PORTLAND, Ore., Oct. 14, 2020 /PRNewsCentre/ — Allied Market Research published a report, titled, "Hybrid Fabrics Market by Fiber Type (Glass/Carbon, Carbon/Uhmwpe, Glass/Aramid, Carbon/Aramid, and Others) and Application (Automotive, Aerospace & Defense, Wind Energy, Sports & Recreational Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global hybrid fabrics market garnered $213.4 million in 2019, and is projected to reach $418.0 million by 2027, growing at a CAGR of 9.0% from 2020 to 2027.
Prime determinants of the market-
Growing importance of lightweight fabrics, surge in application in automotive and aircraft, and low emission norms across the globe are the major factors that propel the growth of the global hybrid fabrics market. Nevertheless, the high cost of carbon/aramid and availability of low cost alternatives curtail down the market growth. However, rising application of hybrid fabrics in wind turbine is anticipated to create new opportunities in the near future.
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The glass/carbon segment is anticipated to dominate the market by 2027-
Based on fiber type, the glass/carbon segment contributed to the largest market share in 2019, accounting for nearly two-fifths of the global hybrid fabrics market, and is projected to maintain its lead status during the forecast period. This is attributed to growing application in aerospace and automotive sectors. However, the carbon/UHMWPE segment is estimated to manifest the highest CAGR of 11.4% from 2020 to 2027.
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The aerospace and defense segment held the lion’s share in 2019-
Based on application, the aerospace and defense segment accounted for the highest market share, contributing to more than one-third of the global hybrid fabrics market in 2019, and is expected to maintain its dominant share by 2027. This is owing to rising demand for lightweight and high strength fabrics for cabin components, rotor blades, avionics, tooling, brakes and brake lining. However, the automotive segment is anticipated to grow at the highest CAGR of 10.8% during the forecast period. This is attributed to the growing prominence of lightweight vehicles for commercial and military sector.
Europe, followed by North America, would lead the trail by 2027-
Based on region, the Europe, followed by North America, held the largest share of the global hybrid fabrics market, contributing to more than one-third of the total share in 2019, and will continue its leadership position during the forecast period. This is attributed to large presence of hybrid fabrics manufacturers offering wide range of products. On the other hand, the Asia-Pacific region is anticipated to manifest the fastest CAGR of 11.6% from 2020 to 2027. The region is experiencing shifting in the trend toward lightweight automotive with high compressive and tensile strength, which drives the growth of the market.
Leading players of the market-
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SOURCE: Allied Market Research