Global hybrid fabric market is presumed to cross US $400 million by the end of 2025 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The growing concern regarding the ill-effects of fossil fuels on the environment is encouraging the countries like India, Germany, and China to switch to renewable energy resources for power generation. According to the findings of Renewable Energy Agency in 2017, the worldwide wind energy generation capacity was reported to be 514 GW which followed the hydropower generation capacity. Hybrid fabrics are known to have their application in the fabrication of rotor blades of wind turbines owing to their light weight and higher efficiency. Surging installation of windmills around the globe is expected to propel the hybrid fabric market over the forecast period.
The hybrid fabric is made from carbon as raw material and involves complex weaving techniques increasing the cost of the finished product compared to normal fabric. The higher production cost of hybrid fabric will obstruct the product demand in the ensuing years.
Based on the product type, glass/carbon segment contributed maximum share to the hybrid fabric market in 2018 owing to increased use of product in rail and automotive industry as a replacement for steel. The material is light in weight and helps in reducing the weight of the vehicle in a cost-effective way. Glass/carbon hybrid fabric is known to have higher flexural and tensile strength, which are beneficial to interior and exterior components of automobile industry including leaf springs, chassis, and battery casing among others. International Organization of Motor Vehicle Manufacturers reported that worldwide cars production has seen a leap of 1.3 million between 2016-17. The growth in automobile sector is expected to bolster the demand for glass/carbon hybrid fabric over the forecast period.
According to the report, hybrid market from aerospace & defense application witnessed highest stake in terms of volume in 2018, owing to the use of product in manufacturing diverse defense and aircraft components such as wings, radomes, aircraft seats, insulation panels, and fairings among others. Stockholm International Peace Research Institute had reported that global defense expense increased to US $1,739 billion in 2017. The increased use of hybrid fabric in military applications along with its application in wind turbines for making blades and spar caps, will drive the global market.
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In terms of regional possibilities, the United States and Asia are presumed to offer significant growth opportunities for the hybrid fabric market. US spends heavily on the defense equipment and is home to largest manufacturers like Raytheon, Lockheed Martin, and Boeing, cites the report. The hybrid fabric demand is expected to increase over the forecast period owing to the current arm deal between US and Saudi Arabia. Moreover, the Asian countries like India and China along with Singapore, Malaysia, Thailand, and Vietnam are spending more on military and witnessing rapid industrial expansion, propelling the hybrid fabric market growth.
The major players of hybrid fabric market are limited and can be enlisted as Hexcel Corporation, Colan Australia, Devold Amt As, BGF Industries Inc., Kordsa, Porcher Industries, and Solvay, also there are several medium and small sized companies which operate through independent distributors, cites the report.