North America Transportation Composites Market: Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation by type, End User, and Region
North America Transportation Composites Market was valued at USD 9.37 billion in 2022. The North America Transportation Composites Market size is estimated to grow at a CAGR of 5% over the forecast period
Format : PDF | Report ID : SMR_831
North America Transportation Composites Market Definition:
Transportation composites are widely used in a variety of markets, including aquatics, aerospace and defense, automotive, and others. Composites have improved abrasion resistance, greater immobility, high modulus, extraordinary strength, low density, superior chemical resistance, and minimal creep, making them suitable for use in automobile machinery, internal car panels, and aviation constructions, among other applications.
Further, the North America Transportation Composites market is segmented by product type, distribution channel, and geography. Based on product type, the North America Transportation Composites market is segmented under Thermoset and Thermoplastic. Based on the End User, the market is segmented under Electrical & Electronics, Automotive & Transportation, Wind Energy, Aerospace & Defense, Pipes & Tanks, Construction, marine, and Logistics. By geography, the market covers the major countries in North America i.e., the US, Canada, and Mexico. For each segment, the market sizing and forecasts have been done based on value (in USD Billion).
North America Transportation Composites Market Dynamics:
Strict environmental policies
The North American Transportation composites market has several obstacles, including tight environmental rules and legislation, as well as rising limits and prices for landfill disposal. In addition, the increased use of life cycle assessment as part of the material selection process in a range of markets is putting composite end-of-life waste management under the microscope. Furthermore, growing plastic trash has prompted lawmakers all over the world to establish tough environmental rules. The adoption of single-use plastic legislation in several countries has brought attention to government efforts to solve the problems generated by plastic trash. As a result, tight environmental rules will pose a significant impediment to the North American Transportation composites market's growth throughout the period.
Restraints: Lack of standardization in the manufacturing market
North America Leading to a shortage of material and methodological standardization, aerospace and vehicle manufacturers are forced to pick conservative designs, which impedes mass production and economic performance. In addition, there is a paucity of human resources with composites training and experience, which limits the usage of composites in new applications. As a result, the lack of uniformity in the manufacturing market is impeding the market's growth.
Hexcel Corporation and Arkema announced their cooperation project, "HAICoPAS," in July 2020, which received a USD 7 million award. The businesses will work together to develop high-performance PEKK/carbon fiber UD tapes for key aircraft structures. Toray invented a novel prepreg for major structural components in April 2020; vacuum pressure prepreg for aviation. The company hopes to use this innovative technology to meet the growing demand for high-performance CFRP components at low processing costs in a variety of applications, including aircraft and cars. The Toray market launched its two carbon production capabilities at its Zoltek Companies, Inc. The company also advised increasing the production capacity of Zoltek's Hungarian and Mexican facilities as a result of this advancement.
North America from 2021 to 2027, is expected to increase at a CAGR of5% with a 25% market share. In the next five years, North America is likely to remain the leading market. With various small to large-sized OEMs, molders, process material suppliers, and raw material suppliers, the region has been a pioneer in the advanced composites market. In the post-pandemic market developments, Asia-Pacific is likely to be the fastest-growing market. China is the region's workhorse, contributing heavily to the region's share. With the increasing need for composite materials in the automotive and aerospace market, composite testing is becoming increasingly popular. Because of their increased strength, superior performance, and outstanding resistance to rupture, corrosion, and wear, composites are used in the transportation market and for interior and exterior structural applications in airplanes. Automotive, aerospace, construction, chemical, medical, energy, and materials are among the market that uses them the most. The primary drivers for the North American and European composite testing markets are rising demand for lightweight components in the automotive market, increased use of composite materials in aircraft manufacturing, and increased investment in wind energy.
In the coming quarters, the composite testing market in North America is likely to develop at the fastest rate. The United States and Canada are the region's most powerful economies. The demand for composite materials is being fueled by the steady growth in vehicle production, which is propelling the market in this region even faster. The increased demand for electric vehicles is fueling the use of composites testing in the region, as electric vehicle components undergo extensive materials testing to build lightweight electric automobiles. Several automakers have stated that they intend to invest heavily in electric automobiles. More than 10 of the world's top automakers have set electrification goals for 2030 and beyond.
