DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The hybrid composites market size is estimated at USD 436 million in 2018 and is projected to reach USD 876 million by 2023, at a CAGR of 15% between 2018 and 2023.
Hybrid composites offer various benefits such as non-corrosiveness, high stiffness, non-conductivity, flexibility, low maintenance, durability, design flexibility, and cost saving. Due to these properties, hybrid composites are used in various end-use industries such as aerospace & defense, transportation, sporting goods, and wind energy.
The balance in cost and performance offered by the hybrid composites are major factors driving this market. However, high technology cost associated with the manufacturing of hybrid composites is restraining the growth of this market.
"The thermoset resin segment is projected to dominate the hybrid composites market, between 2018 and 2023."
The hybrid composites market is segmented into two based on the resin used, namely, thermoset and thermoplastic resin. Thermoset resins are known for their excellent mechanical, electrical, and heat resistance properties. They are also available in a wide range of curing-agent variations.
Also, these resins have better physical and adhesion properties, and lower shrinkage than the other resins, due to which they account for the largest share in this market.
"The automotive & transportation end-use industry segment is projected to hold the highest market share in the hybrid composites market, between 2018 and 2023."
Hybrid composites have major applications in the automotive & transportation industry. This has helped the automotive & transportation segment to hold the largest market share in the global hybrid composites market in 2018 in terms of value and volume.
The use of hybrid composites helps in achieving the strong demand for cost-effective and lightweight solutions in the automotive & transportation industry.
"The hybrid composites market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2018 and 2023."
The hybrid composites market in APAC is projected to register the highest CAGR during the forecast period, in terms of value and volume. This growth can be attributed to the increasing demand from the automotive & transportation, wind energy, sporting goods, and marine end-use industries. The increasing focus of the APAC region toward large automotive manufacturing is a key factor that is helping the hybrid composites market grow in the region.
Europe holds the largest market share in the hybrid composites market. This largest share is due to the demand for hybrid composites from the automotive & transportation end-use industry in Europe.
Market Dynamics
Drivers
- Balance in Cost and Performance Characteristics
Restraints
- High Technology Cost Associated With the Manufacturing of Hybrid Composites
Opportunities
- Penetration of Hybrid Composites in Newer Applications
- Growing Demand From Emerging Markets
Challenges
- Increasing Awareness Related to Hybrid Composites
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Hybrid Composites Market, By Fiber Type
7 Hybrid Composites Market, By Resin
8 Hybrid Composites Market, By End-Use Industry
9 Hybrid Composites Market, By Region
10 Competitive Landscape
11 Company Profiles
- Aerodyn Energiesysteme GmbH
- C. Cramer, Weberei, GmbH & Co. KG
- Cit Composite Materials Italy
- Colan Australia
- Composites Evolution
- Devold Amt
- Exel Composites PLC
- G. Angeloni S.R.L.
- General Electric
- Gurit
- Hexcel Corporation
- Innegra Technologies, LLC
- Plasticomp, Inc.
- Quantum Composites
- Quantumeta
- Rock West Composites
- Royal DSM N.V.
- Rtp Company
- SGL Group
- Solvay
- Structeam Ltd.
- Taiwan Taiyuan Composites Co. Ltd.
- Talon Technology
- Teijin Limited
- Textum Inc.
For more information about this report visit https://www.researchandmarkets.com/research/ffcdqx/hybrid_composites?w=4
