Research Nester's recent market research analysis on “ Hybrid Composites Market : Global Demand Analysis & Opportunity Outlook 2037 ” delivers a detailed competitor's analysis and a detailed overview of the global hybrid composites market in terms of market segmentation by fiber, end-use and by region.
Growing Technological Advancements to Promote Global Market Share of Hybrid Composites
Technological advances that shorten the manufacturing cycle are expected to drive product demand in the automotive sector. The aerospace and maritime sectors are also utilizing cutting-edge technology to create composite materials that are lightweight, highly rigid, and corrosion resistant. This element is likely to have a positive impact on market expansion.
First introduced is a government-sponsored effort by Japan's National Composites Center (NCC) to create carbon fiber reinforced thermoplastic composites (CFRTP) technology for automotive applications. The core technology is a press-compacted discontinuous thermoplastic composite reinforced with carbon fiber. For instance, Toray Industries launched the TORAYCA T1100G-13C, a brand-new carbon fiber composite material, in 2021. It provides increased strength and weight reduction and is designed for use in aviation and other high-performance resin types.
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Some of the major growth factors and challenges that are associated with the growth of the global hybrid composites market are:
Growth Drivers:
· Growing Environmental Concerns Among the People
· Increasing demand for lightweight materials
Challenges:
The cost of the raw ingredients required to produce a hybrid composite makes the fabrication of subsequent components expensive. The production cost of hybrid composite goods is significantly influenced by the cycle time, which is directly connected to the length of time required for filling and curing. These elements can end up hurting the demand for hybrid composites.
Due to issues with the supply chain and growing material prices, the market for hybrid composites may be unable to grow further. Regulations and safety requirements specific to their industry, particularly in the automotive, aerospace, and defense sectors, may apply to hybrid composites. The difficulty and expense of bringing hybrid composites to market will increase if more study and testing are necessary to meet specific requirements, such as impact resistance or fire resistance.
By fiber, the hybrid composites market is segmented into carbon/glass, carbon/aramid, metal/plastic, and wood/plastic . Among the four, carbon/glass category is poised to lead the market during the forecast period. In 2019, the market accounted for 38.2% of the total. The market is expanding as a result of rising demand from the marine, aerospace, and automotive sectors. Better qualities of carbon/glass composites include their light weight, which lowers the weight of wind turbine blades and automobiles.
By region, the Asia Pacific hybrid composites market is to generate the highest revenue by the end of 2035. The market in Asia Pacific is expected to grow with the CAGR of 14.4% over the forecast period. Due to the expansion of the manufacturing industry and the significant increase in automotive production in the area, the market for hybrid composites is expanding. Because of the presence of significant companies, the region is also one of the most lucrative locations for the aerospace, electronics, and construction industries.
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In view of the well-established automotive, aerospace & defense, marine and wind energy sectors, Europe is expected to grow significantly. Furthermore, product improvements and developments in new hybrid composites are being pursued by the region's key manufacturers of motor vehicles and aircraft. Also, manufacturers across the region have come up with a variety of expansion plans that are designed to improve their competitive position.
This report also provides the existing competitive scenario of some of the key players of the global hybrid composites market which includes company profiling of DSM NV, Hexcel Group, Exel Composites, Solvay SA, PolyOne Corporation, Toyota Motor Corporation, Teijin Ltd, Toray Co. Ltd., Mitsubishi Chemical Co. Ltd., General Electric and others.
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