The North America hybrid composites market is expected to grow from US$ 193.51 million in 2023 to US$ 342.07 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2023 to 2028.
Based on fiber type, the North America hybrid composites market is segmented into carbon/aramid, carbon/glass, high-modulus polypropylene (HMPP)/carbon, ultra high molecular weight polyethylene (UHMWPE)/ carbon, and others. The carbon/aramid segment held the largest share of the North America hybrid composites market in 2023.
Based on resin, the North America hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held a larger share of the North America hybrid composites market in 2023.
Based on application, the North America hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held the largest share of the North America hybrid composites market in 2023.
Based on country, the North America hybrid composites market is segmented into the US, Canada, and Mexico. The US dominated the North America hybrid composites market in 2023.
Avient Corp, Gurit Holding AG, Hexcel Corp, Lanxess AG, Mitsubishi Chemical Holdings Corp, PGTEX China Co Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc are some of the leading companies operating in the North America hybrid composites market.
Reasons to Buy
Growing Demand for Lightweight Materials in Aerospace & Defense Industry Fuels North America Hybrid Composites Market
Hybrid composites are crucial for the safety and efficient performance of modern aircraft. The increasing need for lightweight materials to construct aviation components and parts has significantly increased the demand for hybrid composites. Aircraft manufacturers are making efforts to develop huge primary thermoplastic structures in business jets and commercial aircraft. They were the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions.North America Hybrid Composites Market Overview
The North America hybrid composites market is segmented into the US, Canada, and Mexico. The rising demand for hybrid composites, especially across the aerospace industry in the region, is significantly driving the market growth. Composites are significantly used in aerospace applications to fabricate aircraft parts such as wing spars, interiors, fuselage, and radomes. The lightweight property of hybrid composite can increase fuel efficiency, resulting in reduced fuel costs and increased speed and maneuverability. According to the Federal Aviation Administration (FAA), in 2020, the number of aircraft in the US commercial fleet amounted to 5,882, registering a decline rate of 22.9% compared to 2019. However, the commercial fleet is projected to reach 8,756 by 2041, with an average annual growth rate of 2% annually. This is expected to boost the demand for hybrid composites for multiple applications within the aerospace industry. However, with increasing environmental concerns, aircraft manufacturers are looking for sustainability in composites and investing more in natural composites. The region is a hub for major aircraft manufacturing companies such as Raytheon Technologies Corporation, Boeing Company, and Lockheed Martin Corporation.North America Hybrid Composites Market Revenue and Forecast to 2028 (US$ Million)
North America Hybrid Composites Market Segmentation
The North America hybrid composites market is segmented into fiber type, resin, application, and country.Based on fiber type, the North America hybrid composites market is segmented into carbon/aramid, carbon/glass, high-modulus polypropylene (HMPP)/carbon, ultra high molecular weight polyethylene (UHMWPE)/ carbon, and others. The carbon/aramid segment held the largest share of the North America hybrid composites market in 2023.
Based on resin, the North America hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held a larger share of the North America hybrid composites market in 2023.
Based on application, the North America hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held the largest share of the North America hybrid composites market in 2023.
Based on country, the North America hybrid composites market is segmented into the US, Canada, and Mexico. The US dominated the North America hybrid composites market in 2023.
Avient Corp, Gurit Holding AG, Hexcel Corp, Lanxess AG, Mitsubishi Chemical Holdings Corp, PGTEX China Co Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc are some of the leading companies operating in the North America hybrid composites market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America hybrid composites market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in North America hybrid composites market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
3. Research Methodology
4. North America Hybrid Composites Market Landscape
5. North America Hybrid Composites Market - Key Market Dynamics
6. Hybrid Composites -North America Market Analysis
7. North America Hybrid Composites Market Analysis - By Fiber Type
8. North America Hybrid Composites Market Analysis - By Resin
9. North America Hybrid Composites Market Analysis - By Application
10. North America Hybrid Composites Market - Country Analysis
11. Hybrid Composite Market Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Avient Corp
- Gurit Holding AG
- Hexcel Corp
- Lanxess AG
- Mitsubishi Chemical Holdings Corp
- PGTEX China Co Ltd
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- Toray Industries Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 144 |
| Published | October 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 193.51 Million |
| Forecasted Market Value by 2028 | 342.07 Million |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | North America |
![Hybrid Composites Market Forecast to 2028 - Global Analysis by Fiber Type [Carbon/Aramid, Carbon/Glass, High-Modulus Polypropylene/Carbon, Ultra High Molecular Weight Polyethylene/Carbon, and Others], Resin, Application, and Geography - Product Image](http://www.researchandmarkets.com/product_images/12534/12534948_60px_jpg/hybrid_composites_market.jpg)
