CHICAGO, Feb. 27, 2019
CHICAGO, Feb. 27, 2019 /PRNewswire/ -- According to the new research report "Hybrid Fabric Market by Fiber (Glass/Carbon, Carbon/Uhmwpe, Glass/Aramid, Carbon/Aramid), Application Form (Composite and Non-Composite), End-use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Hybrid Fabric Market is expected to grow from USD 197 million in 2019 to USD 415 million by 2024, at a CAGR of 16.0% during the forecast period. The major factor driving the market is the balanced cost and performance characteristics offered by hybrid fabric. Hybrid fabric offers properties comparable with carbon fiber such as high strength, and increased resistance to corrosion, but at a low cost than carbon fiber. Its light weightiness also drives its demand.
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Glass/carbon hybrid fabric accounted for the largest share of the global Hybrid Fabric Market
Glass/carbon fiber hybrid fabric parts are lighter and stronger than their metal counterparts, due to which, they are extensively used in many industries, including automotive & transportation and wind energy. Glass/carbon hybrid fabric is used in high-end vehicles to reduce the overall cost. The glass/carbon Hybrid Fabric Market is witnessing high growth since the last three-to-five years due to an increase in the demand for hybrid composites from the automotive & transportation, wind energy, and marine end-use industries. Technological advances in hybrid fabric materials are likely to boost their applications in the downstream markets. The leading companies recently invested heavily in increasing their production capacities and started adopting various other strategies to meet the rising demand for hybrid fabric.
The market in the automotive & transportation industry is expected to grow at the highest CAGR during the forecast period
The Hybrid Fabric Market has been segmented on the basis of end-use industry into five categories: automotive & transportation, aerospace & defense, wind energy, sports & recreational, and consumer goods. The market in the automotive & transportation end-use industry is expected to grow at the highest CAGR during the forecast period, due to increasing wind turbine installations across the globe especially in APAC. The need for lightweight, high strength, and cost-effective material is the major driver of the market in the automotive & transportation industry. Glass/carbon and carbon/flax hybrids are the most commonly used hybrid fabrics in the automotive & transportation industry.
Europe is projected to the largest Hybrid Fabric Market during the forecast period
Europe is estimated to account for the largest share of the market in 2019. The region is considered the most advanced region in terms of technology adoption and infrastructure development. Europe is home to some of the major automotive and aerospace & defense equipment manufacturers, which creates a huge demand for hybrid fabric in the region. The presence of a large number of the key industry players offering hybrid fabric for automotive & transportation and aerospace & defense industries is the main driving factor of the Hybrid Fabric Market.
Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Exel Composites (Finland), Solvay (Belgium), Textum Inc. (US), BGF Industries, Inc. (USA), HACOTECH Gmbh (Germany), and Arrow Technical Textiles Pvt. Ltd. (India) are some of the key players in the Hybrid Fabric Market.
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