DUBLIN, Jan. 30, 2024 (GLOBE NEWSWIRE) — The “North American Hybrid Composites Market Forecast to 2028 – Regional Analysis – By Fiber and Resin Type and Application” report has been added to ResearchAndMarkets.com an offer.
The North American hybrid vehicle market is expected to grow from US$193.51 million in 2023 to US$342.07 million by 2028. It is expected to grow at a CAGR of 12.1% from 2023 to 2028.
Growing demand for lightweight materials in the aerospace and defense industry is fueling the North American hybrid composites market
Hybrid vehicles are essential to the safety and efficient performance of modern aircraft. The growing need for lightweight materials for the construction of aerospace components and parts has led to a significant increase in demand for hybrid composite materials. Aircraft manufacturers are making efforts to develop primary thermoplastic bulk structures in business and commercial aircraft. They were early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are much lighter than steel, copper, alloys, iron, etc. The use of these materials allows manufacturers to reduce the weight of aircraft parts, thus facilitating a reduction in fuel costs.
Overview of the North American hybrid vehicle market
The North American hybrid vehicle market is segmented into the United States, Canada, and Mexico. The increasing demand for hybrid composite materials, especially in the region’s aerospace industry, is significantly driving market growth. Composites are widely used in aerospace applications to manufacture aircraft parts such as wing spars, interiors, fuselages, and radomes. The lightweight characteristic of a hybrid vehicle can increase fuel efficiency, resulting in lower fuel costs and increased speed and maneuverability. According to the Federal Aviation Administration (FAA), the number of aircraft in the US commercial fleet in 2020 reached 5,882, recording a 22.9% decrease compared to 2019. But the commercial fleet is expected to reach 8,756 by 2041, with an average growth rate. Annual 2% annually. This is expected to enhance the demand for hybrid vehicles for multiple applications in the aviation industry. However, with increasing environmental concerns, aircraft manufacturers are looking for sustainability in composite materials and investing more in natural composite materials. The region is a hub for major aircraft manufacturers such as Raytheon Technologies, Boeing, and Lockheed Martin.
It includes a selection of companies mentioned in this report
- Avent company
- Jorit Holding AG
- Hexcel Company
- Lanxess AG
- Mitsubishi Chemical Holdings Company
- China PGTEX Co., Ltd
- SGL CARBON SE
- Solvay S
- TEJIN LIMITED
- Toray Industries Corporation
For more information about this report visit https://www.researchandmarkets.com/r/jbxjg3
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Hybrid vehicle market in the Middle East and Africa
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