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(IT-NEWSWIRE.COM, March 27, 2020 ) Market Overview
• The Global Hybrid Composites Market is expected to grow at a CAGR of 14.50% during the forecasting period (2019-2026).
• Hybrid composites provide the strength, wear-resistance, and radiopacity necessary for anterior and posterior use. They are the composites that have a mixture of two or more reinforcement fibers. The most common hybrid composites are carbon-aramid reinforced epoxy which combines strength and impact resistance and glass-carbon reinforced epoxy. Hybrid composites are usually used when a combination of properties of different types of fibers wants to be achieved, or when longitudinal as well as lateral mechanical performances are required. Based on the resin, the hybrid composites market is divided into thermoplastic hybrid composite and thermoset hybrid composite. Based on fiber type, the market is classified into carbon/glass, wood/plastic, carbon/aramid, metal/plastic, and others.
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Market Dynamics
• The increasing adoption rate of hybrid composites in various applications and rising demand from emerging and evolving markets are the key driving factors for the growth of the market. The usage of hybrid composites is increasing in various applications like aerospace, automotive, transportation, marine, dental, etc., The benefits of a hybrid composite consist of great bond strength, packability, radiopacity, condensed polymerization shrinkage, esthetics of a ceramic in a composite, exceptional polishability, and non-sticky consistency for easy sculpting. Hybrid composites are light-cured and with an average curing time of 30 seconds, hybrid composites a popular choice among dentists. For instance, Bisco dental has introduced few products like Aelite Aesthetic Enamel Dental Hybrid Composite, Aelite LS Posterior Dental Hybrid Composite, AeliteFlo LV Radiopaque Low Viscosity Composite and many more.
• However, huge technology cost is required for the manufacturing of hybrid composites is a major restraint hindering the market growth.
Market Segmentation
• By end-use industry, the hybrid composites market is segmented into automotive & transportation, marine, aerospace & defense, wind energy, sporting goods, and others. Others include dental. The global hybrid composites market size by the end-use industry was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Marine segment is one of the leading end-user industries in the usage of hybrid composites owing to its characteristics of strengthening materials and high performance. Companies are increasing in launching hybrid composites for marine industries. For instance, Fothergill Composites Inc., Bennington, has designed safety and secured cell cockpit from carbon and aramid fibers with an aramid honeycomb core to save the driver in all situations, during high-speed crash especially. Racing powerboats are now gradually increasing the made of advanced and hybrid composites for high-performance craft and safety.
• Based on the resin, the hybrid composites market is divided into thermoplastic hybrid composite and thermoset hybrid composite. The global hybrid composites market size by resin was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
• Based on fiber type, the market is classified into carbon/glass, wood/plastic, carbon/aramid, metal/plastic, and others. Others are again is classified into UHMWPE/carbon and HMPP/carbon. The global hybrid composites market size by resin was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Geographical Analysis
• The Asia Pacific hybrid composites market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Asia Pacific is expected to grow with a high CAGR rate in the forecast period owing to the increase in the usage of hybrid composites in end-user industries. Asia Pacific economies India, South Korea, Japan, and China are likely to boost the demand for hybrid composites market. The automobile industry utilizes composites and hybrid composites in many of the interior and exterior applications. Companies in the Asia Pacific are expanding their business operations. For instance, in May 2019, Hankuk Carbon, a company considered one of the pioneers in Korean composite material manufacturing, has opened the doors of its first European office at MIRA Technology Park, a UK-based Enterprise Zone.
Competitive Landscape
• The Hybrid Composites market is competitive with existing players in the market. Some of the major players include Quantum Composites, Innegra Technologies, LLC, Exel Group World Wide, General Electric, PlastiComp, Inc., Solvay SA, Hexcel Corporation, Teijin Limited, Gurit and Royal DSM.
• The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Hybrid Composites Market.
• In May 2019, Hankuk Carbon, a company considered one of the pioneers in Korean composite material manufacturing, has opened the doors of its first European office at MIRA Technology Park, a UK-based Enterprise Zone.
• In May 2018, Exel Composites a Finland based company has acquired US company Diversified Structural Composites. The acquisition has helped Exel Composites strengthen its business in North America.
• In December 2017, The Belgium based startup company REIN4CED has developed a new so-called ‘Hybrid’ composite material for bike frames, and also devised a fully automated production process.
• In October 2017, Belgium based company Solvay has developed a new hybrid composite material. The composite is made using a blending of fibers glass and carbon.
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