The global hybrid composites market is expected to grow at with a CAGR greater than 12% during the forecast period. The better properties exhibited by hybrid composites in comparison to the traditional composites is a major driving factor for the market studied. However, high cost of raw materials is hindering the growth of the market studied.
- Carbon/Glass hybrid type accounts for the highest market share and is expected to dominate the market studied during the forecast period.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period owing to the high demand from China.
Key Market Trends
Carbon/Glass to Dominate the Market
- Hybrid carbon fiber/glass fiber material is a lightweight and high-strength alternative for traditional fiberglass and metal applications in the automotive & transportation, building & construction and other industrial markets.
- The hybrid material offers the performance benefits of carbon fiber at a cost similar to high-performance fiberglass.
- Users can get up to 90% of carbon’s benefits at a cost much lower than what they would have to incur in case of using carbon fiber.
- Parts made out of these hybrid composites provide a high strength to weight ratio and are devoid of corrosion. These have extended service life requiring less maintenance. Their high specific properties meet the needs of applications that lay utmost importance on safety and strength.
- Owing to the above-mentioned factors, carbon/glass fiber type i likely to dominate the market during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- The infrastructure industry in Asia-Pacific has been growing at a healthy rate in recent times. Hence, the region is estimated to witness tremendous growth rate over the assessment period in the Cement Board market.
- The Asia-Pacific region is currently experiencing high investments in residential and commercial construction, especially in China, Japan, Taiwan and South Korea and in developing economies such as India, Malaysia, Indonesia and Vietnam.
- All of these factors will be supported by the ever-increasing population in the region, urbanization and their increasing purchasing power. Regulations related to VOC emissions are currently being implemented in many regions of Asia-Pacific, and this might also drive the usage of cement boards such as fiber cement board (FCB) and cement bonded particleboard (CBPB).
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to witness the hihgest growth during the forecast period.
The hybrid composites market is moderately fragmented as the market share is divided between many players. Key players in the market include LANXESS, PlastiComp, Inc., PolyOne Corporation, Hexcel Corporation, and SGL Carbon, among others.
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