What are the Historical Developments and Current Growth Metrics of the Transportation Composites Market?
The transportation composites market has seen considerable growth due to a variety of factors.
• The composites market in the transportation sector has seen significant enlargement in recent years. Its growth trajectory indicates that it will increase from $70.01 billion in 2024 to $76.82 billion in 2025, with a CAGR of 9.7%. Factors that led to growth during the historic period include the expansion of the automotive industry, the demand for weight reduction, meeting fuel efficiency targets, improvements in safety and crash performance, initiatives to reduce costs, advancements in raw materials, an increase in production efficiency, and infrastructure development.
What Is The Projected Growth Of The Transportation Composites Market Size?
The Transportation Composites market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for transportation composites is set to experience swift expansion in the coming years, ballooning to $116.89 billion in 2029 with a compound annual growth rate (CAGR) of 11.1%.
This growth during the predictive period can be credited to more stringent emission norms, the ongoing process of urbanization and infrastructure requirements, newly emerging market potentials, implementation of biocomposites, government financial backing for Research and Development, and evolving consumer preferences. Notable trends during this predictive period would encompass recyclability and sustainability, the inclusion of intelligent materials, crucial partnerships and associations, as well as advancements in resin matrix.
What Are The Key Drivers Fueling Growth In The Transportation Composites Market?
The expansion of the automotive industry is propelling the transportation composites market's growth. This industry focuses on the creation, development, advertisement, and sales of vehicles. The improvement in income and living standards has resulted in a surge in vehicle demand. Transportation composites are incorporated into vehicles due to their superior strength and their ability to reduce the vehicle's weight. The European Automobile Manufacturers Association (ACEA), a trade association based in Belgium, reported in May 2023 that there was a 5.7% increase in the overall production of motor vehicles in 2022, with a total of 85.4 million units, a notable rise from 2021's production numbers. Thus, the growing demand for vehicles is anticipated to stimulate growth in the transportation composites market.
What Are The Principal Market Segments In The Global Transportation Composites Industry?
The transportation composites market covered in this report is segmented –
1) By Resin: Thermoset, Thermoplastic
2) By Material Type: Glass Fiber, Natural Fiber, Carbon Fiber Composite, Aramid Fiber
3) By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding, Other Manufacturing Processes
Subsegments:
1) By Thermoset: Epoxy Resins, Polyester Resins, Vinyl Ester Resins, Phenolic Resins
2) By Thermoplastic: Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE)
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Which Emerging Market Trends Are Altering The Transportation Composites Industry?
Key stakeholders in the transportation composites market are focussing on creating eco-friendly transportation composites to maintain their relevance in the industry. These environmentally-friendly transportation composites are characterized by their low weight, solidness, and often incorporate sustainable or recyclable elements. These characteristics don't just enhance fuel efficiency, but also minimize environmental damage across various transportation applications. To illustrate, TRB Lightweight Structures, a leading manufacturer of performance-efficient lightweight structures based out of the UK, entered into a strategic alliance with Kordsa in May 2022. The objective of this collaboration was to explore and innovate more green lightweight composites specifically for the automotive industry and strengthen the focus on environmental issues within transportation. Kordsa, an American company, specialises in creating reinforcement technologies useful in the production of composite materials.
Who Are the Key Players In The Transportation Composites Market?
Major companies operating in the transportation composites market include:
• Hexcel Corporation
• Mitsubishi Chemical Holdings Corporation
• Owens Corning
• Toray Industries Inc.
• Teijin Limited
• Solvay S.A.
• Jushi Group Co. Ltd.
• SGL Carbon SE
• Gurit Holding AG
• Koninklijke DSM N.V.
• Huntsman Corporation LLC
• DuPont de Nemours Inc.
• Momentive Performance Materials Inc.
• Veplas Group
• B&T Composites SA
• Champion Fiberglass Inc.
• Compotech Inc.
• Creative Composites Group
• GSE Dynamics Inc.
• Middle River Aerostructures Systems
• Nammo Composite Solutions LLC
• 3M Company
• BASF SE
• Henkel AG & Co. KGaA
• Saudi Basic Industries Corporation
• Arkema S.A.
• Evonik Industries AG
What Are The Regional Insights Into The Transportation Composites Market?
North Americawas the largest region in the transportation composites market in 2024. The regions covered in the transportation composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
