Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) — The “North America Hybrid Composites Market Forecast to 2028 – Regional Analysis – by Fiber Type, Resin, and Application” report has been added to ResearchAndMarkets.com’s offering.
The North America hybrid composites market is expected to grow from US$ 193.51 million in 2023 to US$ 342.07 million by 2028. It is estimated to grow at a CAGR of 12.1% from 2023 to 2028.
Growing Demand for Lightweight Materials in Aerospace & Defense Industry Fuels North America Hybrid Composites Market
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.
North America Hybrid Composites Market Overview
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.
A selection of companies mentioned in this report includes
- Avient Corp
- Gurit Holding AG
- Hexcel Corp
- Lanxess AG
- Mitsubishi Chemical Holdings Corp
- PGTEX China Co Ltd
- SGL Carbon SE
- Solvay SA
- Teijin Ltd
- Toray Industries Inc
For more information about this report visit https://www.researchandmarkets.com/r/jbxjg3
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