Hybrid Composites Market Size and Growth Rate:
According to our research report, Hybrid Composites Market size is poised to reach USD xx Billion by the end of 2023 from USD xx Billion in 2017 and this market witnessed a growth rate of xx% during the forecast period 2018-2023.
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Hybrid Composites Market Overview:
Hybrid composites are materials made from a combination of two or more types of reinforcing fibers. Carbon-aramid epoxy and glass-carbon epoxy are the two commonly used types of hybrid composites. Hybrid composites possess high strength and impact resistance. They have longitudinal as well as lateral mechanical strength. These composites are used in applications, where a combination of properties offered by different reinforcing fibers is required.
Hybrid Composites Market Drivers and Restraints:
Growing demand for lightweight materials in the automotive industry is a key factor to drive the growth of the potential market. Increasing building & construction industry in developing countries of the Asia Pacific and other regions owing to rapid urbanization and industrialization is anticipated to augment the growth of the target market over the forecast period. Moreover, the growing aerospace industry in developing economies is estimated to support the growth of the market.
In addition, huge manufacturing and large technology cost of hybrid composites are some factors anticipated to hamper the growth of the world market.
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Hybrid Composites Market Geographical Segmentation:
In terms of geographical presence, the global hybrid composites market can be categorized into Europe, Asia Pacific, North America, Middle East & Africa, and Latin America. The Asia Pacific is the major region of the global market, and is projected to expand at a rapid pace during the forecast period due to the growing end-user industries of hybrid composites.
An increasing number of building & construction activities in the region owing to the growing population is anticipated to augment the growth of the potential market in Europe over the coming years. Presence of a large number of automotive manufacturers in the region is projected to boost the growth of the target market in Europe.Europe is estimated to be the largest market of specialty polystyrene resins followed by the market in the Asia Pacific. The presence of a large number of automotive manufacturers in the region is anticipated to boost the growth of hybrid composites market in the Asia Pacific.Increasing demand for passenger vehicles in the region owing to the rising spending power of individuals and changing living standards is estimated to drive the growth of the Asia Pacific hybrid composites market.
Keyplayers of the Hybrid Composites Market:
Some of the major and prominent players operating in the global hybrid composites market include Royal DSM, Hexcel Corporation, SGL Group, The Carbon Company, Gurit, TEIJIN LIMITED, Exel Group World Wide, Solvay SA, PlastiComp, Inc., Innegra Technologies, LLC, and Quantum Composites.
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