The market size of hybrid fabric is expected to grow from USD 197 million in 2019 to USD 415 million by 2024, at a CAGR of 16.0% during the forecast period. The major drivers of the market are balanced cost and performance characteristics offered by hybrid fabric.
The key hybrid fabric manufacturers include Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Exel Composites (Finland), Solvay (Belgium), Textum Inc. (US), BGF Industries, Inc. (US), HACOTECH GmbH (Germany), and Arrow Technical Textiles Pvt. Ltd. (India). These players have adopted various growth strategies, such as expansion and new product development, to expand their presence in the hybrid fabric market further. Expansion and new product development have been the most dominating strategies adopted by major players, from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
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In line with the rising demand for hybrid fabric, Exel Composites has been working to deliver high-quality hybrid fabric to the automotive and other end-use industries. The company focuses on building long-term strategic partnerships with companies that are leaders in the hybrid fabric market. This strategy has helped Exel Composites develop new solutions and market them faster. In May 2018, the company acquired Diversified Structural Composites (US), which manufactures hybrid composites using a combination of glass and carbon hybrid fabric. The acquisition has helped Exel Composites strengthen its business in North America.
Royal DSM N.V. has secured a strong position in the European market. It is also establishing itself in North America and APAC and is now focusing on the market in Latin America. DSM is a strong player in the hybrid fabric market. It has a strong focus on R&D and has, thus, developed a new thermoset hybrid fabric. In October 2016, the company developed a product named Dyneema Carbon hybrid composites. This development has helped the company maintain its market position and provide innovative products to its customers.
GRM Systems Ltd is involved in the production and sales of composite materials. GRM Systems gives a wide variety of hybrid fabric products covering almost all the types of hybrid fabric combinations. The hybrid fabrics offered by the company are the combination of carbon, aramid, Dyneema, black Vectran, and polyethylene. The hybrid fabrics of the company are used by the sports, marine, and automobiles industries.
Hybrid Fabric Market by Fiber (Glass/Carbon, Carbon/Uhmwpe, Glass/Aramid, Carbon/Aramid), Application Form (Composite and Non-Composite), End-use Industry (Automotive & Transportation, Aerospace & Defense, Wind Energy), Region - Global Forecast to 2024
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