Press release
Evolving Market Trends In The Transportation Composites Industry: Environment Friendly Transportation Composites
Transportation Composites
What Is the Expected Transportation Composites Market Size During the Forecast Period?
The market size for transportation composites has seen a consistent expansion in the past few years. The market is set to rise from $70.01 billion in 2024 to $76.82 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.7%. Factors such as the growth of the automotive industry, demands for weight reduction, targets for fuel efficiency, safety and crash performance considerations, cost-cutting initiatives, progress in raw materials, improvements in production efficiency, and infrastructure development have contributed to the growth during the historic period.
In the coming years, the transportation composites market is predicted to experience a swift expansion, hitting $116.89 billion in 2029 with a compound annual growth rate (CAGR) of 11.1%. Factors propelling the growth within this forecast period include stricter emission norms, increased urban development and infrastructural needs, emerging market opportunities, the adoption of biocomposites, government-backed R&D funds, and escalating consumer inclinations. Key trends during this projected period encompass recyclability and sustainability, the incorporation of smart materials, strategic alliances and collaborations, as well as advancements in the resin matrix.
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What Are the High-Growth Segments in the Transportation Composites Market?
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
Subsegments:
1) By Thermoset: Epoxy Resins, Polyester Resins, Vinyl Ester Resins, Phenolic Resins
2) By Thermoplastic: Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE)
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What Key Drivers Are Expected to Influence Future Transportation Composites Market Growth?
The expansion of the automotive industry is a key contributor to the rise of the transportation composites market. This industry, which is involved in the crafting, developing, promoting, and selling of automobiles, is experiencing heightened demand due to elevating income levels and living standards. The use of transportation composites in automobiles is widely seen as they offer excellent strength and contribute to weight reduction of vehicles. For example, the European Automobile Manufacturers Association (ACEA), a Belgium-based trade group, revealed that the production of global motor vehicles rose by 5.7% in 2022 to a total of 85.4 million units, reflecting a significant leap from 2021's production numbers. Therefore, the surge in automobile demand is projected to thrust the growth of the transportation composites market forward.
Which Companies Hold the Largest Share Across Different Transportation Composites Market Segments?
Major companies operating in the transportation composites market 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., 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, 3M Company, BASF SE, Henkel AG & Co. KGaA, Saudi Basic Industries Corporation, Arkema S.A., Evonik Industries AG
What Trends Are Driving Growth in The Transportation Composites Market?
Leading entities in the transportation composites market are focusing on the production of eco-friendly transportation composites in order to maintain their market presence. These green transportation composites are light, long-lasting and often incorporate sustainable or recyclable elements, with a view to improving fuel economy and minimizing environmental harm in different forms of transportation. Take for instance, in May 2022, TRB Lightweight Structures, a firm located in the UK that makes superior lightweight structures, entered into a partnership with Kordsa. The mutual collaboration was aimed at advancing the development of environmentally conscious lightweight composites for the automotive industry and elevating the consideration of environmental issues in transportation. Kordsa, a USA-based firm, is known for creating reinforcement technologies for the production of composite materials.
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What Are the Emerging Geographies for The Transportation Composites Market Growth?
North Americawas the largest region in the transportation composites market in 2024. The regions covered in the transportation composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transportation Composites Market?
2. What is the CAGR expected in the Transportation Composites Market?
3. What Are the Key Innovations Transforming the Transportation Composites Industry?
4. Which Region Is Leading the Transportation Composites Market?
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