The Hybrid Composites Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hybrid Composites Global Market Report 2024, The hybrid composites market size has grown strongly in recent years. It will grow from $3.48 billion in 2023 to $3.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. 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 $5.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. 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.
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.
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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
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.
The hybrid composites market report table of contents includes:
- Executive Summary
- Hybrid Composites Market Characteristics
- Hybrid Composites Market Trends And Strategies
- Hybrid Composites Market - Macro Economic Scenario
- Global Hybrid Composites Market Size and Growth
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- Global Hybrid Composites Market Competitive Benchmarking
- Global Hybrid Composites Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hybrid Composites Market
- Hybrid Composites Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- General Electric Company
- Toray Industries Inc
- Solvay S.A
- Owens Corning Fiberglass Corporation
- Royal DSM N.V
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The Hybrid Composites market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hybrid composites market include Hexcel, Lanxess, PolyOne Corporation, RTP Company and Toray.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hybrid Composites Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/hybrid-composites-market/download-sampleMarket DynamicsThe properties of composites such as tensile modulus, compressive and impact strength which are hard to get in traditional composites are driving the market growth.
On the other hand, the high cost associated with the manufacturing of hybrid composites may hamper market growth.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.Additionally, these tools also give an inclusive assessment of each application/product segment in the global market of hybrid composites.Browse Global Hybrid Composites Market Research Report with detailed TOC at https://www.valuemarketresearch.com/report/hybrid-composites-marketMarket SegmentationThe entire hybrid composites market has been sub-categorized into product type and application.
