Hybrid Composites Global Market Report 2024

The hybrid composites market size has grown strongly in recent years. It will grow from $3.48 billion in 2023 to $3.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historic period can be attributed to factors such as the increasing incidence of cancer, a growing aging population, a demand for minimally invasive treatments, a focus on patient safety, and clinical evidence supporting the effectiveness of treatments.

The hybrid composites market size is expected to see strong growth in the next few years. It will grow to $5.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be attributed to advancements in artificial intelligence (AI), an increased adoption of adaptive radiation therapy (ART), a heightened focus on precision medicine, global initiatives to enhance cancer care, and a growing emphasis on awareness and education. Major trends expected in the forecast period encompass collaborations and partnerships, technological advancements in imaging, improvements in imaging systems, an increased focus on patient safety, and the implementation of remote monitoring and telemetry solutions.

The anticipated growth of the hybrid composites market is set to be propelled by the expanding automotive industry. The term 'automotive industry' encompasses a range of entities involved in the complete process of vehicle development, from design and manufacturing to marketing, sales, and maintenance, primarily focusing on automobiles or cars. Hybrid composites find application in electric vehicles, providing a myriad of advantages such as high strength, resistance to corrosion and UV, among others. As an illustration, in July 2023, the International Energy Agency (IEA), a France-based intergovernmental organization, reported a threefold increase in electric vehicle sales, rising from 4% in 2020 to 14% in 2022. The total sales of electric vehicles in 2022 surpassed 10 million units. Consequently, the burgeoning automotive industry is a key driver for the growth of the hybrid composites market.

The expansion of the aerospace industry is anticipated to contribute to the growth of the hybrid composites market. The aerospace industry encompasses both public entities and private companies dedicated to research, technology, and the production of flight-related products. Hybrid composites play a strategic role in achieving a balance between lightweight construction and structural strength, enhancing fuel efficiency, optimizing overall performance, and ensuring durability in aircraft manufacturing. For example, in November 2022, the Aerospace Industries Association's 2022 Facts & Figures Data, a US-based aerospace and defense organization, revealed that the combined sales revenue for the US aerospace and defense sector reached $892 billion in 2021, marking a 2.1% growth from 2020. Additionally, exports from the A&D industry increased by 11.2% between 2020 and 2021, reaching $100.4 billion. Thus, the expanding aerospace industry is a driving force behind the growth of the hybrid composites market.

The growth of the hybrid composites market is anticipated to be hampered by the shortage of a skilled labor force, impacting manufacturing process efficiency and productivity. According to a report by Advantis Global in April 2023, a global shortage of over 85 million skilled talents is projected by 2030, resulting in approximately $8.5 trillion in unrealized annual revenues. Additionally, a 2023 report from ManpowerGroup revealed that 77% of global businesses faced challenges in finding the required skilled talent, further hindering the hybrid composites market's expansion.

Key players in the hybrid composites market are strategically concentrating on product innovations, specifically advanced hybrid friction material composites, to enhance their market profitability. Tenneco Inc., an automotive equipment manufacturer based in the US, exemplifies this trend by launching advanced OE hybrid friction material composites for both electric vehicles and internal combustion engines in April 2022. These advanced hybrid composite materials are designed to deliver high-temperature braking performance, eliminate disc corrosion and minimize brake dust contamination, ensuring optimal performance in electric vehicles.

In September 2022, Avient Corporation, a US-based polymer materials manufacturer, successfully acquired the protective materials business of DSM Protective Materials LLC for an undisclosed amount. This acquisition positions Avient Corporation for expanded market presence and improved production capabilities in protective materials. The move aligns with Avient Corporation's strategy to diversify and strengthen its position in the protective material products sector. DSM Protective Materials LLC, based in the Netherlands, is a prominent manufacturer of hybrid composites.

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.

Europe was the largest region in the hybrid composites market in 2023. 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. The countries covered in the hybrid composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hybrid composites refer to materials or structures comprised of two or more different types of reinforcing fibers or materials combined to form a composite material with enhanced or customized properties. They find applications in various fields, including aerospace, construction, household applications, and automotive, due to their superior mechanical properties.

The primary fiber types used in hybrid composites include carbon or glass, aramid or carbon, HMPP (high modulus polyethylene), UHMWPE (ultra-high-molecular-weight polyethylene), and other fiber types. Carbon or glass fibers are lightweight, high-strength synthetic materials composed of thin, strong fibers primarily made of carbon atoms, while glass fibers are a composite material crafted from extremely fine fibers of glass. The various resins involved in hybrid composites are categorized as thermoset and thermoplastic. These composites cater to end-users such as automotive and transportation, aerospace and defense, wind energy, marine, sporting goods, and other sectors.

The hybrid composites market research report is one of a series of new reports that provides hybrid composites market statistics, including hybrid composites industry global market size, regional shares, competitors with hybrid composites market share, detailed hybrid composites market segments, market trends, and opportunities, and any further data you may need to thrive in the hybrid composites industry. This hybrid composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hybrid composites market consists of sales of kenaf-aramid, woven jute or glass fabric, polymer-metal hybrid composite and sisal fiber-reinforced polyester composites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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