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Hybrid composites market Share, Growth, Trends And Forecast 2031

Research Nester published a report titled “hybrid composites market: Global Demand Analysis & Opportunity Outlook 2030” which delivers a detailed overview of the network access control market in terms of market segmentation by product type, by services, by verticals, by deployment, and by region.

The global hybrid composites market is estimated to garner a sizeable revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing utilization of these composites in various end user industries, such as construction, automotive & transportation, and aerospace & defense. Along with this, high strength & stiffness, improved fatigue resistance, and balanced thermal distortion stability provided by hybrid composites is also expected to drive growth to the market in the forthcoming years.

Furthermore, rapidly rising urbanization and industrialization, especially in emerging economies, is projected to offer abundant growth opportunities to the market in the near future. According to the World Bank, 56.156% of the population in the world lived in urban areas, up from 55.72% and 55.277% in the years 2019 and 2018 respectively.

The market is segmented by end-use industry into automotive & transportation, construction, wind energy, marine, aerospace & defense, and sporting goods. Out of these, the automotive & transportation segment is anticipated to hold the largest share in the global hybrid composites market. This can be accounted to the fact that usage of these composites in the automotive industry has resulted in excellent performance and luxury at economical pricing. Additionally, on the basis of fiber type, the carbon/glass segment is predicted to acquire the largest share during the forecast period owing to the high strength, corrosion resistance and light weight of this type of fiber. Apart from this, escalating demand for carbon/glass fiber composites from automotive and wind energy industries is also assessed to boost the growth of the market segment in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT

Regionally, the global hybrid composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing investments in residential and commercial construction in the region. As per the Indian Brand Equity Foundation (IBEF), in Union Budget 2021, Indian government allocated USD 1.89 billion to Smart Cities and AMRUT missions. Also, sectors such as energy, roads, urban and railways amount to ~71% of the projected infrastructure investments in India.

In addition, rapidly growing rates of population and urbanization are also expected to drive market growth in the region in the future. Moreover, the market in Europe is projected to grab the largest share during the forecast period ascribing to the stringent government regulations regarding volatile organic compounds (VOC) emissions, and strong presence of market players in the region.

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