Hybrid Fabrics Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2024

Increasing expansion of the automobile industry and growing focus of governments towards renewable energy are likely to drive hybrid fabrics market during the forecast timeframe. Rising concerns over increased utilization of fossil fuels as well as the advent of climate change have propelled the demand for usage of renewable energy sources across several industries.

According to a report by The International Renewable Energy Agency, the total installed wind energy capacity throughout the world stood at approximately 514 GW in 2017, next to the conventional hydro power generation.

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Several government as well as industrial entities are seeking environmentally friendly, cost effective materials for numerous industrial needs. In fact, the automobile industry extensively uses hybrid fabrics as an alternative material to reduce use of metals in vehicle production. Additionally, hybrid fabrics help OEMs manufacture automotive parts that are light in weight with aesthetics that are quite high.

Meanwhile, the end-user market segment of aerospace and defense sector is expected to retain its reputation of prominent growth contributor of the global hybrid fabrics industry. The sector held the biggest stake in the overall hybrid fabrics market in 2018. Hybrid fabrics are utilized during the production of several aircraft as well as defense components like insulation panels, radomes, fairings, wings and aircraft seats among others.

As per the Stockholm International Peace Research Institute, the total military expenditure of the world is predicted to have already reached the $1,739 billion mark in 2017. This is the highest the expenditure for military has ever been since the cold war. Besides the wind blades, the hybrid fabrics are also utilized in spar caps production for wind turbines. All these trends will propel hybrid fabrics market demand across the globe.

From a regional growth perspective, the United States is the highest spender in the world on defense equipment. The nation is also the home to a few of the world’s biggest defense equipment manufacturers like Boeing, Raytheon as well as Lockheed Martin.

Recently, the U.S. signed a massive arms deal with the Kingdom of Saudi Arabia, which would further offer additional growth opportunity for equipment makers, thus driving the demand of hybrid fabrics in the forecast time span and surge the hybrid fabric industry share.

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Some major industry players share the hybrid fabrics market landscape with several medium and small sized companies, creating a growing and highly-competitive business environment. Industry players like Solvay, Hexcel Corporation and BGF Industries Inc. are some of the prominent players in the hybrid fabrics market trends. These companies held the majority of hybrid fiber market share in 2018.

These companies possess their distribution networks as well as sales offices in major regions across the globe. According to a recent research report by Global Market Insights Inc., the hybrid fabrics market valuation is expected to surpass the $400 million mark by 2025.

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This release was published on openPR.