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.
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 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.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 193.51 Million |
| Market Size by 2028 | US$ 342.07 Million |
| CAGR (2023 - 2028) | 12.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Fiber Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Hybrid Composites Market is valued at US$ 193.51 Million in 2023, it is projected to reach US$ 342.07 Million by 2028.
As per our report North America Hybrid Composites Market, the market size is valued at US$ 193.51 Million in 2023, projecting it to reach US$ 342.07 Million by 2028. This translates to a CAGR of approximately 12.1% during the forecast period.
The North America Hybrid Composites Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Hybrid Composites Market report:
The North America Hybrid Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Hybrid Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Hybrid Composites Market value chain can benefit from the information contained in a comprehensive market report.
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