Transportation Composites Market Size
The global transportation composites market is expected to exceed USD 64,621.67 million by 2030 from USD 32,671.67 million in 2019 at a CAGR of 12.83% throughout the forecast period i.e. 2020-2030.
Transportation composites are widely utilized in aerospace & defense, marine, and automotive, among other sectors. Composites offer greater characteristics, such as high scratch endurance, wear endurance, extreme modulus, excellent energy, improved stiffness, low density, excellent chemical resistance, and low creep, which make them appropriate for utilization in automotive constituents, and aircraft structures, interior car plates, and others. Nevertheless, the worldwide Covid-19 epidemic has pushed aircraft, automobile, and yacht producers to close down their functions, which is estimated to decrease the need for transportation composites in the coming years.
Market Highlights
The global transportation composites market is expected to project a CAGR of 12.83% during the forecast period, 2020-2030
The market is anticipated to grow on the back of rising demand from the automotive & transportation sectors. The transportation composites market has experienced substantial growth based on the rising utilization of composites in commercial aircraft. In addition, the accelerating demand for low-weight parts and fuel-effective automobiles is expected to escalate the transportation composites market in the forecasted period. The growing demand for environment-friendly EVs offers a massive market prospect for the significant players functioning in the transportation composites market.
Global Transportation Composites Market Opportunity Analysis
Global Transportation Composites Market: Segments
The Thermoplastic segment to grow with the fastest CAGR of xx% from 2020-to 2030
The global transportation composites market is segmented by Resin Type into Thermoplastic and Thermoset. Among these, the carbon fiber composites segment is estimated to hold the largest market share of xx% in 2019. The key benefit of thermoplastic resins as matrix materials is that the composite created can be reformed and renewed, not like thermoset resins. The composite created is simply renewable. Various kinds of thermoplastic resins are utilized as matrix materials in the creation of composites. Complicated material designs can be easily manufactured with the use of thermoplastic composites.
By Resin Type (in %), Global Transportation Composites Market, 2019
The Glass Fiber segment to boost at the fastest CAGR of xx% during 2020-2030
The global transportation composites market is segmented by Fiber Type into Glass Fiber, Carbon Fiber, and Others. Among these, the commercial aircraft segment is witnessed to hold the largest market share of xx% in the year 2019. Glass fiber accounts for the largest share of the market in terms of volume. Glass fiber composites are extensively used in automotive components. Fibers can be classified depending upon type, sizing chemistry, filament diameter, and others. With these, a wide range of properties and performance levels can be achieved. Glass fibers used in automotive composites include E-glass, S-glass, E- glass, and others. They are used in various applications, such as exterior, interior, and powertrain.
By Fiber Type (in %), Global Transportation Composites Market, 2019
The Interior segment boosted at the fastest CAGR of xx% during 2020-2030
The global aerospace composites market is segmented by Application into Interior, Exterior, and Others. Among these, the anterior segment is witnessed to hold the largest market share of xx% in the year 2019. Based on their loftier characteristics, such as power, elasticity, longevity, lightweight, and endurance to heat, temperature, and moisture, transportation composites are broadly utilized for interior applications in the automotive and aerospace sectors. The interior segment is expected to be the biggest application of transportation composites in the coming years. There is a huge need for composites from the North American and European aerospace & defense and roadways sectors. The rising market of EVs is also acting as a key factor in expanding the demand for composites in interior applications.
The Airways segment to boost at the fastest CAGR of xx% during 2020-2030
The worldwide transportation composites market is segmented by Transportation Type into Airways, Roadways, Railways, and Waterways. Among these, the airways segment is witnessed to hold the largest market share of xx% in the year 2019. Airways led the worldwide transportation composites market owing to high requirements from commercial and defense aircraft. Based on the huge cost of transportation composites, the application of transportation composites is yet limited to the aerospace & defense sector. Lightweight merged with high workable energy of composites raises fuel efficacy, decreases sustenance costs, and enables OEMs to adhere to the severe ecological norms in Europe and North America, therefore raising the need for transportation composites in the airways.
Market Dynamics
Driver
Rising Demand from the Automotive and Transportation Sectors
The Automotive & transportation sector has the biggest portion of the transportation composites market in terms of capacity. The sector obligates to adhere to strict protocols such as the Corporate Average Fuel Efficiency (CAFE) norms and the European Emission Standards (EES) by the US and European governments. To decrease carbon dioxide (CO2) emanations, which harm the worldwide climate, the automakers in these regions are concentrating on the manufacture of low-weight automobiles with composites to follow the government norms and improve the fuel efficacy of vehicles.
