Hybrid Composites Market - Forecast(2023 - 2028)

Hybrid Composites Market Overview

The Hybrid Composites Market size is estimated to reach US$1.5 billion by 2027, after growing at a CAGR of 13.5% during the forecast period 2022-2027. Hybrid composites are materials that consist of two or more fiber types embedded in a single polymer matrix. These composites include thermoset and thermoplastic resins and fibers and offer superior features such as enhanced mechanical properties, high impact resistance, excellent strength and improved mechanical features. Hybrid composites have major applicability in the automotive sector, which acts as a driving factor in the hybrid composites industry. According to the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles increased from 22,655,69 units in 2020-21 to 22,933,230 units in 2021-22 in India. In addition, the demand for hybrid composites in aerospace and defense for aircraft, helicopters and general aviation is rising, thereby fueling its growth prospects. 

Moreover, the disruptions led by the covid-19 outbreak due to disturbance in production activities, supply chain disruption, falling demand across end-use sectors and other lockdown restrictions impacted the growth scope. However, significant recovery in the major end-use sector is boosting the demand for hybrid composites for a wide range of applicability and utilization in automotive, construction, aerospace and others. Thus, the hybrid composites industry is anticipated to grow rapidly and contribute to the hybrid composites market size during the forecast period.

Hybrid Composites Market Report Coverage

The “Hybrid Composites Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Hybrid Composites Industry.

Key Takeaways

• The Asia-Pacific dominates the Hybrid Composites Market, owing to growth factors such as the flourished base for the transportation sector, initiatives towards construction projects and fast-paced urbanization, thereby boosting growth in this region.
• The flourishing automotive sector across the world is propelling the demand for Hybrid Composites for various applications in vehicle components, door panels, vehicle-electric components and others, thereby influencing the growth in the hybrid composites market size.
• The thermoset resin types such as epoxy, polyester and others have significant demand in the hybrid composites over thermoplastics type due to their superior features such as superior strength and preference for high-heat temperature.
• However, the high costs associated with the production and technology costs act as a challenging factor in the hybrid composites industry.

Figure: Hybrid Composites Market Revenue Share, By Geography, 2021 (%)

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Hybrid Composites Market Segment Analysis – by Fiber Type

The carbon/glass segment held a significant Hybrid Composites Market share in 2021 and is projected to grow at a CAGR of 13.4% during the forecast period 2022-2027. The carbon/glass fabric with the epoxy resin is significantly utilized for the production of hybrid composite laminates owing to excellent properties such as high stiffness, lightweight, high chemical resistance and low thermal expansion over other types. Moreover, the rising applicability of carbon/glass for the transportation sector, majorly in automotive and aerospace is fuelling its growth scope in the hybrid composites market. Thus, with the flourishing utilization of carbon/glass fiber types in hybrid composites, the carbon/glass segment is projected to grow rapidly during the forecast period.

Hybrid Composites Market Segment Analysis – by End-use Industry

The automotive segment held a significant Hybrid Composites Market share in 2021 and is forecasted to grow at a CAGR of 13.7% during the forecast period 2022-2027. Hybrid composites have a flourishing application in the automotive sector for vehicle door panels, electrical components and others due to their excellent features such as high impact resistance, strength and versatility. The lucrative growth in the automotive industry is influenced by factors such as rising vehicle production, demand for fuel-efficient and vehicle electrification and rapid industrialization. For instance, according to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the increase in automotive vehicle production, the applicability of hybrid composites for vehicle body components, electrical components, door panels and others is rising, which, in turn, is projected to boost its growth prospect in the automotive industry during the forecast period.

Hybrid Composites Market Segment Analysis – by Geography

The Asia-Pacific held the largest Hybrid Composites Market share in 2021 up to 42.2%. The significant growth for hybrid composites in this region is influenced by the established base for the automotive sector, flourishing production base for construction and rapid urbanization. The automotive industry is significantly growing in APAC owing to growth factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), automotive production in China rose from 25,225,242 units to 26,082,220 units, 3,394,446 units to 4,399,112 units in India and 245,615 units to 265,320 units in Taiwan from 2020 to 2021. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units in quarter 1st of 2022 respectively, showing an increase of 140% year-on-year. With the production and consumption of efficient vehicles, the utilization of hybrid composites for fuel-effective and lightweight vehicles is growing, which, in turn, is projected to boost the growth prospects for hybrid composites in the Asia-Pacific region during the forecast period.

Hybrid Composites Market Drivers

Rapid Growth of the Aerospace Industry :

Hybrid Composites or polydiorganosiloxanes has major demand in the automotive industry for a wide range of applicability in aircraft components, helicopters, spacecraft and others. The lucrative growth of the aerospace industry is influenced by growth factors such as a rise in air traffic, demand for fuel-efficient and lightweight aircraft and rising income levels. For instance, according to Boeing, the airline sector is estimated to demand more than 44,000 new commercial airplanes, worth US$6.8 trillion by the year 2038. According to the International Air Transport Association (IATA), the revenue for commercial airlines in North America is estimated to grow by 1.9% in 2022 over the previous years. According to the Boeing Market Outlook (BMO), the aerospace industry accounted for US$9 trillion in the year 2021, up from US$8.5 trillion in the year 2020. With an increasing growth scope for aerospace production and flourishing demand, the applicability of hybrid composites for aircraft, helicopters and others is rising, which, in turn, boosts its demand and drives the hybrid composites industry.

Flourishing Growth of the Building & Construction Industry:

Hybrid Composites have significant applications in the building & construction industry for concrete, building materials, structural items and others. The building & construction sector experiences lucrative growth owing to growth factors such as rising government for infrastructural projects and residential housing and urbanization. For instance, according to European Construction Industry Federation (FIEC), construction activity increased by 10.3% in volume in France for the year 2021 compared to 2020. According to World Bank data, the growth of the construction sector in the South Asia region is 6.6% in 2022. According to the United States Census Bureau, the total construction spending in the US increased from a seasonally adjusted annual rate of US$1.62 million in May 2021 to US$1.77 million in May 2022. With the robust production and growth in building & construction, the demand for hybrid composites, consisting of fibers and thermoset and thermoplastic resins in a polymer matrix; for applicability in building materials, concrete and others is growing, which, in turn, is driving the hybrid composites industry.

Hybrid Composites Market Challenge

High Costs Associated with Hybrid Composites:

The technology and manufacturing technology for hybrid composites is costly and acts as a growth hampering factor in the hybrid composites market. The complex fabrication technologies and immature manufacturing of hybrid composite material also hinder growth. Moreover, the increase in raw material prices such as resin, due to feedstock price rise affects the market. In addition, the moisture absorption of this composite fiber is high, which tends to decrease the bond between the matrix and affect its durability. Thus, the awareness of hybrid composite products also decreases, along with increasing production costs, thereby affecting its application and demand in the market.

Hybrid Composites Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hybrid Composites Market. The top 10 companies in the Hybrid Composites Market are:

1. Royal DSM
2. SGL Group
3. TEIJIN Limited
4. Solvay SA
5. Quantum Composites
6. PlastiComp, Inc.
7. Hexcel Corporation
8. Innegra Technologies LLC
9. DSM N.V.
10. Gurit

Recent Development

• In April 2022, Tenneco introduced the advanced OE hybrid friction material composites that serve the braking performance and comfort requirement in the automotive sector; thereby expanding its product portfolio and application range for automotive.

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