At 12.3% CAGR, the Asia Pacific Hybrid Composites Market is projected to be worth US$ 684.51 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific hybrid composites market was valued at US$ 383.18 million in 2023 and is expected to reach US$ 684.51 million by 2028, registering a CAGR of 12.3% 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 Asia Pacific 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 Asia Pacific hybrid composites market.

On the contrary, high cost and recyclability issues of hybrid composites hampers the Asia Pacific hybrid composites market.  

Based on fiber type, the Asia Pacific 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 45.7% share of Asia Pacific hybrid composites market in 2023, amassing US$ 175.18 million. It is projected to garner US$ 337.55 million by 2028 to expand at 14.0% CAGR during 2023–2028.

Based on resin, the Asia Pacific hybrid composites market is segmented into thermoset and thermoplastic. The thermoset segment held 62.5% share of Asia Pacific hybrid composites market in 2023, amassing US$ 215.30 million. It is projected to garner US$ 420.26 million by 2028 to expand at 12.0% CAGR during 2023–2028.

Based on application, the Asia Pacific hybrid composites market is segmented into automotive, aerospace, marine, wind energy, sporting goods, and others. The automotive segment held 36.6% share of Asia Pacific hybrid composites market in 2023, amassing US$ 140.40 million. It is projected to garner US$ 264.57 million by 2028 to expand at 13.5% CAGR during 2023–2028.

Based on country, the Asia Pacific hybrid composites market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 61.9% share of Asia Pacific hybrid composites market in 2023. It was assessed at US$ 237.06 million in 2023 and is likely to hit US$ 435.60 million by 2028, exhibiting a CAGR of 12.9% during 2023–2028.

Key players operating in the Asia Pacific 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com