The global carbon/glass hybrid composites market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023–2031. The market is driven by the growing demand for the product across various industries including aerospace & defense, automotive & transportation, and wind energy.
The growth of the carbon/glass hybrid composites market has primarily been a result of constant advancements in design and material technology. There has been an increasing demand for these hybrid composites from the manufacturers of automotive and aerospace industries. The carbon/glass hybrid composites enable these industries in developing strong and reliable products, with a vast scope of different designs to serve various purposes. Furthermore, factors such as increasing industrialization in developing nations and rising environmental awareness to reduce the carbon footprint are anticipated to boost the market.
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As per one of the recent surveys, the automotive industry showed significant growth in 2021 with the selling of 66.7 million units in the US. The growth is expected to continue, as 75% of the US population has access to their car as of March 2023. The rising preference for lightweight vehicles among new buyers is expected to fuel the demand for carbon/glass hybrid composites from automotive manufacturers, which is likely to support the market during the assessment period.
Carbon/glass hybrid composites are materials created with a combination of two or more types of fibers within the same matrix. This creates a synergetic effect on the properties of different fibers used, elevating the quality of the composite. The hybrid nature enhances the mechanical properties of the material such as high impact resistance, high strength, and low density. With the increasing technological innovations, the carbon/glass hybrid composites market is anticipated to grow steadily during the projection period.
The research report finds that the COVID-19 pandemic hampered the growth of the global carbon/glass hybrid composites market, due to the constraints on the supply chain and logistics during the pandemic. The lockdown imposed by various governments around the world led to an overall economic slowdown, creating a significant gap between the supply and demand of various products. The market, however, is regaining impetus post the relaxation of these restrictions and is expected to have stable growth throughout the forecast period.
Artificial Intelligence Impact on the Carbon-Glass Hybrid Composites Market
Artificial intelligence (AI) is expected to boost the market, as it facilitates more efficient and accurate manufacturing processes, resulting in higher-quality products. This technology is likely to revolutionize the market, providing a more unified approach that ensures better outcomes. The manufacturing of hybrid composites has always been a challenging task, as ensuring accuracy and quality products is crucial. In recent times, various manufacturing techniques have been adopted, but none alone proved to be sufficient. However, the integration of artificial intelligence (AI) with existing methods has proven to be highly reliable and effective.
Carbon/Glass Hybrid Composites Market Dynamics
Major Drivers
Rising demand for lightweight materials in the automotive industry is projected to be a major driver of the market during the forecast period. The use of lightweight materials such as carbon/glass hybrid composites improves the speed, durability, and maneuverability of vehicles. This also improves the fuel economy of modern vehicles, while maintaining performance and safety. Furthermore, automotive lightweight cars decrease the load on the engine, helping it maintain optimum performance. Several studies suggest, reducing vehicular weight by just 10% can help improve fuel efficiency by approximately 3%.
Growing requirement for reducing carbon emissions and improving fuel efficiency is expected to propel the market during the projection period. In the aerospace industry, the removal of one kilogram of material weight from an aircraft can save up to 106 kilograms of jet fuel annually. This has a huge impact on the environment, decreasing the overall emission of greenhouse gases into the atmosphere. For instance, the popular aircraft Boeing 787 had been designed to have 20% less weight, increasing the fuel economy by approximately 12%. In addition, it significantly reduces carbon emissions while efficiently carrying the load.
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As per the article published by the National Institute of Health in November 2021, the trend of lightweighting of vehicular transportation is being driven by factors such as enhanced performance, reduced cost, and increased sustainability. This is creating high demands for various lightweight materials such as carbon glass hybrid composites and innovative design concepts.
Existing Restraints
High-cost of manufacturing carbon/glass hybrid composites is anticipated to hinder the market during the forecast period. The manufacturing process of carbon fiber as well as the composites is relatively new in comparison to metal alloys and not very efficient. This long and tedious process increases the time and cost required for manufacturing, thereby affecting the growth of the market. However, the development of efficient procedures can potentially reduce the cost of manufacturing carbon/glass hybrid composites.
Emerging Opportunities
Growing research and development for advancement in composites manufacturing technologies is projected to create significant growth opportunities for the market. There is a growing requirement for lightweight materials across various industries. The high strength-to-weight ratio of the carbon/glass hybrid composites allows the manufacturing of structures and components with a bigger payload capacity, better fuel efficiency, and enhanced performance. Furthermore, the increasing environmental awareness is also fueling the demand for such lightweight materials, creating favorable conditions for market growth.
Scope of the Carbon/Glass Hybrid Composites Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Carbon/Glass Hybrid Composites Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Resin Type (Thermoplastic and Thermoset), End-users (Automotive & Transportation, Aerospace & Defense, Wind Energy, Marine, Sporting Goods, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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DSM; Exel Composites; General Electric; Gurit Services AG; Hexcel Corporation; Innegra; LANXESS; RTP Company; SGL Carbon; Teijin Aramid B.V.; and Toray Composite Materials America, Inc.
