Press release
Transportation Composites Market: Detailed Analysis, Industry Trends, and Growth Forecasts
Transportation Composites Market
Transportation Composites Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $104.09 billion In 2028 At A CAGR Of 10.2% :
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 growth in the historic period can be attributed to automotive industry growth, weight reduction demands, fuel efficiency goals, safety and crash performance, cost reduction initiatives, advancements in raw materials, increased production efficiency, infrastructure development.
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%. The growth in the forecast period can be attributed to stricter emission standards, urbanization and infrastructure needs, emerging market opportunities, biocomposites adoption, government r&d funding, rising consumer preferences. Major trends in the forecast period include recyclability and sustainability, integration of smart materials, strategic partnerships and collaborations, resin matrix advancements.
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Transportation Composites Market Major Segments
The transportation composites market covered in this report is segmented -
1) By Resin: Thermoset, Thermoplastic
2) By Material Type: Glass Fiber, Natural Fiber, Carbon Fiber Composite, Aramid Fiber
3) By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding, Other Manufacturing Processes
Key Driver - The Automotive Industry's Role In Driving The Transportation Composites Market
The growing automotive industry is driving the growth of the transportation composites market. The automotive industry is engaged in the design, development, marketing, and sale of automobiles. The increasing income and standard of living have led to increased demand for automobiles. Automobiles employ transportation composites for excellent strength and weight reduction of vehicles. For instance, according to a study released by the European Automobile Manufacturers Association in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Therefore, the increasing demand for automobiles is expected to propel the growth of the transportation composites market.
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Prominent Trend - Strategic Partnerships Propel Advances In The Transportation Composites Market
The strategic partnership is a key trend gaining popularity in the transportation composites market. Major players are entering into a partnership to expand into a new market and leverage each other's resources. For instance, in May 2022, TRB Lightweight Structures, a UK-based company that manufactures high-performance lightweight structures, partnered with Kordsa. This new partnership was intended to further develop environmentally friendly lightweight composites for the automobile sector and increase the accessibility of environmental concerns in transportation. Kordsa is a US-based company that develops reinforcement technologies for the manufacturing of composite materials. In November 2021, Bercella Srl, an Italy-based composites manufacturer, partnered with RINA. With this partnership, the two groups aimed to bolster their function within the international market, combining their knowledge of composite materials and additive manufacturing, and substances in general. RINA is an Italy-based certification company specializing in testing, inspection, certification, and engineering solutions.
Transportation Composites Market Players
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
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Largest And Fastest Growing Region In The Market
North Americawas 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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Transportation Composites Market Report Structure
3. Transportation Composites Market Trends And Strategies
4. Transportation Composites Market - Macro Economic Scenario
5. Transportation Composites Market Size And Growth
…..
27. Transportation Composites Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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