According to the report published by Allied Market Research, the global hybrid fabrics market generated $213.4 million in 2019, and is expected to garner $418.0 million by 2027, witnessing a CAGR of 9.0% from 2020 to 2027. The report provides a detailed analysis of changing market trends, top winning segments, key segments, value chain, market size & estimations, and competitive landscape.
Increase in significance of lightweight fabrics, rise in applications in aircrafts and automotive, and stringent emission norms worldwide drive the growth of the global hybrid fabrics market. However, expensive nature of carbon/aramid and presence of low cost alternatives hinder the market growth. However, increase in application in wind turbines would offer new opportunities in the coming years.
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Covid-19 Scenario:
- The lockdown imposed by governments and its extension in some countries have immensely impacted manufacturing activities and supply chain of the industry.
- The ban on imports and exports put limitations on supply of raw materials, which in turn, impacted the production capacity. The distribution channels have been blocked, which created supply-demand gap.
- As the automotive sector stopped its activities such as manufacturing and procurement of raw materials due to lockdown, the demand for hybrid fibers from car manufacturers reduced significantly.
- Temporary shutdown of the on-going projects from the renewable energy sector affected the entire supply chain and caused decline in overall revenue for hybrid fabrics market players.
The research offers a detailed segmentation of the global hybrid fabrics market based on type, application, and region.
By fiber type, the glass/carbon segment accounted for the highest market share in 2019, holding nearly two-fifths of the total market share, and is estimated to continue its leadership position throughout the forecast period. However, the carbon/UHMWPE segment is expected to witness the largest CAGR of 11.4% from 2020 to 2027.
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By application, the aerospace and defense segment contributed to the largest market share, accounting for more than one-third of the global hybrid fabrics market in 2019, and is expected to continue to dominate in terms of revenue by 2027. However, the automotive segment is expected to register the largest CAGR of 10.8% during the forecast period.
Based on region, Europe held the highest market share in 2019, accounting for more than one-third of the total share, and is expected to maintain its lead position during the forecast period. However, the Asia-Pacific region is projected to witness the highest CAGR of 11.6% from 2020 to 2027.
Top players of the global hybrid fabrics market analyzed in the report include DSM, SGL Group, Solvay SA, Gurit Holding AG, Kordcarbon, a.s., Textum Inc., Isomatex, and BGF Industries, Inc.
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