PUBLISHER: The Business Research Company | PRODUCT CODE: 1425883
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425883
Transportation Composites Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transportation composites market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transportation composites? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transportation composites market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Transportation composites represent materials formed by combining multiple natural or synthetic elements, each possessing distinct physical or chemical properties, to create a compound that exhibits superior strength and durability compared to its individual components. These composites find extensive applications in trains, planes, trucks, and various automobiles due to their lightweight nature and enhanced durability, leading to increased fuel efficiency and prolonged lifespan.
The primary resin types utilized in transportation composites are thermoset and thermoplastic. Thermosets are polymers that undergo a crosslinking process to form a three-dimensional network through chemical interactions between macromolecular chains. These composites are commonly employed in various applications such as wing assemblies, helicopter rotor blades, braking systems, bumpers, and propellers. Transportation composites are manufactured using materials like glass fiber, natural fiber, carbon fiber composites, and aramid fiber, and they undergo processes such as compression molding, injection molding, resin transfer molding, among others, during manufacturing.
The transportation composites market research report is one of a series of new reports from The Business Research Company that provides transportation composites market statistics, including transportation composites industry global market size, regional shares, competitors with a transportation composites market share, detailed transportation composites market segments, market trends and opportunities, and any further data you may need to thrive in the transportation composites industry. This transportation composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The transportation composites market size has grown rapidly in recent years. It will grow from $64.02 billion in 2023 to $70.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The historic growth in transportation composites can be linked to the expansion of the automotive industry, driven by demands for weight reduction in vehicles to achieve fuel efficiency targets and enhance safety standards. This growth has been influenced by initiatives aimed at cost reduction, advancements in raw materials, and increased production efficiency. Additionally, infrastructure development has played a role in fostering the use of transportation composites within the automotive sector.
The transportation composites market size is expected to see rapid growth in the next few years. It will grow to $104.09 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. In the forecast period, the growth of transportation composites is expected to be driven by increasingly stringent emission standards, growing urbanization necessitating improved infrastructure, emerging market opportunities, wider adoption of biocomposites, government-funded research and development initiatives, and evolving consumer preferences. Notable trends anticipated in this period involve a focus on recyclability and sustainability, incorporation of smart materials, strategic collaborations and partnerships, and advancements in resin matrix technologies.
The expansion of the automotive industry is a driving force behind the growth of the transportation composites market. The automotive sector, involved in the design, development, marketing, and sale of automobiles, has witnessed increased demand due to rising income levels and improved standards of living. Transportation composites are utilized in automobiles to enhance strength and reduce vehicle weight. As indicated by a study from the European Automobile Manufacturers Association in April 2022, the global production of automobiles reached 79.1 million units in 2021, marking a 1.3% increase from the previous year. Consequently, the growing demand for automobiles is anticipated to propel the growth of the transportation composites market.
The surge in air travel demand is expected to further drive the growth of the transportation composites market. Air travel involves the use of aircraft to move from one location to another through the air. The aerospace industry has increasingly adopted transportation composites to achieve weight reduction, fuel efficiency, increased range, structural strength, design flexibility, corrosion resistance, reduced maintenance costs, noise reduction, and positive environmental impact. Notably, data from the Bureau of Transportation Statistics in March 2023 revealed a 30% year-on-year increase, with US airlines carrying 194 million more passengers in 2022 than in 2021. The total number of passengers carried by U.S. airlines during January through December of 2022 reached 853 million, up from 658 million in 2021 and 388 million in 2020. Hence, the escalating demand for air travel is expected to be a key driver of the transportation composites market.
A notable trend in the transportation composites market is the increasing popularity of strategic partnerships among major players. These partnerships aim to facilitate market expansion and leverage mutual resources. An example is the May 2022 partnership between TRB Lightweight Structures, a UK-based manufacturer of high-performance lightweight structures, and Kordsa, a US-based company specializing in reinforcement technologies for composite materials manufacturing. This collaboration focused on advancing environmentally friendly lightweight composites for the automotive sector. In a similar vein, in November 2021, Bercella Srl, an Italy-based composites manufacturer, partnered with RINA, an Italy-based certification company specializing in testing, inspection, certification, and engineering solutions. This partnership aimed to strengthen their positions in the global market by combining expertise in composite materials and additive manufacturing. Strategic partnerships are emerging as a significant trend, fostering innovation and market growth in the transportation composites sector.
Major players in the transportation composites market are increasingly adopting a strategic partnership approach to address complex challenges and drive the evolution of transportation composites. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. An illustrative example is the partnership formed in September 2022 between Gazechim Group, a France-based manufacturing company distributing raw materials for the composites sector, and Aerovac LLC, a US-based manufacturer and supplier of process materials. Through this collaboration, the companies aim to enhance their customer offerings by providing a broader range of products and services. Additionally, the partnership seeks to strengthen the distribution network for composite materials, which find extensive use in various transportation applications, including aerospace, automotive, and marine sectors.
In a significant move from February 2021, Atkore Inc., a US-based manufacturer and distributor of electrical, mechanical, and safety infrastructure solutions, acquired FRE Composites Group for an undisclosed amount. This strategic acquisition enabled Atkore to expand its portfolio of conduit products, enhancing its ability to cater to diverse client demands more effectively. FRE Composites Group, a US-based manufacturer specializing in fiberglass conduit products for transportation and other sectors, brought valuable expertise and products into Atkore's offerings. These strategic initiatives underscore the industry's commitment to collaboration and partnership as a means to address challenges, foster innovation, and drive advancements in the field of transportation composites.
Major companies operating in the transportation composites market report are 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., China Jushi Co. Ltd., Weyerhaeuser Company, 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, Shellback Canvas LLC, 3M Company, BASF SE, Henkel AG & Co. KGaA, Saudi Basic Industries Corporation, Arkema S.A., Evonik Industries AG
North America was the largest region in the transportation composites market in 2023. The regions covered in the transportation composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the transportation composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The transportation composites market consists of sales of reinforced composites and sandwich composites. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.