The decline in the Cost of Carbon Fibers
The primary raw materials utilized for the manufacturing of carbon fiber transportation composites are polymeric resins and carbon fibers. The cost of carbon fibers is positively related to the cost of precursor raw parts from which they are acquired. Presently, carbon fibers are acquired from polyacrylonitrile (PAN), the cost of which in transportation applications is huge. The growth of cost-efficient and high output precursors for creating transportation carbon fibers is expected to decrease the cost of carbon fibers substantially. These cost-efficient precursors for carbon fibers will decrease the cost of high-class carbon fibers. The fall in the cost of carbon fibers is projected to reduce the cost of carbon fiber composites, thus, pushing the dispersion of carbon fiber composites in several applications, such as aerospace and automotive.
Restraint
Lack of Standardization in Production Technologies
Manufacturing and non-recurring growth costs keep on restricting the dispersion of transportation composites in various applications. Structural steadiness, procedure adjustment, and sustenance technology are the key apprehensions. The absence of standardization of material and methodologies makes producers take into account traditional projects, which hinders the large-scale manufacturing and economic functioning of automobiles and aircraft. Additionally, restricted trained and skilled human capital hamper wider applications of transportation composites.
Problems Related to Renewing
The complicated material compositions and the interlinked characteristics of transportation composites, particularly thermoset composites, make the recyclability of composites difficult. Thermoset composites are hard to recycle as they are not easy to remold, unlike thermoplastics. The difficulty in renewing is a primary restraint faced by transportation composite producers. Most of the transportation composites utilized are organized at landfills.
Global Transportation Composites Market: Regions
Region-wise, the market for transportation composites across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Asia Pacific is witnessed to constitute xx% of the total market share in the year 2019. The development of the transportation composites market in the Asia Pacific is primarily pushed by the demand from the aerospace & defense, automotive, and rail sectors. Nonetheless, the occurrence of Covid-19 has turned out to harm the aerospace and automotive industries in the Asia Pacific region.
By Region (in %), Global Transportation Composites Market, 2019
The global transportation composites market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Global Transportation Composites Market: Key Players
- Hexcel Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- SGL Group
- Solvay
- Jushi Group Co. Ltd.
- Owens Corning
- Mitsubishi Chemical Holdings Corporation
- Toray Industries Inc.
- Teijin Ltd.
- Huntsman International LLC
- Nippon Electric Glass Co. Ltd.
The market report on global transportation composites also contains the following in-depth analysis:
Transportation Composites Market Segments
- By Resin Type
- Thermoplastic
- Thermoset
- By Fiber Type
- Glass Fiber
- Carbon Fiber
- Others
- By Transportation Type
- Airways
- Roadways
- Railways
- Waterways
- By Application
- Interior
- Exterior
- Others
- By Region
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- Transportation Composites Market Dynamics
- Transportation Composites Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Frequently Asked Questions (FAQ):
This report provides a global overview of composite materials used across the transportation sector. It covers segmentation by resin/matrix type (thermoset vs thermoplastic), fibre type (e.g., glass fibre, carbon fibre, aramid, natural fibres), manufacturing process (compression moulding, resin transfer moulding, injection moulding, etc.), transportation mode (automotive/road, rail, air, marine), application area (interior, exterior, structural, other) and region (North America, Europe, Asia‑Pac
Key drivers include rising demand for lightweight materials to reduce fuel consumption and emissions in road and air transportation, increasing adoption of electric vehicles and need for lightweight structures, growth in commercial aircraft and rail fleets requiring high‑performance composite parts, advances in composite manufacturing processes which reduce cost and cycle time, and regulatory pressure (e.g., emissions, fuel efficiency) across transportation industries.
The report highlights challenges such as high cost of advanced composite materials (especially carbon fibre), complexities in recyclability and end‑of‐life handling of composite components, supply‑chain and raw‑material constraints (for example in high‑grade fibres/resins), technical integration of composites into existing vehicle/aircraft platforms and slower adoption in some transportation segments (e.g., heavy commercial vehicles, marine) due to cost or certification hurdles.
Transportation modes analysed include road (automotive, commercial vehicles, EVs), rail (passenger, freight), air (commercial aircraft, business jets) and marine (ships, boats). Application areas include interior components, structural/exterior components, doors/frames, panels and other specialised parts. The interior‑application segment often shows strong growth due to the easier adoption of composites in non‑structural parts; the road/automotive segment shows significant opportunity given the
Regions included are North America, Europe, Asia‑Pacific, Latin America and Middle East & Africa. North America typically leads in value share due to established aerospace and automotive industries. However, the Asia‑Pacific region is expected to record the fastest growth given rising vehicle production, expanding rail/air infrastructure and increasing adoption of lightweight materials in emerging markets.
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