How much is the hybrid composites market worth, and how is it expected to expand?
The hybrid composites market size has grown strongly in recent years. It will grow from $3.8 billion in 2024 to $4.14 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing cancer incidence, growing aging population, demand for minimally invasive treatments, focus on patient safety, clinical evidence supporting effectiveness.
The hybrid composites market size is expected to see strong growth in the next few years. It will grow to $5.49 billion in 2029 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai), rising adoption of adaptive radiation therapy (art), increased focus on precision medicine, global efforts to improve cancer care, growing awareness and education. Major trends in the forecast period include collaborations and partnerships, technological advancements in imaging, technological advancements in imaging systems, increasing focus on patient safety, remote monitoring and telemetry solutions.
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What are the top drivers to the rising demand in the hybrid composites market?
The growing automotive industry is expected to propel the growth of the hybrid composites market going forward. The automotive industry refers to the collection of companies, organizations, and activities involved in the design, development, manufacturing, marketing, selling, and maintenance of vehicles, primarily automobiles or cars. Hybrid composites are used in electric vehicles to offer a wide range of benefits, such as high strength, corrosion resistance, UV resistance, and others. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the sales of electric vehicles increased three times from 4% in 2020 to 14% in 2022 and the total sales of electric vehicles in 2022 exceeded 10 million. Therefore, the growing automotive industry is driving the growth of the hybrid composites market going forward.
How is the hybrid composites market segmented?
The hybrid composites market covered in this report is segmented –
1) By Fiber Type: Carbon Or Glass, Aramid Or Carbon, HMPP, UHMWPE, Other Fiber Types
2) By Resin: Thermoset, Thermoplastic
3) By End-User: Automotive And Transportation, Aerospace And Defense, Wind Energy, Marine, Sporting Goods, Other End Users
Subsegments:
1) By Carbon Or Glass: Carbon Fiber Hybrid Composites, Glass Fiber Hybrid Composites
2) By Aramid or Carbon: Aramid Fiber Hybrid Composites, Carbon Fiber Hybrid Composites
3) By HMPP (High Modulus Polypropylene): HMPP Fiber Hybrid Composites
4) By UHMWPE (Ultra High Molecular Weight Polyethylene): UHMWPE Fiber Hybrid Composites
5) By Other Fiber Types: Natural Fiber Hybrid Composites, Basalt Fiber Hybrid Composites
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Who are the top competitors in the hybrid composites market?
Major companies operating in the hybrid composites market report are General Electric Company, Toray Industries Inc., Solvay S.A., Owens Corning Fiberglass Corporation, Royal DSM N.V., LANXESS Corporation, Teijin Limited, Avient Corporation, Hexcel Corporation, TPI Composites Inc., SGL Group, Porcher Industries, Gurit Holding AG, Johns Manville International Inc., IDI Composites International Inc., Exel Composites Inc., Composites One LLC, CoreLite Inc., PlastiComp Inc., Axiom Materials Inc., Quantum Composites LLC, Renegade Materials Corporation, Composites Evolution Ltd., B&T Composites S.A., Innegra Technologies LLC
What significant trends should we anticipate in the hybrid composites market over the forecast period?
Major companies operating in the hybrid composites market are focusing on product innovations, such as advanced hybrid friction material composites, to increase their profitability in the market. Advanced hybrid friction material composites (AHFMCs) are a class of innovative materials engineered for high-performance braking applications. For instance, in April 2022, Tenneco Inc., a US-based automotive equipment manufacturer, launched the latest advanced OE hybrid friction material composites for electric vehicles and internal combustion engines (ICE). These advanced hybrid composite materials offer high-temperature braking performance, remove disc corrosion and low brake dust contamination, and enable good performance in electric vehicles.
Which regional trends are influencing the hybrid composites market, and which area dominates the industry?
Europewas the largest region in the hybrid composites market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hybrid composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Hybrid Composites Market Report 2025 Offer?
The hybrid composites market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Hybrid composites refer to materials or structures composed of two or more different types of reinforcing fibers or materials combined to create a composite material with enhanced or tailored properties. They are used in a wide range of applications such as aerospace, construction, household purposes, and automotive because of their high mechanical properties.
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