Transportation Composites Market is Forecasted to Reach US$ 173.8 Billion in 2032, Says Stratview Research

The global transportation composites market is projected to witness a growth rate of 7.1% annually from 2024 to 2032 with an anticipated size of US$ 173.8 billion by 2032, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global transportation composites market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2032: US$ 173.8 billion
Growth (CAGR): 7.1% during 2024-2032
Forecast Period: 2024-2032
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 6
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Transportation Composites Market:

The global transportation composites market is segmented based on resin type, manufacturing process type, fiber type, application type, transportation type, and region.

Based on resin type - The transportation composites market is segmented into thermoset and thermoplastic. Thermosets are expected to remain the dominant resin in the market during the forecast period. Thermoset resins possess good mechanical characteristics, including superior strength and rigidity necessary for the transport segment. Thermoset composites possess good thermal stability compared to thermoplastic composites and are therefore suitable in high-temperature application areas. These resins show good chemical and solvent tolerance, which is ideal for improving the overall performance of composite materials in chemically aggressive applications. Thermoset resins give good mechanical strength and dimensional stability, which are desirable for withstanding the rigors of transportation applications.

Based on manufacturing process type - The market is segmented into compression molding, injection molding, resin transfer molding, and others. Compression molding is expected to remain the dominant manufacturing process in the market during the forecast period. Compression molding is very useful for large volume parts production that is in auto industrial applications, thus making it useful in transportation. This procedure is also regarded as being more economical as compared to the other composite manufacturing processes, especially for the large production scale, because less material is wasted and there is lower manpower cost.

Based on fiber type - The transportation composites market is segmented into glass, carbon, natural, and others. Glass is expected to remain the dominant fiber in the market during the forecast period. Glass fibers are cheaper compared to other high-performance fibers like carbon and aramid fibers and hence can preferably be used in large volumes. Glass fibers give a high strength-to-weight ratio; hence, the right strength and strength-to-weight ratio of the fiber is enough to give the required strength and performance without adding extra weight to the components.

Based on application type - The transportation composites market is segmented into interior, exterior, and others. Interiors are expected to remain dominant in the market during the forecast period. The application of composite materials inside automobiles helps in decreasing the total weight of vehicles, which in turn reduces fuel consumption and hence less pollution levels. Reinforced plastic composites therefore have a higher design capability compared to metals, which enables the moulding of elaborate shapes and designs for interior trims that add beauty and functionality to motor vehicles.

Based on transportation type - The transportation composites market is segmented into airways, railways, waterways, and roadways. Airways are expected to remain the dominant transportation type in the market during the forecast period. Composites offer a lighter material that allows aircraft to carry less fuel, which in turn means lower costs of operation and emissions of greenhouse gases, both very important to the aviation industry. They also stated that smaller aircraft require less fuel, which forms one of the most significant costs incurred by airlines. Certain composites used in the design and structure of cars can contribute to better fuel efficiency, which is a factor that is easily linked to profitability.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for transportation composites during the forecast period. This growth outlook is majorly attributed to the following-

• North America is leading the global aerospace industry due to the presence of original equipment manufacturers such as Boeing and Lockheed Martin that require stable and high-performance composites for the fabrication of new-generation airplanes.
• The region has a well-developed automotive industry with key players such as General Motors, Ford, Tesla, and others, which are actively employing composite materials to reduce vehicle weight and, thereby, enhance fuel economy.
• North America is the most advanced in employing emerging technologies and solutions like AFP technology and Resin Transfer Molding Technology for developing high-quality composite products.
• Investments in composite material and application research and development by both governmental and private organizations in the area are sustained to keep the competition healthy.

Transportation Composites Market Drivers:

Some of the key drivers listed in the report are given below.

• The demand for lightweight materials to support fuel economy and lower emissions, the improvement of technology in relation to composite materials that increase performance and reduce cost
• The increase in regulation imposing sustainable materials
• Higher usage of durable and high-performance materials in automotive, aerospace, marine, and rail industries.

Top Companies in the Transportation Composites Market:

Stratview Research has identified the following companies as the top market players.
• Owens Corning
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• Hexcel Corporation
• SGL Group
• Syensqo S.A

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Transportation Composites Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Related Reports:
• Rail Composites Market: https://stratviewresearch.com/584/rail-composites-market.html
• Aerospace Composites Market: https://stratviewresearch.com/858/aerospace-composites-market.html

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