At 12.1% CAGR, the North America Hybrid Composites Market is projected to be worth US$ 342.07 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America hybrid composites market was valued at US$ 193.51 million in 2023 and is expected to reach US$ 342.07 million by 2028, registering a CAGR of 12.1% from 2023 to 2028. Growing demand for lightweight materials in aerospace & defense industry and rising use of hybrid composites in wind energy and automotive industries are the critical factors attributed to the North America hybrid composites market expansion.

Rapid developments in material technology continue to support variations in the structure of wind turbines. Many of these variations were primarily introduced to reduce the prices of turbines. Factors such as corrosion resistance, fatigue resistance, toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Glass fiber-reinforced plastics (GRPs) are the most used type of composite material in wind turbine manufacturing. The major benefits of using GRPs include hybrid mechanical properties, high corrosion resistance, high-temperature tolerance, simplified manufacturing, and favorable costs. In 2023, the US Congress announced the launch of coordinated actions to develop new floating offshore wind platforms and clean energy technology. The government aims to deploy offshore wind platforms to generate 30 gigawatts (GW) of energy by 2030, sufficient to power 10 million homes with clean energy; these initiatives support 77,000 jobs and stimulate private investments in the supply chain. Such favorable government initiatives are increasing the demand for hybrid composites in the wind energy industry. Lightweight materials offer excellent potential for increasing vehicle efficiency as their acceleration requires less energy than heavier ones. According to the Office of Energy Efficiency & Renewable Energy, a 10% decrease in vehicle weight can improve fuel economy by 6–8%. Substituting cast iron and traditional steel components with lightweight materials, such as high-strength steel, aluminum (Al) alloys, magnesium (Mg) alloys, carbon fiber, and polymer composites, can reduce the weight of a vehicle body and chassis by up to 50%, thereby reducing the fuel consumption of a vehicle. The application of hybrid composites in the automotive sector is growing at a significant pace. In this sector, plastics are used in large quantities to produce composites. Hybrid composites have excellent acoustic and thermal properties, which makes them ideal for vehicle interior parts. Furthermore, they are suitable for the manufacturing of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Therefore, the growing demand for hybrid composites from the automotive industry for the manufacturing of fuel-efficient, lightweight vehicles such as electric vehicles (EVs) is driving the hybrid composites market.

On the contrary, high cost and recyclability issues of hybrid composites hampers the North America hybrid composites market.  

Based on fiber type, the North America hybrid composites market is segmented into carbon/aramid, carbon/glass, high-modulus polypropylene (HMPP)/carbon, ultra high molecular weight polyethylene (UHMWPE)/ carbon, and others. The carbon/aramid segment held 50.4% share of North America hybrid composites market in 2023, amassing US$ 97.57 million. It is projected to garner US$ 183.66 million by 2028 to expand at 13.5% CAGR during 2023–2028.

Based on resin, the North America hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held 53.8% share of North America hybrid composites market in 2023, amassing US$ 104.04 million. It is projected to garner US$ 179.79 million by 2028 to expand at 11.6% CAGR during 2023–2028.

Based on application, the North America hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held 33.7% share of North America hybrid composites market in 2023, amassing US$ 65.16 million. It is projected to garner US$ 116.04 million by 2028 to expand at 12.2% CAGR during 2023–2028.

Based on country, the North America hybrid composites market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.0% share of North America hybrid composites market in 2023. It was assessed at US$ 145.10 million in 2023 and is likely to hit US$ 253.00 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.   

Key players operating in the North America hybrid composites market are Avient Corp, Gurit Holding AG, Hexcel Corp, Lanxess AG, Mitsubishi Chemical Holdings Corp, PGTEX China Co Ltd, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc, among others.

• In 2023, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and announced its plan to explore sale option for its Avient Distribution business.
• In 2023, Lanxess AG launched sustainable product variants to its Tepex brand composite range.

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