Global Transportation Composite Market

The Global Transportation Composites market is estimated to reach USD 98.73 billion by 2030, expanding at a CAGR of 14.5% from 2022 to 2030. It was valued at USD 65 billion in 2022. Growing demand for lightweight materials and fuel-efficient automobiles and growing usage of composites in commercial aircraft are the essential elements moving the market growth. However, the increased processing and manufacturing expense are hindering the market growth.

What is the Transportation Composite Market?

Transportation composites are widely operated in aquatic, aerospace & defense, automotive, and different businesses. Composites deliver higher properties, such as increased abrasion resistance, enhanced immobility, high modulus, exceptional strength, low density, excellent chemical resistance and low creep, making them appropriate for use in automotive machinery, internal car panels, aircraft structures and others.

Growth Drivers

Outstanding Interpretation of Composites to Drive the Market

Transportation Compartmentation Composite materials serve customers’ needs with various highly-complex engineered parts, design patterns, and designs. For example, the aerospace industry’s materials, costs, and operation technologies are substantially different from those in the automotive industry. These materials can meet these various demand as they are very diverse themselves. For example, resins, an array of fiber, tooling, process, and finishing options are available and can make any fabrication of nearly any part for any application.

Constant Efforts from the Automotive Industry for Lightweight Vehicles to Push the Market

The automotive industry is forced by fuel economy and emission restrictions and is thus constantly designing composites for lightweight materials. More than 100 models currently select carbon-fiber-reinforced plastic for OEM components in the automotive industry. Moreover, the growing movement of thermoplastics in automobiles is also driving the market. The original tools manufacturers (OEMs) are using these materials in the manufacturing process of vehicles to decrease vehicle weight, lower vehicle emissions, and enhance fuel efficiency & economy.

Opportunities

Rising Market from the Aerospace Industry to Shape New Opportunities

The use of transportation composites in the aerospace industry has evolved and enlarged over the past few years. Aircraft manufacturers are carrying measures to enlarge introductory structures in thermoplastic, both for business jets and commercial aircraft. The manufacturers of airplanes were the earlier adopters of the long fiber reinforced thermoplastics technology.

Bearable Use of transportation Composite for Boatbuilding and Marine Structures to arise as an Effective Direction

In 2019, the National Marine Manufacturers Associations, Chicago, Illinois, US, declared that the sales of other powerboats raised by 4% in 2018, compared to 2017. The directions for larger boats powered by outboard motors and the increasing use of carbon fiber, epoxy resin, and 3D printing restart to propel the market for these materials. Moreover, the size and number of outboards per boat are causing the demand for less weight in hulls and decks without showing performance. Another movement is the increasing use of 3D printing in the marine industry, increasing the demand for carbon composites in this initiative. The move towards 3D-printed molds is restarting to achieve momentum.

Restraints

Problems Connected to Recycling to Hinder the Market

Growth Strict environmental policies and legislation and the increased restrictions and costs for landfills disposal are some of the market forces restricting the market. Moreover, the increasing use of life cycle inspection as part of the material selection procedure in many sectors also puts composite end-of-life waste management under intense scrutiny. For instance, it is calculated that 90% of UK waste currently goes into landfills, and thus the industry has to attack important societal and industrial challenges. Moreover, increasing plastic garbage has caused lawmakers worldwide to implement strict environmental standards. Ban on single-use plastic in different countries has emphasized the steps accepted by governments to undertake the problems arising from plastic waste.

Pre-Covid-19 impact on global transportation Composite Market

Before the covid-19, the transportation composites market notices disruptive consequences, and new players entering the marketplace with creative solutions are initiating changes in the value chain. With the lightweight sector clearly and inseparably connected to the market, these step-change consequences impact end-users keeping lightweight at the center. The automotive industry continues to be under the pump is under continuous pressure to deny its greenhouse gas (GHG) emissions. To meet carbonization targets, automotive original equipment manufacturers (OEM) and their value chain partners are following two distinct strategies – leveraging alternative energy sources with lower ecological impact and enhancing fuel efficiency of automobiles. Both benefit from the mass reduction of vehicles, thus, prompting the demand for transportation composites.

Covid-19 impact on Global Transportation Composite Market

In the covid-19 period, the global market is expected to witness marginally lower growth than predicted in 2020 due to the low demand from the automotive and aerospace industry and the absence of basic materials. The volatility in crude oil expenses has negatively impacted the prices of feedstock. The demand for good consumer applications of these materials is predicted to remain powerful despite the pandemic of healthy demand. The building & construction and automotive enterprises are some of the worst-hit sectors due to the covid-19, and slow healing is predicted in these sectors because of other macroeconomic elements such as job losses and debt situation. This slow healing is predicted to inhibit the composites market growth in the long run. Moreover, the changing political geography and growing business disputes between major nations such as the US and China are likely to repress market growth over the forecast period.

