LONDON--(BUSINESS WIRE)--The global hybrid composites market 2019-2023 is expected to post a CAGR of close to 15% during the forecast period, according to the latest market research report by Technavio.
The demand for pultrusion in the automotive industry is increasing as it is a cost-effective and continuous closed molding method of manufacturing high-volume hybrid composite parts. Moreover, competitiveness against traditional materials and a lower carbon footprint are also driving the demand for pultrusion in the automotive industry. Thus, the growing automotive industry with a high demand for pultrusion is expected to fuel the growth of the market during the forecast period.
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As per Technavio, the use of fiber hybrid composites in the wind power industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Hybrid Composites Market: Use Of Fiber Hybrid Composites In Wind Power Industry
The growing population and the increase in industrialization and economic activities have led to a significant increase in global energy demand. Wind energy is one of the fastest-growing technologies that meet the growing energy demand. The hybrid composite materials are used in the wind energy sector to manufacture nacelle and blades. The installation of turbines higher in the atmosphere necessitates the use of composites fibers. Thus, the growing use of hybrid composites in the wind power industry will fuel the growth of the market during the forecast period.
“Apart from the use of fiber hybrid composites in the wind power industry, other factors such as the applications in personal air mobility, and the increasing efforts to reduce manufacturing cost will have a significant impact on the growth of the hybrid composites market value during the forecast period,” says a senior analyst at Technavio.
Global Hybrid Composites Market: Segmentation Analysis
This market research report segments the global hybrid composites market by resin type (thermoset hybrid composites, and thermoplastic hybrid composites), and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the hybrid composites market in 2018, followed by North America, Europe, South America, and MEA, respectively. The growth of the hybrid composites market share in APAC can be attributed to several factors such as the growing demand for urban development and the increasing applications of hybrid composites in the construction sector.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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