Hybrid Composites Global Market Report 2024 - By Demand, Share, Size, Growth, Outlook By 2033

The hybrid composites market size has grown strongly in recent years. It will grow from $3.48 billion in 2023 to $3.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing cancer incidence, growing aging population, demand for minimally invasive treatments, focus on patient safety, clinical evidence supporting effectiveness.

The hybrid composites market size is expected to see strong growth in the next few years. It will grow to $5.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai), rising adoption of adaptive radiation therapy (art), increased focus on precision medicine, global efforts to improve cancer care, growing awareness and education. Major trends in the forecast period include collaborations and partnerships, technological advancements in imaging, technological advancements in imaging systems, increasing focus on patient safety, remote monitoring and telemetry solutions.

Market Overview -
Hybrid composites refer to materials or structures composed of two or more different types of reinforcing fibers or materials combined to create a composite material with enhanced or tailored properties. They are used in a wide range of applications such as aerospace, construction, household purposes, and automotive because of their high mechanical properties.

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Surging Automotive Sector Fuels Growth in the Hybrid Composites Market
The growing automotive industry is expected to propel the growth of the hybrid composites market going forward. The automotive industry refers to the collection of companies, organizations, and activities involved in the design, development, manufacturing, marketing, selling, and maintenance of vehicles, primarily automobiles or cars. Hybrid composites are used in electric vehicles to offer a wide range of benefits, such as high strength, corrosion resistance, UV resistance, and others. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the sales of electric vehicles increased three times from 4% in 2020 to 14% in 2022 and the total sales of electric vehicles in 2022 exceeded 10 million. Therefore, the growing automotive industry is driving the growth of the hybrid composites market going forward.

Competitive Landscape -
Major companies operating in the hybrid composites market report are General Electric Company, Toray Industries Inc., Solvay S.A., Owens Corning Fiberglass Corporation, Royal DSM N.V., LANXESS Corporation, Teijin Limited, Avient Corporation, Hexcel Corporation, TPI Composites Inc., SGL Group, Porcher Industries, Gurit Holding AG , Johns Manville International Inc., IDI Composites International Inc., Exel Composites Inc., Composites One LLC, CoreLite Inc., PlastiComp Inc., Axiom Materials Inc., Quantum Composites LLC, Renegade Materials Corporation, Composites Evolution Ltd., B&T Composites S.A., Innegra Technologies LLC

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