Hybrid Composites Global Market Poised for Significant Expansion and Demand by 2033 | Toray Industries Inc., Solvay S.A., Teijin Limited, Avient Corporation, Hexcel Corporation

"The Business Research Company recently released a comprehensive report on the Global Hybrid Composites Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

Major companies operating in the hybrid composites market are focusing on product innovations, such as advanced hybrid friction material composites, to increase their profitability in the market. Advanced hybrid friction material composites (AHFMCs) are a class of innovative materials engineered for high-performance braking applications. For instance, in April 2022, Tenneco Inc., a US-based automotive equipment manufacturer, launched the latest advanced OE hybrid friction material composites for electric vehicles and internal combustion engines (ICE). These advanced hybrid composite materials offer high-temperature braking performance, remove disc corrosion and low brake dust contamination, and enable good performance in electric vehicles.

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Major Key Players of the Market:

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

Hybrid Composites Market 2024 Key Insights:

• The hybrid composites market is expected to grow to $5.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surging Automotive Sector Fuels Growth in the Hybrid Composites Market
• Leading Companies Drive Profitability in the Hybrid Composites Market Through Advanced Hybrid Friction Material Developments
• Europewas the largest region in the hybrid composites market in 2023

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