Post Covid-19 impact on Global Transportation Composite Market

After the covid-19 outbreak, the transportation composites market has experienced significant growth established on the rising utilization of composites in commercial aircraft after the pandemic to boost the transportation composite market. In addition, the increasing demand for low-weight parts and fuel-effective automobiles is predicted to escalate the transportation composites market in the predicted period. The growing market for environment-friendly EVs offers a tremendous market opportunity for the significant players in the transportation composites market.

By Resin Segmental Analysis

The resin transfer molding manufacturing procedure is cast to lead the market in terms of value. Resin transfer molding (also called RTM) is anticipated to drive the transportation composites market during the forecast period. The growth opportunities of the RTM method are extremely good in the successive five years due to the development of automotive and aerospace enterprises in arising economies. It is the multiple promising technology functional today as it can yield large complex three-dimensional elements with high mechanical implementation, tight dimensional toleration, and high surface finish.

By Application Segmental Analysis

The interior application accounts for the significant allocation of the transportation composites market. Transportation composites are widely utilized for interior applications in the automotive and aerospace enterprises due to their special properties, such as strength, flexibility, durability, low weight, and resistance to heat, temperature, and moisture. The interior component is the largest application of transportation composites during the forecast period. There is an increased market for composites from the North American and European aerospace & defense and roadways industries. The growing market of EVs is again recreating a key role in increasing the demand for composites in internal applications. However, the declining market from the aerospace & defense and automotive industries owing to lockdown charged by governments to avoid the additional spread of COVID-19 is predicted to affect the market in the interior application in 2020.

By fiber Segmental Analysis

The glass fiber segment is the largest market share in terms of volume. Glass fiber accounts for the highest market share in terms of volume. Glass fiber composites are considerably operated in automotive components. Fibers can be categorized depending on the type, sizing chemistry, filament diameter, etc. These can perform a wide range of effects and implementation levels. Glass fibers used in automotive composites contain E-glass, S-glass, E- glass, and others. They are operated in different applications, such as exterior, interior, and powertrain. Due to the COVID-19 attack, the declining automotive industry in Asia-Pacific, North America, and Europe are predicted to affect the market for transportation composites in 2021.

By Transportation Segmental Analysis

Airways monopolized the global transportation composites market due to commercial and security aircraft demand. The application of transportation composites is always limited to the aerospace & defense industry. Low weight connected with high tensile power of composites improves fuel efficiency, decreases maintenance costs, and permits OEMs to concede with the strict environmental restrictions in Europe and North America, thereby boosting the market for transportation composites in the airways. However, the explosion of COVID-19, associated with Boeing’s MAX issues, is predicted to decrease the market for transportation composites in 2021.

By Regional Segmental Analysis

North America nation has the largest market share in the global transportation composites market in terms of value. The substitute of old and ineffective aircraft delivers immense possibilities for the transportation composites market in North America. However, the outbreak of COVID-19 in the US and Canada has disastrously impacted the aerospace industry in the region. It is predicted to decrease the demand for transportation composites until aircraft production facilities operate fully.

Competitor Analysis

Companies include Hexcel Corporation, Solvay S.A, Owens Corning, Toray Industries, Teijin Limited, Mitsubishi chemical holding Corporation, jushi Group Co. Ltd., SGL Group and other prominent players. Key stakeholders

• Regulatory bodies
• Market research and consulting firms
• Fishmeal Manufactures
• Suppliers
• Retailers

Recent Development

• In July 2019, Hexcel Corporation and Arkema declared their joint cooperative project, “HAICoPAS,” which acquired approximately a USD 7 million grant. The companies will produce high-performance PEKK/carbon fiber UD tapes targeting composite parts for primary aerospace structures.
• In April 2019, Toray invented a creative prepreg for primary structural components; vacuum pressure developed prepreg for aircraft. The company aspires to submit this new technology to develop demand for high-performance CFRP components with low processing prices in different applications, such as aircraft and vehicles.
• In April 2018, Toray Industries developed its tow carbon production capability at its US-based subsidiary, Zoltek Companies, Inc. With this development; the company also suggested growing the production capacity of Zoltek’s Hungarian and Mexican establishments. It has led to Zoltek’s annual production amounting to approximately 25,000 tons.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 30.03 Billion
The revenue forecast in 2027	USD 88.73 Billion
Growth Rate	CAGR of 14.5 % from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Companies include Hexcel Corporation, Solvay S.A, Owens Corning, Toray Industries, Teijin Limited, Mitsubishi chemical holding Corporation, jushi Group Co. Ltd., and SGL Group.

Market Modelling

By Resin

• Thermoset
• Thermoplastic

By Manufacturing Process

• Compression Molding
• Injection Molding
• Resin transfer molding

By fiber

• Glass
• Carbon
• Natural

By application

• Interior
• Exterior

By Transportation

• Airways
• Railways
• Waterways
• Roadways

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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