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.
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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.
Hybrid composites are segmented in to four types based on fiber used which includes carbon/glass, aramid/carbon, HMPP/carbon, UHMWPE/carbon. Aramid/carbon is projected to be the fastest-growing fiber segment in the hybrid composites market during the forecast period. Aramid fibers are used for specialized applications that require very high mechanical properties along with high thermal, chemical, and abrasion resistance. Aramid/carbon hybrid composites find applications in security & protection, rubber reinforcement, and advanced material composites, where high strength is required. Aramid/carbon fiber composites are used to manufacture radomes, structural parts, rocket motor casing, and highly loaded parts in defense and commercial aircraft. This is expected to drive the market during the forecast period.
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The increasing demand from emerging economies is one of the major opportunities for the market. China, India, and Brazil are expected to drive the demand for hybrid composites in the next five years. The majority of the demand is expected to be from the wind energy and automotive & transportation end-use industries owing to the balanced cost and performance properties offered by hybrid composites.
The major hybrid composites manufacturers includes 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). These players have adopted various growth strategies, such as mergers & acquisitions, expansions, and new product launches, to further expand their presence in the hybrid composites market. Merger & acquisitions and new product launches have been the most dominating strategies adopted by major players, from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
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In line with the rising demand for hybrid composites, Exel Composites has been working to deliver high-quality hybrid composites to the automotive and other end-use industries. The company focuses on building long-term strategic partnerships with companies that are leaders in the hybrid composites market. This strategy has helped Exel Composites develop new solutions and market them faster. In May 2018, the company acquired Diversified Structural Composites (US), which manufactures hybrid composites using a combination of glass and carbon. The acquisition has helped Exel Composites strengthen its business in North America.
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