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. Due to the growth of 3D printing market, there is rise in the hybrid fabric market. Thus, the demand for the composite form application increases significantly. 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. As, hybrid fabric are lightweight in nature, it has significantly increased the demand in the electrical vehicles to reduce fuel consumption and breakdown emissions. 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.