North America Hybrid Composites Market

The North America hybrid composites market is expected to grow from US$ 193.51 million in 2023 to US$ 342.07 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2023 to 2028.

Growing Demand for Lightweight Materials in Aerospace & Defense Industry Fuels North America Hybrid Composites Market

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.

North America Hybrid Composites Market Overview

The North America hybrid composites market is segmented into the US, Canada, and Mexico. The rising demand for hybrid composites, especially across the aerospace industry in the region, is significantly driving the market growth. Composites are significantly used in aerospace applications to fabricate aircraft parts such as wing spars, interiors, fuselage, and radomes. The lightweight property of hybrid composite can increase fuel efficiency, resulting in reduced fuel costs and increased speed and maneuverability. According to the Federal Aviation Administration (FAA), in 2020, the number of aircraft in the US commercial fleet amounted to 5,882, registering a decline rate of 22.9% compared to 2019. However, the commercial fleet is projected to reach 8,756 by 2041, with an average annual growth rate of 2% annually. This is expected to boost the demand for hybrid composites for multiple applications within the aerospace industry. However, with increasing environmental concerns, aircraft manufacturers are looking for sustainability in composites and investing more in natural composites. The region is a hub for major aircraft manufacturing companies such as Raytheon Technologies Corporation, Boeing Company, and Lockheed Martin Corporation. 

North America Hybrid Composites Market Revenue and Forecast to 2028 (US$ Million)

North America Hybrid Composites Strategic Insights

Strategic insights for the North America Hybrid Composites provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Hybrid Composites Report Scope

North America Hybrid Composites Regional Insights

The geographic scope of the North America Hybrid Composites refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Hybrid Composites Market Segmentation

The North America hybrid composites market is segmented into fiber type, resin, application, and country.

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 the largest share of the North America hybrid composites market in 2023.

Based on resin, the North America hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held a larger share of the North America hybrid composites market in 2023.

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 the largest share of the North America hybrid composites market in 2023.

Based on country, the North America hybrid composites market is segmented into the US, Canada, and Mexico. The US dominated the North America hybrid composites market in 2023.  

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 are some of the leading companies operating in the North America hybrid composites market.