The use of hybrid composites is increasing due to its high strength-to-weight ratio and high corrosion and thermal resistance. 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 hybrid composites market in APAC is projected to register the highest CAGR during the forecast period, in terms of value and volume. The growth of the APAC hybrid composites market can be attributed to its increasing demand from the transportation, sporting goods, and wind energy, among others.
The hybrid composites market, by end use industry, is divided into five segments, namely, automotive & transportation, aerospace & defense, marine, aerospace & defense, wind energy, and sporting goods. The market in the wind energy end-use industry is expected to witness the highest growth rate, in terms of value and volume, during the forecast period. Wind turbine blades are the key components in the wind power generation system. Hybrid composites are widely used in the development of large-sized wind turbines. The R&D focus of blade manufacturers has mainly been on reducing the cost and increasing performance of wind blades. This is driving the use of hybrid composites, as it is less expensive than other special-purpose fibers without compromising on its high-performance property.
Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Teijin Limited (Japan), General Electric (US), Exel Composites (Finland), Innegra Technologies, LLC (US), Solvay (Belgium), and PlastiComp, Inc. (US) are some of the key players in the hybrid composites market.
