Composites In The Global Mass Transportation and Off Road Equipment Market: Trends, Opportunities and Competitive Analysis[2024-2030]

Composites in the Global Mass Transportation and Off Road Equipment Market Trends and Forecast

The future of the composites in the global mass transportation and off road equipment market looks promising with opportunities in the heavy trucks, bus and coaches, and off road equipment market. The composites in global mass transportation and off road equipment market is expected to reach an estimated $2 billion by 2030 with a CAGR of 2% from 2023 to 2030. The major driver for growth in this market is increasing demand for lightweight materials over steel in heavy trucks, buses, and coaches due to government regulations to increase fuel efficiency and reduce carbon emission.

• Heavy trucks will remain the largest vehicle type segment over the forecast period. Buses and Coaches is expected to witness the highest growth due to increasing production of heavy commercial vehicles in North America
• Heavy trucks will remain the largest vehicle type segment and it is also expected to witness the highest growth over the forecast period due to increasing production of heavy commercial vehicles in North America.
• Europe is expected to remain the largest region and witness the highest growth over the forecast period due to higher production of composites part for mass transportation than other region, and government regulations, such as CAFE Standards in the US and carbon emission targets in Europe, are the key drivers for putting pressure on OEMs to incorporate lightweight materials to curb the overall weight. APAC is expected to witness highest growth over the forecast period.

Europe is expected to remain the largest region in the Global Mass Transportation and off Road Equipment Market

1. United States: Companies like Hexcel Corporation and Owens Corning are driving initiatives in the US market. The US government's focus on infrastructure development and sustainability drives demand for composites in mass transportation and off-road equipment. Companies target lightweight and durable composite materials to improve fuel efficiency and reduce emissions.

2. China: Chinese companies such as Sinoma Science & Technology Co., Ltd. and Jushi Group Co., Ltd. dominate the market. With China's rapid urbanization and expansion of transportation networks, there's a growing demand for composites in high-speed trains, buses, and construction equipment. The Chinese government's initiatives to promote clean energy and transportation further boost the market.

3. Germany: Companies like SGL Carbon SE and Lanxess AG are prominent players in Germany. The German government's focus on sustainable mobility and environmental protection drives demand for composites in mass transportation and off-road equipment. Companies aim to develop innovative composite solutions to meet stringent safety and performance standards.

4. Japan: Japanese companies such as Toray Industries, Inc. and Mitsubishi Chemical Corporation are significant players. With Japan's advanced transportation infrastructure, there's a demand for lightweight composites in trains, buses, and agricultural machinery. The Japanese government's initiatives to promote carbon-neutral technologies drive innovation in composite materials.

5. India: Indian companies like Reliance Industries Limited and Bharat Heavy Electricals Limited (BHEL) are key players. The Indian government's focus on modernizing transportation and infrastructure fuels demand for composites in mass transit systems and construction equipment. Companies invest in research and development to offer cost-effective and high-performance composite solutions.

Emerging Trends in Composites in the Global Mass Transportation and Off Road Equipment Market

Emerging trends, which have a direct impact on the dynamics of the industry, includes increasing complexity and styling requirements are driving composites usage and development of low-density SMC.

A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.

Composites in the Global Mass Transportation and Off Road Equipment Market by Segment

The study includes trends and forecast for composites in the global mass transportation and off road equipment market by vehicle type, application, intermediate materials, process, and region as follows:

By Vehicle Type [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 - 2030]:

• Heavy Trucks
• Bus and Coach
• Off Road Equipment

By Application [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 - 2030]:

• Heavy Trucks by Application
  • Interior
  • Exterior
  • Under the Hood
  • Powertrain
  • Electrical Components
  • Others
• Bus and Coach by Application
  • Interior
  • Exterior
  • Under the Hood
  • Powertrain
  • Electrical Components
  • Others
• Off Road Equipment by Application
  • Interior
  • Exterior
  • Under the Hood
  • Powertrain
  • Electrical Components
  • Others

By Intermediate Material [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 - 2030]:

• SMC/BMC
• SFT
• GMT
• LFT & D-LFT
• CFT

By Process [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 - 2030]:

• Compression Molding
• Injection Molding
• LFI
• RRIM

By Region [Value ($M) and Volume (M lbs) Shipment Analysis for 2018 - 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Composites in the Global Mass Transportation and Off Road Equipment Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies composites in the global mass transportation and off road equipment companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the composites in the global mass transportation and off road equipment companies profiled in this report includes.

