Opportunities for composite materials in the global mass transportation and off road equipment market to reach $1.0 billion by 2023

According to a new market report published by Lucintel, the future of composite materials in the global mass transportation and off road equipment market looks promising with opportunities in exterior, interior, under the hood, electrical components, powertrain and other applications. The global market of composite materials in mass transportation and off road equipment is expected to reach an estimated $1.0 billion by 2023 and it is forecast to grow at a CAGR of 4.6% from 2018 to 2023. The global composites end product market for mass transportation and off road equipment is expected to reach an estimated $2.8 billion by 2023.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.
In this market, sheet molding compound (SMC), bulk molding compound (BMC), short fiber thermoplastic (SFT), continuous fiber thermoplastic (CFT) , long fiber thermoplastic (LFT), and glass-mat thermoplastic (GMT) are the intermediate materials utilized to manufacture composite parts for mass transportation. On the basis of its comprehensive research, Lucintel forecasts that SMC & BMC material is expected to be the largest intermediate materials by value and volume over the forecast period.
Within this market, exterior will remain the largest application by value and volume due to increasing demand for composites in hood, fender, headlamp reflector and front end module. Composite materials in under the hood application are expected to witness highest growth due to increasing demand for high performance material in pan module, engine cover, heat shield, and air end caps.
Composite materials are used for manufacturing the component of heavy truck, off road equipment, and bus & coaches. The heavy truck is expected to remain the largest vehicle type and witness the highest growth in the forecast period due to increasing demand for high strength and lightweight parts in exterior and interior applications.
Europe is expected to remain the largest region by value and volume due to higher production of composites part for mass transportation than other region. 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.
Emerging trend, which has a direct impact on the dynamics of the industry, include development of low density SMC material. Core Molding Technologies, IDI Composites, Polynt Riechhold Group, Teijin, and BASF are among the major suppliers of the global composite materials in mass transportation and off road equipment market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities of global composites in mass transportation and off road equipment market by vehicle type, intermediate material, application, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities for Composites in the Global Mass Transportation and Off Road Equipment Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global composites in mass transportation and off road equipment market by vehicle type, intermediate material, application, and region as follows:
By Application (Volume (Million Pounds) and $M shipment analysis for 2012 – 2023):
• Exterior
• Interior
• Under the Hood
• Electrical Component
• Powertrain
• Others
By Intermediate Material (Volume (Million Pounds) and $M shipment analysis for 2012 – 2023):
• Sheet Molding Compound (SMC) & Bulk Molding Compound (BMC)
• Short Fiber Thermoplastic (SFT)
• Continuous Fiber Thermoplastic (CFT)
• Long Fiber Thermoplastic (LFT)
• Glass Mat Thermoplastic ( GMT)
By Vehicle Type (Volume (Million Pounds) and $M shipment analysis for 2012 – 2023):
• Heavy Truck
• Off Road Equipment
• Bus and Coach
By Manufacturing Process ((Volume (Million Pounds) and $M shipment analysis for 2012 – 2023):
• Compression Molding
• Injection Molding
• Long Fiber Injection
• Reinforced Reaction Injection Molding
By Region (Volume (Million Pounds) and $M shipment analysis for 2012 – 2023):
• North America
• Europe
• Asia Pacific
• The Rest of the World
This 207 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Capital Investment Analysis, Strategic Growth Consulting and Due Diligence.

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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This release was published on openPR.