The hybrid composites market is expected to grow from USD 436 million in 2018 to USD 876 million by 2023, at a compound annual growth rate (CAGR) of 15.0% during the forecast period.The report "Hybrid Composites Market by Fiber Type, Resin (Thermoset and Thermoplastic), End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods), and Region - Global Forecast to 2023", The major factor driving the market is balanced cost and performance characteristics offered by hybrid composites. Hybrid composites offer properties comparable with carbon fiber such as high strength, low weight, and increased resistance to corrosion, but with the lesser price than carbon fiber composites.
Browse 73 market data Tables and 44 Figures spread through 116 Pages and in-depth TOC on "Hybrid Composites Market by Fiber Type, Resin (Thermoset and Thermoplastic), End-Use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods), and Region - Global Forecast to 2023"
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Europe is estimated to account for the largest share of the market in 2021. The region is considered the most advanced region in terms of technology adoption and infrastructure development. Europe is home to some of the major automotive and aerospace & defense equipment manufacturers, which create demand for hybrid composites in the region. The wide presence of the key industry players offering hybrid composites for automotive & transportation and aerospace & defense is the main driving factor for the growth of the hybrid composites market.
