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Transportation Composites Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Transportation Composites Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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