Moreover, the US Department of Energy (DoE) announced financing of US$ 200 million for batteries, electric vehicles, and connected vehicles projects over the next five years in June 2021 to encourage electric vehicle research. Germany, France, the United Kingdom, Italy, Spain, Russia, and the rest of Europe account for the majority of the North American composites testing market. France and Russia are North America’s most important aircraft manufacturing hubs, with major aircraft manufacturers such as Airbus, Dassault Aviation, Leonardo, and Thales Group based there. The rising manufacturing rate of aircraft is considerably driving the composites testing market in North America, as the aerospace sector actively undertakes various composite testing to manufacture lightweight aircraft components and parts.
North America Transportation Composites Market Segment Analysis:
Thermoset: Thermoset composites are extremely ideal for usage in cookware, sanitary applications, and appliances because they stay stable at high and dynamic temperatures. Furthermore, thermoset composites have exceptional insulating qualities, making them ideal for working with hot materials and in high-temperature situations. Underwriter Laboratory standards UL94 HB, V-0, & 5VA for electrical applications, as found in UL file E53587, can be formulated to achieve UL approval and flammability performance. Most industrial solvents and caustic substances are resistant to Thermoset Composites. They're perfect for exposed industrial enterprises, food processing, kitchens, and marine areas because of this.
Thermoset composites have the property of permanently hardening due to a crosslinking mechanism; as a result, they cannot be recycled or converted.
Thermoplastic: The fundamental advantage of thermoplastic resins as matrix materials is that, unlike thermoset resins, the composite created may be deformed and reformed. The resulting composite is easily recyclable. In the creation of composites, various types of thermoplastic resins are used as matrix materials. Thermoplastic composites make it simple to create complex material shapes. They can also be utilized to fabricate massive buildings because they can be stored at room temperature. The thermoplastic material softens when the composite pieces are heated, making it thermoformable and heat-weldable. After that, they can be sculpted or welded (a process easy to control, avoiding the use of adhesives).
By melting the material, it is feasible to recover and reuse it. Arkema's R&D is particularly interested in the development of thermoplastic resins for composite parts because of all of these advantages.
By End User
Roadways: In terms of value, highways are expected to be the fastest-growing mode of transportation. The fastest-growing mode of transportation is likely to be roads. Cars, military vehicles, buses, commercial vehicles, and motorsports, including Formula 1 and touring cars, all use composites. Non-corrosiveness, non-conductivity, flexibility, low maintenance, lifespan, and design flexibility are just a few of the advantages they provide. Glass fiber composites are extensively utilized for interior and exterior components in automobiles. Composites' lightweight capabilities and high strength minimize vehicle weight and fuel consumption, allowing OEMs to meet tough environmental rules. As a result, transportation composites in large trucks are in high demand.
North America Transportation Composites Market Key Players Insights:
The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the Europe market, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the North America Transportation Composites market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Transportation Composites market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Transportation Composites Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the North America Transportation Composites market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Transportation Composites market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Transportation Composites market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the North America Transportation Composites market. The report also analyses if the North America Transportation Composites market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Transportation Composites market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Transportation Composites market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Transportation Composites market is aided by legal factors.
North America Transportation Composites Market Scope:
North America Transportation Composites Market Scope
Market Size in 2022
USD 4.39 Bn.
Market Size in 2029
USD 5.58 Bn.
by End User
North America Transportation Composites MARKET KEY PLAYERS:
- INTERTEK GROUP PLC (UK)
- Henkel AG & Company (Germany)
- KGAA Appius+ Instron Corporation(UK)
- Westmoreland Mechanical Testing and Research
- Composites Testing Laboratory Ltd
Frequently Asked Questions
The segments covered in the North America Transportation Composites Market report are based on Type and End User.
The market size of the North America Transportation Composites Market by 2029 is expected to reach USD 13.18 Billion.
The forecast period for the North America Transportation Composites Market is 2023-2029.
The market size of the North America Transportation Composites Market in 2022 was valued at USD 9.37 Billion.
- Scope of the Report
- Research Methodology
- Research Process
- North America Transportation Composites Market: Target Audience
- North America Transportation Composites Market: Primary Research (As per Client Requirement)
- North America Transportation Composites Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- North America Stellar Competition Matrix
- Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Stellar Competition matrix
- North America Transportation Composites Market Segmentation
- North America Transportation Composites Market, by Type (2022-2029
- North America Transportation Composites Market, By End User (2022-2029
- North America Transportation Composites Market, by Country (2022-2029
- The United States
- North America Transportation Composites Market, by Type (2022-2029
- Company Profiles
- Key Players
- Company 1
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Intertek group PLC
- Henkel AG & Company
- KGAA Appius + Instron Corporation
- Westmoreland mechanical research and testing
- Composites testing laboratory LTD.
- Company 1
- Key Players
- Key Findings