According to the research report titled ‘Global Hybrid Composites Market Size study, by Fiber Type (Carbon/Glass, Carbon/Aramid, High-modulus polypropylene (HMPP), Ultra-high-molecular-weight polyethylene (UHMWPE), Others), by Resin (Thermoset, Thermoplastic), by End-User (Aerospace & Defense, Wind Energy, Automotive & Transportation, Sporting Goods, Marine, Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global hybrid composites market accounted for USD 501 million in the year 2019 and is projected to register a robust CAGR of 15% during 2020-2027.
 

Factors such as escalating demand for automobiles as well as lightweight aircrafts, growing concerns regarding carbon emissions and fuel consumption, and widespread applications of the product across verticals including wind energy, marine, automotive & transportation, and aerospace & defense are augmenting the growth of global hybrid composites market.
 

For the uninitiated, hybrid composites are a type of composite material that are comprised of two or more reinforcing fibers. The most commonly used hybrid composites include glass-carbon epoxy and carbon-aramid epoxy among others.
 

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Industry experts claim that beneficial properties of the composites such as high impact resistance as well strength, and longitudinal and lateral mechanical strength are stimulating the global hybrid composites market dynamics. However, complex fabrication methods, high costs associated with the hybrid composites, and outdated manufacturing technologies are expected to impede the industry expansion throughout the analysis timeframe.
 

The emergence of the COVID-19 pandemic has plummeted the global economy, arresting the operations of the manufacturing sector, thereby negatively impacting the demand for hybrid composites across several industry verticals.
 

Based on fiber type, global hybrid composites industry is bifurcated into ultra-high-molecular-weight polyethylene, high-modulus polypropylene, carbon/aramid, carbon/glass, and others.
 

With regards to resin, the market is divided into thermoplastic and thermoset. The end-user terrain of the industry comprises of marine, sporting goods, automotive & transportation, wind energy, aerospace & defense, and others.
 

Regionally, Asia-Pacific hybrid composites market is estimated to record the highest CAGR over 2020-2027. Rising investments towards residential and commercial construction industries coupled with flourishing manufacturing as well as automotive industries in India and China are fostering the expansion of the regional market.
 

Major players that outline the global hybrid composites industry trends are Quantum Composites Inc., Innegra Technologies LLC, PlastiComp Inc., Exel Composites Oyj, General Electric Company, Teijin Limited, Hexcel Corporation, Gurit Holding AG, SGL Carbon SE, and Koninklijke DSM N.V. among others.