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Carbon/Glass Hybrid Composites Market Segment Insights
Resin Type Segment Analysis
Based on resin type, the carbon/glass hybrid composites market is divided into thermoplastic and thermoset. The thermoset segment is projected to hold the major share of the market during the projection period, as a result of its excellent strength and crack resistance. The cross-linking structure of these products makes them ideal for use in extreme conditions, especially in the automotive and aerospace industries.
The thermoset hybrid composites become stronger upon heating, but cannot be remolded post the initial heating process. The high demand for lightweight and high-performance vehicular transportation is anticipated to propel the growth of this segment.
The thermoplastic segment is anticipated to expand at a significant pace in the market, owing to its wide range of uses and non-toxic nature. Thermoplastic composite materials are much less expensive and can easily be recycled for other purposes. Furthermore, they are weldable and even have high impact resistance. Some of the prominently used thermoplastic resins include polypropylene, PVC, and PET. They are ideal for the mass production of lightweight structural parts and are expected to grow with the rising demand for customized designs for different components in various industries.
- In October 2021, SHD Group announced the release of two advanced epoxy prepreg systems, LTB310-1 and MTB350. These products are intended to be an active step towards environmental conservation and add the development of eco-friendly composite solutions to the company’s product portfolio.
End-user Segment Analysis
On the basis of end-user, the global market is segregated into automotive & transportation, aerospace & defense, wind energy, marine, sporting goods, and others. The automotive & transportation segment is projected to register a high CAGR during the forecast period, owing to the demand for hi-tech vehicles with innovative designs and economical fuel consumption.
The use of automotive thermoplastic polymer composite significantly reduces the weight as compared to the metal parts and therefore helps in increasing the efficiency of fuel consumption. Furthermore, carbon/glass hybrid composites are also in high demand for the manufacture of lightweight railway components, which is anticipated to fuel the market.
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As per the report published by International Trade Administration in 2021, the United States has one of the largest automotive markets in the world. In 2020, approximately 14.5 million lightweight vehicles were sold, while around 1.4 million new lightweight vehicles were exported to other countries.
The aerospace & defense segment is projected to register a considerable CAGR during the forecast period, due to the increasing demand for carbon/glass hybrid composites in the manufacture of aircraft, missiles, satellites, and rockets. The mechanical properties of this hybrid composite make it ideal for the extreme environment of the upper atmosphere and space. The development of hybrid composite materials with enhanced physical properties and performance is anticipated to grow with the advancement of the aerospace and defense segment.
Regional Outlook
In terms of region, the global carbon/glass hybrid composites market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, due to the growth in automotive production as well as the expansion of the manufacturing sector in the region. The consistent growth of several emerging countries such as India, China, and Japan makes this region one of the most feasible and lucrative destinations for the advancement of aerospace, construction, and electronics sectors.
Europe is anticipated to witness significant growth during the forecast period, as this region has the most well-established marine, wind energy, automotive, aerospace, and defense industries. In addition, several key market players belong to this region, who are aiming at the development of better hybrid composites and the improvement of already existing products. These factors are anticipated to provide substantial growth to the market in this region.
Segments
The carbon/glass hybrid composites market has been segmented on the basis of
Resin Type
End-user
- Aerospace & Defense
- Automotive & Transportation
- Marine
- Wind Energy
- Sporting Goods
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- DSM
- Exel Composites
- General Electric
- Gurit Services AG
- Hexcel Corporation
- Innegra
- LANXESS
- RTP Company
- SGL Carbon
- Teijin Aramid B.V.
- Toray Composite Materials America, Inc.
Competitive Landscape
Key players competing in the global carbon/glass hybrid composites market are DSM; Exel Composites; General Electric; Gurit Services AG; Hexcel Corporation; Innegra; LANXESS; RTP Company; SGL Carbon; Teijin Aramid B.V.; and Toray Composite Materials America, Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to get an edge over the competitors. The development of composite materials that push physical limitations and are highly dependable, even in extreme environments, is anticipated to put the market players ahead of the curve. For instance,
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In 2021, Toray Industries Inc., the prominent market player, made the announcement that it would increase the yearly production of carbon fiber composite materials in Japan by up to 5000 tons by 2025. This is aimed to fulfill the rising demand for lightweight and high-performance materials across various end-use sectors.
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In 2021, Toray Industries launched a new and technologically advanced carbon fiber composite material, TORAYCA T1100G-13C. The material boasts features such as lightweight and increased strength. It has been created for use in the aeronautical and automotive industries, among others.
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