The scope of our recent study on the "Hybrid Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Fiber Type, Resin, and Application" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The hybrid composites market is expected to grow from US$ 856.02 million in 2022 to US$ 1,678.47 million by 2028; it is estimated to register a CAGR of 12.1% from 2023 to 2028.
The hybrid composites market is highly competitive due to the presence of many well-established players. There is a growing demand for hybrid composites from different end-use industries such as automotive, aerospace, marine, wind energy, and sporting goods. Carbon fibers, glass fibers, aramid fibers, thermoplastic resins, thermoset resins, ceramics, metals, fillers, and additives are raw materials required for hybrid composites manufacturing.
Based on resin, the global hybrid composites market is segmented into thermoset and thermoplastic. The global hybrid composites market share for the thermoset segment was largest in 2022. The thermoplastic segment is expected to register a higher CAGR during the forecast period. Thermoplastic resins soften to a high-heat liquid and then harden when cooled. Therefore, thermoplastic hybrid composites can be molded into various shapes and structures, making plastic resins applicable to many industries. They are most often used in the injection molding process. Polyethylene terephthalate (PET) is the most common transparent and semicrystalline thermoplastic having high stiffness, mechanical strength, and chemical resistance. Polycarbonate (PC) is one of the most widely used materials in its reinforced and unreinforced forms. The introduction of reinforcement improves mechanical and other properties while maintaining the desirable properties of polycarbonate, such as easy manufacturing, chemical resistance, and thermal stability.
The global hybrid composites market is segmented into five main regions