PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454028
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454028
According to Stratistics MRC, the Global Transportation Composites Market is accounted for $49.8 billion in 2023 and is expected to reach $128 billion by 2030 growing at a CAGR of 14.5% during the forecast period. Transportation composites are advanced materials used in the construction of vehicles, such as cars, airplanes, and trains. These composites are typically made by combining two or more constituent materials to create a new material with enhanced properties. Due to their lightweight nature and durability, transportation composites play a crucial role in reducing the overall weight of vehicles, thereby contributing to improved performance, energy efficiency, and environmental sustainability in the transportation sector.
According to the Bureau of Transportation Statistics, a US-based government agency, US airlines carried 194 million more passengers in 2022 than in 2021, a 30% increase year on year.
Light weighting initiatives
By reducing the weight of vehicles and transportation structures, light weighting initiatives aim to improve fuel economy, reduce emissions, and enhance overall performance. Transportation composites play a crucial role in light-weighting strategies due to their exceptional strength-to-weight ratio and versatility. Additionally, light-weighting initiatives are driven by stringent emissions standards and fuel economy regulations imposed by governments worldwide. Overall, light weighting initiatives serve as a significant driver in the transportation composites market, driving market growth.
High initial investment
The initial investment required for developing and implementing composite solutions in transportation applications can be substantial, encompassing expenses related to research and development and specialized training. Composite materials often command higher prices compared to traditional materials like steel or aluminum, primarily due to the complexity of manufacturing processes and the cost of raw materials such as carbon fibers and resins. Additionally, the specialized machinery and infrastructure needed for composite fabrication further contribute to the initial capital outlay.
Technological advancements
Advancements in manufacturing processes play a crucial role in making transportation composites more efficient to produce. Technologies such as automated layup systems, additive manufacturing (3D printing), and out-of-autoclave processing techniques streamline production processes and reduce cycle times. Additionally, advances in design engineering, aided by computer-aided design (CAD) and simulation tools, enable optimized structural designs that maximize the benefits of composite materials while meeting performance requirements and regulatory standards. These factors accelerate market demand.
Recycling and disposal challenges
Recycling and disposal challenges present a significant restraint in the transportation composites market, stemming from the complex nature of composite materials. Transportation composites often consist of multiple layers or types of materials, making them difficult to separate and recycle effectively. The composite manufacturing process typically involves resins and other additives that can complicate recycling efforts. Furthermore, regulatory frameworks and policies related to waste management and environmental protection may impose additional hurdles for the recycling and disposal of transportation composites. which hamper market expansion.
Covid-19 Impact
The COVID-19 pandemic had a significant impact on the transportation composites market. Initially, the pandemic caused widespread disruptions in manufacturing operations and supply chains, leading to delays in production, reduced demand, and logistical challenges. However, the pandemic also underscored the importance of light weighting and fuel efficiency in the transportation industry as companies sought to adapt to changing consumer preferences and regulatory requirements. This could potentially drive continued interest and investment in transportation composites.
The carbon fiber composite segment is expected to be the largest during the forecast period
The carbon fiber composite segment is estimated to hold the largest share due to their lightweight, high-strength solutions that contribute to improved performance, fuel efficiency, and sustainability. Composed of carbon fibers embedded in a polymer matrix, carbon fiber composites boast exceptional properties such as high tensile strength, stiffness, and corrosion resistance while being significantly lighter than traditional materials like steel or aluminum. Carbon fiber composites find extensive applications across various modes of transportation, including automotive, aerospace, marine, and rail.
The interior segment is expected to have the highest CAGR during the forecast period
The interior segment is anticipated to have lucrative growth during the forecast period. Composites play a crucial role in interior applications due to their versatility, lightweight nature, and ability to be moulded into complex shapes. In automotive interiors, composites are utilized in various components, such as dashboard panels, door panels, center consoles, and seating structures. As a result, interior applications represent a significant segment of the transportation composites market.
North America commanded the largest market share during the extrapolated period. In the aerospace sector, North American companies are at the forefront of developing advanced composite materials for aircraft manufacturing. These materials offer significant weight savings, enabling aircraft to achieve better fuel economy, increased payload capacity, and enhanced durability. Moreover, the marine industry in the region utilizes composites for building lightweight and corrosion-resistant vessels, such as boats and yachts, catering to recreational and commercial markets.
Asia Pacific is expected to witness profitable growth over the projection period, due to its burgeoning automotive and aerospace industries, rapid urbanization, and increasing infrastructure investments. Moreover, the region's commitment to sustainability and stringent regulations promoting lightweight materials drive the demand for transportation composites. Overall, the Asia Pacific region presents substantial opportunities for the transportation composites market, driven by expanding industries, infrastructure development, environmental concerns, and regulatory support.
Key players in the market
Some of the key players in the Transportation Composites Market include Gurit Holding AG, Mitsubishi Chemical Holding, Toray Industries Inc., Teijin Limited, SGL Carbon SE, Solvay Group, UFP Technologies, Inc., E.I. du Pont de Nemours & Co, Plasan Carbon Composites, Inc., Liberty Advanced Composites Ltd. and Saertex GmbH & Co. KG.
In May 2023, Toray Industries, Inc., announced that it has signed a four-year global partnership agreement with star Japanese sprinter Abdul Hakim Sani Brown. Under this arrangement, he will receive support from Toray and appear in its advertisements while helping develop materials and taking part in its social contribution initiatives.
In April 2022, SAERTEX and Terre de Lin have launched collaboration for non-crimp fabrics with flax fibers for the marine and sports & leisure segments. The partnership of the two companies aims to combine SAERTEX's expertise in reinforcement materials with the large capacity of one of the world's biggest suppliers of sustainable flax fibers, Terre de Lin.
In June 2022, Mitsubishi Chemical Holdings Group is launching a corporate partnership program "TANAMIN Digital Health Challenge - Creating hope for all facing illness" to support startup companies in the digital health field, in collaboration with Plug and Play Japan