end-use, the market can be categorised into automotive, aerospace and defence, wind energy, sporting goods, and marine, among others. The regional markets for hybrid composites can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global hybrid composites market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Royal DSM N.V.

• SGL Carbon SE

• Gurit

• Teijin Limited

• Exel Composites

• Innegra™ Technologies

• Avient Corporation

• Quantum Composites

• Others

Rising Use of Carbon/Glass and Glass/Carbon Composites Driving the Market

The usage of carbon/glass hybrid composites is expected to increase in the automotive, aerospace, and marine sector. With the increasing requirement for lightweight materials to make wind turbine blades and automobiles more aerodynamic, the demand for carbon/glass hybrid composites is likely to grow in the forecast period.

Meanwhile, there is a growing utilisation of high modulus polypropylene (HMPP) fibres in the textile sector owing to their toughness, ballistic resistant, high dielectric constant, increased durability, and cost-effectiveness. 

Hybrid Composites Market by Resin Type

The thermoset market segment is expected to account for a significant share in the market due to its exceptional strength and fracture resistance properties.

Due to the cross-linking, these products are stronger and suitable for use in high-temperature applications. The demand for such products is exceptionally high for various applications in the aerospace and military sectors, and the developing economies in regions like the Asia Pacific are expected to positively influence the market demand in the coming years.

Market Share by Region

The Asia Pacific is expected to expand at a rapid rate during the forecast period owing to the expansion of the manufacturing sector and strong growth in automobile production. Due to the significant presence of skilled professionals and cheap labours in countries like China and India, the region is one of the most attractive locations for the aerospace, electronics, and construction businesses, which is likely to bolster the demand for hybrid composites.

Various established sectors such as automotive, aerospace and military, maritime, and wind energy, among others, in Europe is anticipated to propel the demand for hybrid composites. In addition, major producers in the region's automotive and aerospace sectors are concentrating on product advancements and the creation of fresh hybrid composites, which is likely to favour the market in the coming years.

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Hybrid Composites Market Competitive Landscape

Teijin Limited is a Japanese  technology driven firm that offers products and solutions for the chemical, pharmaceutical, and IT sectors. Some of the products offered by the company includes high-performance fibres including carbon fibres and composites, aramid, healthcare, films, resin and plastic processing, polyester fibres, goods converting, and IT products.

Gurit is one of the major suppliers of advanced composite materials for wind energy, marine, and many other industries around the world. The company was founded in 1835 and has developed expertise in the practical application of composites across different market sectors. The company’s speciality lies in carbon fibre prepregs, structural core materials, composite materials, adhesives, wind energy, and fibre prepregs, among many other fields.

SGL Carbon SE is a global innovator in the design and production of carbon-based products. The company was established in 1992 and currently, its headquarter is located in Wiesbaden, Germany.

The company provides and manufactures various materials and products made from speciality graphite, carbon fibres, and composite materials. These materials and products are utilised in various sectors including automotive, semiconductor technology, LED, solar and wind energy, and lithium-ion battery, among others.

Other market players include Royal DSM N.V., Exel Composites, Innegra™ Technologies, Avient Corporation, and Quantum Composites, among others.

Key Highlights of the Report