Selbyville, Delaware, United States, November 5 2020 (Wiredrelease) Global Market Insights, Inc –:Global hybrid fabrics market will witness significant expansion, considering the increasing need for viable renewable energy sources specifically in India, China, and Germany. This has helped to mitigate the adverse effects associated with the use of fossil fuels on their natural resources. The International Renewable Energy Agency, in the year 2017 revealed that the global installed capacity of wind energy was valued at 514 units close to hydropower generation from traditional methods.
Hybrid fabrics are generated by weaving threads, yarn, resins, among various other natural or synthetic materials. They are extensively utilized in the production of rotor blades for wind turbines as they enhance the efficiency and reduce the weight of the components, further complementing the rising demand for the wind blades. As per estimates, the global hybrid fabrics market size will record more than USD 400 million in annual valuation by 2025.
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Glass/carbon hybrid fabrics accounted for the largest industry share in 2018 owing to their augmented adoption in the automotive and rail sector to replace steel. They exhibit higher tensile and flexural properties besides assisting in lowering the automobile weight while keeping the unit costs intact. They also find potential in the manufacturing of several exteriors as well as interior automobile modules like chassis, leaf springs, and battery casings. Global car production value was pegged at over 92 million in 2019.
The aerospace and defense application dominated the global hybrid fabrics market based on volume in 2018. This can be attributed to the rising consumption of the material to fabricate diverse aircraft and defense constituents along with generating spar caps for wind turbines. Stockholm International Peace Research Institute reported that the military expenditure was globally estimated at close to USD 1,739 billion in 2017.
The U.S.A has been a hub for defense equipment and is recognized for its excessive spending on the same. The region is abode to some of the prominent defense equipment makers, namely Lockheed Martin, Boeing, and Raytheon. The recent arms agreement signed between the U.S. government and Saudi Arabia has encouraged multiple business opportunities to these defense makers.
Across Asia, China and India are leading the market owing to their high defense expenditures. Rapid industrialization along with the expansion of the automobile sector across these countries as well as Malaysia, Vietnam, Singapore, and Thailand will boost the industry prospects for hybrid fabrics in these regions.
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The hybrid fabrics market is consolidated by numerous medium and small sized participants along with a few key global players. The medium-sized firms work with independent distributors throughout the value chain as they have restricted access to end-user supply. Companies such as Solvay and Hexcel Corporation are supplying their products and offerings directly to the end-user as well as through third-party agents. They also render services from distributors and sales offices across major cities in the world.
Hybrid fabrics market share is likely to be negatively impacted owing to the lower costs of traditional fabrics and higher prices of raw materials. Also, the complexities associated with weaving technology and the use of carbon as an expensive raw material may result in increased production expenditure for the fabric materials.
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Global Market Insights, Inc.
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