According to a new research report by Global Market Insights Inc., the Hybrid Fabrics Market size will exceed USD 400 million by 2025. Expanding automobile sector along with increasing focus of governments on renewable energy, especially in Asia Pacific, will propel hybrid fabrics demand by 2025.
Climate change and increased use of fossil fuels has pushed the demand for renewable energy sources. Countries of Asia Pacific including India, China, Bangladesh etc. are looking for cost effective and environment friendly materials for its various industrial needs. Asia Pacific countries are investing heavily in wind and solar energy generation. Also, the region is home to high automobile demand, due to increased consumer spending of middle-class population.
Hybrid fabrics are extensively used in automobiles as it makes the automotive parts light weight and enhances their aesthetics. Hybrid fabrics are also used in production of various kinds of aerospace and defense equipment. According to the World Economic Forum, world military spending in 2016 was USD 1,686 billion. It is observed that military spending will continue to rise in Asia Pacific, Europe And North Africa in the coming years, such trends will subsequently drive hybrid fabrics market growth by 2025. However, high cost associated with aramid and carbon fibers shall hamper industry growth over the forecast timeframe.
Browse key industry insights spread across 182 pages with 371 market data tables & 26 figures & charts from the report, “Global Hybrid Fabrics Market By Product (Glass/Carbon, Glass/Aramid, Carbon/Aramid), By End-user (Automotive, Aerospace & Defense, Wind Energy, Sports & Recreational Equipment), Industry Analysis Report, Regional, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Carbon/glass segment accounted for 30% share in global hybrid fabrics market share in 2018. Carbon/glass fabrics are mostly used in manufacturing of spare tire lining, seat backs, boot liner, door panels, etc. It also shows high draping ability, making it ideal for automotive manufacturers. Hybrid fabrics made components help in reducing vehicle weight and hence improves the fuel efficiency
Aerospace & defense sector will hold majority share in the hybrid fabrics market with a CAGR close to 14% over the forecast timeframe. The product renders low weight and high strength to aircraft components. Radomes, secondary structures (belly fairing or wing-to-body, leading parts, edges and flight control systems), nacelles and interior paneling systems are made using hybrid fabrics.
Majority of industry players are mainly located in Europe. Companies such as Gurit, Solvay and SGL Carbon are largely present across Europe. They are likely to contribute significantly in fabrics business growth over the forecast period. In 2018, Europe accounted more than 25% in global hybrid fabrics market share and will grow prominently over the period of 2019-2025.
Large number of automotive and defense machinery manufacturers are operating in various European countries. Sweden, France, Russia and U.K. are some of the largest defense equipment producers after the U.S. Furthermore, initiatives by European Union to curb vehicular emissions will propel the hybrid fabric usage in vehicles due to its impressive weight to strength ratio.
The competition in global hybrid fabrics industry is high with presence of large number of medium sized companies. However, companies including Solvay, Hexcel Corporation, BGF Industries Inc. held majority share in 2018. The medium sized companies seek independent distributers to deliver their products to the market. On the other hand, companies such as Hexcel Corporation and Gurit possess distribution networks with offices in major regions around the globe.