Transportation Composites Market: Global Industry Analysis and Forecast (2024-2030)

Transportation Composites Market Definition:

Transportation composites are used extensively in a variety of industries, including aquatics, aerospace and defense, automotive, and others. Composites have improved abrasion resistance, improved immobility, high modulus, extraordinary strength, low density, great chemical resistance, and minimal creep, making them suitable for use in automobile machinery, internal car panels, and aviation constructions, among other applications.

 

Further, the Transportation Composites market is segmented by Type, Application, and geography. Based on Type, the Transportation Composites market is segmented under Thermoset, Thermoplastic, and Others. Based on the Application, the Transportation Composites market is segmented under the Interior and Exterior. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done based on value (in USD Billion).

 

 

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Transportation Composites Market Dynamics:

COVID-19 Impact: The price of feedstock has been impacted by the volatility in crude oil costs. Despite the pandemic of solid demand, the desire for good consumer uses of these materials is expected to stay strong. With the low demand from the automotive and aerospace industries, as well as a lack of basic materials, the Transportation Composites market is likely to grow at a slower pace than in 2021. Building and construction, as well as the automotive market, are among the worst-affected industries as a result of the covid-19, and sluggish recovery is expected due to other macroeconomic factors such as job losses and debt. In the long run, this sluggish recovery is expected to stifle the growth of the transportation composites market.

 

POST-COVID-19 Impact: The transportation composites market has seen substantial development, owing to the increased use of composites in commercial airplanes following the pandemic, which has boosted the transportation composites market. Furthermore, the rising need for lightweight parts and fuel-efficient vehicles is expected to boost the transportation composites market over the forecast period. The expanding market for environmentally friendly electric vehicles (EVs) presents a huge potential for the transportation composites market’s major players.

 

Market Growth Drivers: Excellent Composites Interpretation to Drive Market Transportation Segmentation With numerous very complicated designed parts, design patterns, and designs, composite materials meet the needs of consumers. Materials, pricing, and operating technologies in the aerospace business, for example, differ significantly from those in the car market. Because these materials are so diverse, they may meet a wide range of requirements. Resins, a variety of fibers, equipment, process, and finishing options, for example, are all accessible and can be used to fabricate almost any item for almost any application.

 

The Automotive market Constant Efforts to Push the Market for Lightweight Vehicles: The Fuel economy and emission regulations push the car sector to design composites using lightweight materials regularly. In the automotive market, more than 100 models already use carbon-fiber-reinforced plastic for OEM components. Also, the Transportation Composites market is driven by the increased use of thermoplastics in cars. Original equipment manufacturers (OEMs) use these materials in the car production process to reduce vehicle weight, lower emissions and improve fuel efficiency and economy.

 

Transportation Composites Market Segment Analysis:

By Type, Thermoset: Contact molding is a well-known and straightforward method of producing fiber-reinforced thermoset composites. Contact molding is used to manufacture glass, jute, or carbon fiber-reinforced composites using thermoset resins that cure at room temperatures, such as unsaturated polyester, vinyl ester, epoxy, and others. This approach can be used to create a wide range of structures, with no restrictions on the size or complexity of the structure's shape. However, because the procedure is labor-intensive and time-consuming, it is only employed for small runs or one-off jobs.

 

The resin transfer molding (also known as RTM) is expected to boost the transportation composites market. Because of the development of the automotive and aerospace industries in emerging markets, the RTM method has excellent growth prospects in the next five years. It is now the most promising technology because it can produce huge, complicated three-dimensional parts with high mechanical implementation, tight dimensional tolerance, and high surface quality. According to the planned run length, RTM can use either hard or soft tooling. Polyester or epoxy molds would be soft tooling, while cast machined aluminum, electroformed nickel shell, or machined steel molds would be hard tooling. RTM has the widest diversity of tooling of any composites process. Tooling can range from extremely low-cost to extremely high-cost, long-lasting molds.

 

Thermoplastic:

thermoplastic is likely to be the fastest-growing resin segment. 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.

 

 

By Application, Interior: The interior application accounts for a sizable portion of the market for transportation composites. because of its unique features, including strength, flexibility, durability, low weight, and resistance to heat, temperature, and moisture, transportation composites are frequently used for interior applications in the automobile and aerospace industries. During the Forecast period, the interior component is the most common application of transportation composites. Composites are seeing a surge in demand from the aerospace and defense, as well as highways, industries in North America and Europe. The burgeoning market for electric vehicles (EVs) is once again driving up demand for composites in internal applications.

 

The interior application is expected to be the largest section of the transportation composites market. The roads sector is one of the largest users of composites in interior applications, because of the widespread use of composites in automobiles. The interior application area is being driven by the increased demand for thermoplastic composites in airplane components due to their higher strength and reduced weight. One of the primary contributors to the increased demand for composites in the interior application segment is the trains.

 

Exterior: The market in the airways segment is being driven by demand for high-grade composite materials from commercial and defense aircraft builders. Seats, cabins, sandwich panels, fuselages, engines, wings, rotor blades, and tail booms are just a few of the applications for composite materials. Major players' new aviation programs, such as Boeing's top commercial aircraft, the 787, 777X, and A350, use a Substantial amount of composites for airframe structures.

 

Transportation Composites Market Regional Insights:

The Asia Pacific dominated the market, accounting for around 45.1 % of sales in 2023. The region's strong vehicle manufacturing industries, combined with a high concentration of electrical and electronic component makers, are expected to drive rising demand.

 

The aerospace and Défense industries, as well as wind energy harvesting companies, are driving demand in North America. Furthermore, the automotive manufacturing industries in the United States have shown a significant penetration of composites for the production of crucial automobile components, which is expected to increase demand throughout the forecast period. The primary factors impacting the market in Europe include increasing demand from the automotive sector, rising Defense spending in several countries, and rising demand from the electronics market.

 

Similarly, increased manufacturer awareness of the product's benefits is expected to give the regional market a boost. one of the most difficult markets for composites is in Central and South America. The market’s growth has been hampered by political and economic volatility in the region during the last decade. Demand is likely to be supported by increased investments in the region's automotive manufacturing market.

 

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 global market, key players in the market, particularly in North America and Europe, 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 Global Transportation Composites market to the stakeholders in the industry. The report provides trends that are most dominant in the Global 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 Global 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 Global 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 Global 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 Global 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 Global Transportation Composites market. The report also analyses if the Global 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 Global Transportation Composites market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Transportation Composites market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Transportation Composites market is aided by legal factors.

 

Transportation Composites Market Scope:

Transportation Composites Market
Market Size in 2023	USD 53.17 Bn.
Market Size in 2030	USD 121.28 Bn.
CAGR (2024-2030)	12.5%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Type Thermoset Thermoplastic
	by Application Interior Exterior
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Transportation Composites Market Key Players: 

• Hexcel Corporation (US)
• Toray Industries, Inc. (Japan)
• Owens Corning (US)
• Grit Holding AG (Switzerland)
• Solvay S.A. (Belgium)
• Mitsubishi Chemical Holdings Corporation (Japan)
• Teijin Limited (Japan)
• SGL Group (Germany)
• Royal DSM (Netherlands)
• Jushi Group Co., Ltd. (China)