What Has Been The Evolution of the Hybrid Composites Market in Recent Years?
The hybrid composites market has seen considerable growth due to a variety of factors.
• In the past few years, the hybrid composites market has demonstrated substantial growth. The market size is projected to increase from $3.8 billion in 2024 to $4.14 billion in 2025, representing a compound annual growth rate (CAGR) of 9.0%.
Factors such as a rise in cancer rates, an expanding elderly population, a higher demand for minimally invasive procedures, emphasis on patient safety, and clinical proof of efficacy have contributed to the growth during the historic period.
What Are the Future Growth Projections for the Hybrid Composites Market?
The hybrid composites market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the hybrid composites market size over the next several years. It's projected to surge to $5.49 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%.
The upward shift during the forecast period can be credited to progress in artificial intelligence (ai), greater acceptance of adaptive radiation therapy (art), concentrated emphasis on precision medicine, international initiatives to enhance cancer care, and growing enlightenment and education. The period is also expected to witness significant trends such as collaborations and partnerships, innovation in imaging technology, improvements in imaging systems, amplified focus on patient safety, and expansions in remote monitoring and telemetry solutions.
What Are The Core Factors Supporting Growth In The Hybrid Composites Market?
The hybrid composites market is set to be propelled by the expanding automotive sector. The sector comprises businesses and organizations involved in various aspects like design, manufacturing, marketing, and maintenance of vehicles, with a particular emphasis on automobiles. Hybrid composites, which offer benefits such as high strength, resistance to corrosion and UV rays, among others, are employed within electric vehicles. As evidence of this, the International Energy Agency, a France-based organization, reported that electric vehicle sales tripled from 4% in 2020 to 14% in 2022. The total number of such vehicles sold in 2022 exceeded 10 million. This progression within the automobile sector is stimulating the hybrid composites market. The hybrid composites market is also being driven by the robust growth in the aerospace sector. The industry, comprising both governmental entities and private firms, focuses on researching, utilizing technology, and manufacturing flight-related products. Hybrid composites are used strategically in aerospace for maintaining a balance between lightweight and structural strength, enhancing fuel efficiency and performance, and ensuring maximum durability. The Aerospace Industries Association’s 2022 Facts & Figures Data reveals that the combined sales revenue for the US aerospace and defense sector totaled $892 billion in November 2022, a growth of 2.1%. Additionally, exports in this industry experienced an 11.2% rise, amounting to $100.4 billion. Such expansion in the aerospace industry subsequently fuels growth in the hybrid composites market.
What Are The Major Segments Within The Global Hybrid Composites Market?
The hybrid composites market covered in this report is segmented –
1) By Fiber Type: Carbon Or Glass, Aramid Or Carbon, HMPP, UHMWPE, Other Fiber Types
2) By Resin: Thermoset, Thermoplastic
3) By End-User: Automotive And Transportation, Aerospace And Defense, Wind Energy, Marine, Sporting Goods, Other End Users
Subsegments:
1) By Carbon Or Glass: Carbon Fiber Hybrid Composites, Glass Fiber Hybrid Composites
2) By Aramid or Carbon: Aramid Fiber Hybrid Composites, Carbon Fiber Hybrid Composites
3) By HMPP (High Modulus Polypropylene): HMPP Fiber Hybrid Composites
4) By UHMWPE (Ultra High Molecular Weight Polyethylene): UHMWPE Fiber Hybrid Composites
5) By Other Fiber Types: Natural Fiber Hybrid Composites, Basalt Fiber Hybrid Composites
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How Are Emerging Trends Reshaping The Dynamics Of The Hybrid Composites Market?
Leading businesses in the hybrid composites industry are honing in on product innovation to enhance their market profitability, specifically through developments in advanced hybrid friction material composites (AHFMCs). These represent a breakthrough class of materials tailored for superior braking applications. In the context, Tenneco Inc., a renowned US automotive equipment firm, in April 2022 unveiled its latest creation – advanced OE hybrid friction materials for both electric vehicles and internal combustion engines. The advanced hybrid materials provide superior high-temperature braking capabilities, tackle disc corrosion and minimize brake dust contamination – making them highly efficient for use in electric vehicles.
Who Are the Key Players In The Hybrid Composites Market?
Major companies operating in the hybrid composites market report are:
• General Electric Company
• Toray Industries Inc.
• Solvay S.A.
• Owens Corning Fiberglass Corporation
• Royal DSM N.V.
• LANXESS Corporation
• Teijin Limited
• Avient Corporation
• Hexcel Corporation
• TPI Composites Inc.
• SGL Group
• Porcher Industries
• Gurit Holding AG
• Johns Manville International Inc.
• IDI Composites International Inc.
• Exel Composites Inc.
• Composites One LLC
• CoreLite Inc.
• PlastiComp Inc.
• Axiom Materials Inc.
• Quantum Composites LLC
• Renegade Materials Corporation
• Composites Evolution Ltd.
• B&T Composites S.A.
• Innegra Technologies LLC
What Is The Most Dominant Region In The Hybrid Composites Market?
Europewas the largest region in the hybrid composites market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hybrid composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
