Hybrid Composites Market Trends
Growth Drivers
- Increasing Demand for Lightweight Materials – Composites and polymers, for example, are a great deal lighter than steel, brass, alloys, iron, etc. By using these materials, manufacturers may reduce the weight of airplane components, which helps to minimize fuel costs. Thus, the increasing demand for lightweight materials in the aerospace and defense industry is accelerating the hybrid composites market growth. For instance, Airbus has delivered over 484 narrow-body commercial aircraft in 2020, compared to Boeing's over 43 deliveries.
- Technological Advancements - Technological advances that reduce the duration of production are expected to have a positive impact on demand for automotive products. 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021.
- Growing Environmental Concerns - Manufacturers are now using these hybrid composites in place of metal parts due to rising worries about fuel usage and CO2 emission levels. This will drive market expansion as well.
Challenges
- Increasing Prices of Raw Materials – The raw materials needed for the production of hybrid composite are expensive, making consecutive component production expensive. The cycle time, which is closely related to the amount of time needed for filling and curing, has a substantial impact on the production cost of hybrid composite products. These factors may become hindrances for the market of hybrid composites.
- Lack of Skilled Labour Force
- Complicated Manufacturing Techniques
Hybrid Composites Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
16.2% |
|
Base Year Market Size (2024) |
USD 12.06 billion |
|
Forecast Year Market Size (2037) |
USD 84.92 billion |
|
Regional Scope |
|