• BASF SE
• Polynt-Reichhold
• Dow Chemical Company
• IDI Composites International
• Teijin Limited
• Core Molding Technologies
• Quadrant Plastic Composites
• Hanwah L&C Corporation
• Lanxess

Composites in the Global Mass Transportation and Off Road Equipment Companies Market Insight

• Increased Adoption of Composites in Rail Transport: The rail industry is increasingly adopting composite materials for various components, including interiors, exteriors, and structural elements of rail vehicles. Composites offer benefits such as lightweighting, corrosion resistance, and design flexibility, contributing to improved fuel efficiency, reduced emissions, and enhanced passenger comfort. Major rail manufacturers are incorporating composites into new rolling stock designs and retrofitting existing fleets to meet stringent performance and sustainability requirements.
• Growing Demand for Lightweight Composites in Off-Road Vehicles: The off-road equipment industry is witnessing a growing demand for lightweight composite materials to enhance performance and fuel efficiency in construction, agriculture, and mining vehicles. Manufacturers are leveraging advanced composite technologies to develop lightweight components such as body panels, cabs, and chassis structures, replacing traditional metal and steel parts. The adoption of composites in off-road equipment results in higher payload capacities, increased productivity, and reduced operating costs for end-users.
• Development of Sustainable Composites for Public Transportation: Public transportation agencies and vehicle manufacturers are exploring sustainable composite materials to reduce environmental impact and lifecycle carbon emissions in mass transit systems. Bio-based resins, recycled fibers, and natural reinforcements are being incorporated into composite formulations to create eco-friendly alternatives to conventional materials. The use of sustainable composites in buses, trains, and tramways contributes to carbon footprint reduction and supports the transition to greener transportation solutions.
• Advancements in Composite Manufacturing Processes: Continuous advancements in composite manufacturing processes, such as resin infusion, compression molding, and additive manufacturing, are driving innovation in mass transportation and off-road equipment applications. These manufacturing technologies enable the production of complex composite parts with improved mechanical properties, dimensional accuracy, and cost-effectiveness. Manufacturers are investing in automated manufacturing systems and digital design tools to streamline production workflows and accelerate the adoption of composites in high-volume applications.
• Integration of Composites in Electric Vehicles (EVs) for Public Transit: Electric buses and other EVs used in public transit systems are increasingly incorporating composite materials to optimize vehicle performance and range. Composites offer benefits such as lightweighting, high strength-to-weight ratio, and resistance to corrosion and fatigue, making them ideal for EV applications. Transit agencies and bus manufacturers are partnering with composite suppliers to develop lightweight composite body structures, battery enclosures, and interior components for electric buses, contributing to the electrification of public transportation fleets worldwide.

Features of Composites in the Global Mass Transportation and Off Road Equipment Market

• Market Size Estimates: Composites in the global mass transportation and off road equipment market size estimation in terms of value ($M) and volume (M lbs)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by vehicle type, application, intermediate material, process, and region
• Regional Analysis: Composites in the global mass transportation and off road equipment market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different vehicle type, application, intermediate material, process, and regions for the composites in the global mass transportation and off road equipment market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites in the global mass transportation and off road equipment market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the composites in the global mass transportation and off road equipment market size?

Answer: The composites in the global mass transportation and off road equipment market is expected to reach an estimated $2 billion by 2030.

Q2. What is the growth forecast for composites in the global mass transportation and off road equipment market?

Answer: The composites in the global mass transportation and off road equipment market is expected to grow at a CAGR of 2% from 2023 to 2030.

Q3. What are the major drivers influencing the growth of the composites in the global mass transportation and off road equipment market?

Answer: The major driver for growth in this market is increasing demand for lightweight materials over steel in heavy trucks, buses, and coaches due to government regulations to increase fuel efficiency and reduce carbon emission.

Q4. What are the major applications or end use industries for composites in the global mass transportation and off road equipment?

Answer: heavy trucks and off road equipment are the major vehicle type for composites in the global mass transportation and off road equipment market.

Q5. What are the emerging trends in composites in the global mass transportation and off road equipment market?

Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes increasing complexity and styling requirements are driving composites usage and development of low-density SMC.

Q6. Who are the key composites in the global mass transportation and off road equipment companies?

Answer: Some of the key composites in the global mass transportation and off road equipment companies are as follows:

• BASF SE
• Polynt-Reichhold
• Dow Chemical Company
• IDI Composites International
• Teijin Limited
• Core Molding Technologies
• Quadrant Plastic Composites
• Hanwah L&C Corporation
• Lanxess

Q7.Which composites in the global mass transportation and off road equipment intermediate material segment will be the largest in future?

Answer: Lucintel forecasts that SMC/BMC will remain the largest segment due to its increasing use in various applications of automotive like; powertrain application, interior, exterior, under body shield, and others. LFT & D-LFT is expected to witness the highest growth over the forecast period due to its better cleansing and moisturizing properties.

Q8: In composites in the global mass transportation and off road equipment market, which region is expected to be the largest in next 5 years?

Answer: Europe is expected to remain the largest region and APAC is expected to witness the highest growth over next 5 years.

Q9. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

• Q.1 What are some of the most promising potential, high growth opportunities for composites in the global mass transportation and off road equipment market by vehicle type (heavy trucks, bus and coach, and off road equipment), application (heavy trucks by application, bus and coach by application, and off road equipment by application), intermediate material (SMC/BMC, SFT, GMT, LFT & D-LFT, and CFT), process (compression molding, injection molding, LFI, and RRIM), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q. 2 Which segments will grow at a faster pace and why?
• Q.3 Which regions will grow at a faster pace and why?
• Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
• Q.5 What are the business risks and threats to the market?
• Q.6 What are the emerging trends in this market and the reasons behind them?
• Q.7 What are the changing demands of customers in the market?
• Q.8 What are the new developments in the market? Which companies are leading these developments?
• Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
• Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
• Q.11 What M & A activities have taken place in the last 5 years in this market?