The U.S. remains the highest spender on defense equipment. It is also home to some of the larges defense equipment makers such as Lockheed Martin, Boeing and Raytheon. The recent arms deal of the U.S. government with Saudi Arabia provide market for these defense makers, pushing the Hybrid Fabrics Market demand in near future. Over past few years, after the U.S., China and India have increasingly spent more on defense than any other Asian powers. Rapid industrialization and growing automobile sector in these countries and other Asian nations including Malaysia, Vietnam, Singapore and Thailand, will propel hybrid fabrics demand in the coming years.
Generally, fabrics are made from weaving of threads, yarn, resins, other natural or synthetic materials. The cost of traditional fabrics is low and availability of its raw material such as cotton, wool etc. is high. On the other hand, production process for hybrid fabrics involves complex weaving technology and carbon as its raw material, which increases it cost. This is likely to hamper product demand among product manufacturers over the next few years.
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Countries including India, China and Germany owing to the deterring effects of fossil fuels usage on their natural resources, are looking for viable renewable energy sources to fulfill their energy needs. According to The International Renewable Energy Agency, in 2017, the global installed capacity of wind energy stood at 514 GW, next to the traditional hydro power generation. Hybrid fabrics are increasingly being used in the fabrication of rotor blades for wind turbines, thus, lowering its weight and increasing its efficiency. The increasing demand for wind blades will surely push the demand for Hybrid Fabrics Market in the coming years.
The hybrid fabrics market has few major players that share market with a number of medium and small sized players. Medium sized companies have limited access to end user supply power and hence utilize independent distributers throughout the value chain. Companies such as Solvay and Hexcel Corporation provide their products directly to the end user and also through third party agents. These companies have distributers and sales offices in major regions around the globe.
Carbon/ glass segment held highest share in overall hybrid fabrics market share in 2018. Hybrid fabrics are being increasingly used in automotive and rail industry to replace steel. The fabrics effectively reduce automobile weight without increasing its cost. Carbon/ glass hybrid fabric show higher tensile and flexural properties. These are utilized in production of various exterior and interior automobile components such as chassis, leaf springs, battery casings etc. According to International Organization of Motor Vehicle Manufacturers, global cars production has increased from 72 million in 2016 to 73.4 million in 2017. The growing automobile sector will generate demand for carbon/glass hybrid fabrics in the near future.
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In 2018, aerospace & defense sector held the highest stake in global hybrid fabrics market, in terms of volume. The product is used to make various aircraft and defense components such as radomes, insulation panels, wings, fairings, aircraft seats, etc. According to Stockholm International Peace Research Institute, global military expenditure is projected to have reached USD 1,739 billion in 2017. As per the report, it is highest since the end of the cold war. Along with wind blades, the fabrics are also used to make spar caps for wind turbines. These trends will push the demand for hybrid fabrics around the globe.
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