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Transportation Composites Market is Anticipated to Expand upto $113.64 Billion in 2029
Transportation Composites Market
What Is the Forecasted Market Growth Rate of the Transportation Composites Industry?
The size of the transportation composites market has seen significant expansion in the past few years. Anticipated to rise from $70.01 billion in 2024 to $75.81 billion in 2025, the market is expected to register a compound annual growth rate (CAGR) of 8.3%. Factors that contributed to growth during the historic period include the expansion of the automotive industry, demand for weight reduction, objectives for fuel efficiency, safety and crash performance standards, cost-cutting initiatives, advancements in raw materials, improved production efficiency, and infrastructure development.
How Will the Transportation Composites Market Size Evolve From 2025 to 2029?
The size of the transportation composites market is predicted to experience swift expansion in the following years. The market is projected to reach a worth of $113.64 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth during the forecast period is credited to tighter emission standards, evolving urban and infrastructure demands, emerging market possibilities, adoption of biocomposites, government-backed R&D funding, and increasing consumer tastes. Key trends that will shape the forecast period are recyclability and sustainability, the incorporation of intelligent materials, strategic partnerships and collaborations, and advancements in resin matrix.
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What Are the Main Growth Drivers in the Transportation Composites Market Today?
The advancement of the automotive sector is fueling the expansion of the transportation composites market. This industry, which is devoted to the conception, creation, promotion, and distribution of cars, is thriving due to rising income levels and living standards, which have stoked demand for automobiles. To make vehicles lighter and stronger, manufacturers use transportation composites. For example, the European Automobile Manufacturers Association (ACEA), a trade group based in Belgium, reported in May 2023 that global vehicle production had grown by 5.7% in 2022, with a total of 85.4 million units produced, surpassing the 2021 production numbers. As a result of this surge in automobile demand, the transportation composites market is anticipated to grow.
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Which Transportation Composites Market Segment Is Expected to Lead Through 2029?
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)
Which Market Trends Are Expected to Dominate Transportation Composites Industry Growth?
Key participants in the transportation composites market are focusing on the creation of eco-friendly transport composites in order to maintain their market presence. These eco-friendly transportation composites are usually light yet robust materials that often include sustainable or recyclable elements, devised to boost fuel economy and diminish ecological impact across various means of transportation. As an example, TRB Lightweight Structures, a U.K. company serving as a manufacturer of high-performing lightweight structures, formed a partnership with Kordsa in May 2022. The objective of this newly established partnership is to accelerate the development of environmentally responsible lightweight composites for the motor industry and promote awareness of environmental issues in the sphere of transportation. Kordsa, a U.S.-based firm, specializes in creating reinforcement technologies necessary for composite materials manufacturing.
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Which Companies Hold the Largest Market Share in the Transportation Composites Sector?
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
Where Is the Transportation Composites Market Experiencing the Highest 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.
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