At 8.8% CAGR, the South & Central America Hybrid Composites Market is projected to be worth US$ 67.63 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America hybrid composites market was valued at US$ 44.33 million in 2023 and is expected to reach US$ 67.63 million by 2028, registering a CAGR of 8.8% 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 South & Central America hybrid composites market expansion.     

Hybrid composites are crucial for the safety and efficient performance of modern aircraft. The increasing need for lightweight materials to construct aviation components and parts has significantly increased the demand for hybrid composites. Aircraft manufacturers are making efforts to develop huge primary thermoplastic structures in business jets and commercial aircraft. They were the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. Thus, the growing demand for lightweight materials in the aerospace & defense industry is driving the hybrid composites market.

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

Based on fiber type, the South & Central 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 47.5% share of South & Central America hybrid composites market in 2023, amassing US$ 21.06 million. It is projected to garner US$ 34.18 million by 2028 to expand at 10.2% CAGR during 2023–2028.

Based on resin, the South & Central America hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held 66.7% share of South & Central America hybrid composites market in 2023, amassing US$ 29.55 million. It is projected to garner US$ 44.81 million by 2028 to expand at 8.7% CAGR during 2023–2028.

Based on application, the South & Central America hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held 38.9% share of South & Central America hybrid composites market in 2023, amassing US$ 17.26 million. It is projected to garner US$ 27.38 million by 2028 to expand at 9.7% CAGR during 2023–2028.

Based on country, the South & Central America hybrid composites market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 70.6% share of South & Central America hybrid composites market in 2023. It was assessed at US$ 31.31 million in 2023 and is likely to hit US$ 48.10 million by 2028, exhibiting a CAGR of 9.0% during 2023–2028. 

Key players operating in the South & Central America hybrid composites market are Avient Corp, Hexcel Corp, Lanxess AG, Mitsubishi Chemical Holdings Corp, 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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