Transportation Composites Market worth $81.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 20, 2024 /PRNewswire/ — The report “Transportation Composites Market by Resin (Thermoplastic and Thermoset), Manufacturing Process, Fiber, Application (Interior, Exterior), Transportation Type (Airways, Roadways, Railways, Waterways), and Region – Global Forecast to 2029″, Transportation Composites Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.7% from 2024 to 2029, with a projected value of USD 81.4 billion by 2029, up from USD 44.7 billion in 2024.

Transportation composites are likely to see an increase in demand as a result of the automotive and aerospace sectors’ strong focus on vehicle weight reduction for improved performance and fuel efficiency. A lightweight substitute for conventional materials like steel and aluminium is provided by composites.

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“Glass fiber composites segment has the largest market share in transportation composites market, in terms of volume.”

In terms of volume, glass fiber composites rule the transportation composites market. Strength, flexibility, stability, longevity, lightweight construction, and resilience to heat, moisture, and temperature fluctuations are just a few of their many benefits. Glass fiber is widely used in the production of underbody systems, deck lids, front end modules, bumper beams, engine covers, instrument panels, and air ducts, among other automotive components. It is ideal for a wide range of applications because of its exceptional qualities, which include strength, flexibility, stability, durability, and resistance to heat, temperature, and moisture. It is also lightweight.

“Thermoset resin segment to be the largest segment in composites market in 2023.”

Thermoset resins hold the highest market share in terms of volume and value within the transportation composites industry. These resins are preferred because of their exceptional mechanical qualities, which include high stiffness, strength, and fatigue and impact resistance. In a variety of transportation applications, including aerospace, automotive, rail, and marine, where lightweight materials with outstanding performance qualities are crucial, they are indispensable. Thermoset resins are perfect for components exposed to high loads and environmental pressures because of their curing process, which produces a strong and robust material. Furthermore, the superior adherence of these materials to reinforcing fibers, such carbon or glass, amplifies the overall durability and performance of composite constructions.

“Interior application segment to grow with the highest CAGR during forecast period.”

The transportation composites market’s interior applications sector has the highest compound annual growth rate (CAGR). There are a number of reasons for this industry’s quick expansion, including demand and innovation. Manufacturers are resorting to composite materials to fulfill the changing demands of consumers who are prioritizing comfort, aesthetics, and functionality in automobiles. Composite interior components provide many benefits, such as lightweight construction, increased durability, better aesthetics, and customized alternatives. Additionally, composites have superior thermal and acoustic insulation qualities, which make the cabin atmosphere cozier and quieter. Apart from conventional car interiors, the growing appeal of electric and self-driving cars increases the need for cutting-edge materials that support creative interior designs and integrated technologies.

“The compression molding process holds the largest market share in the global transportation composites market.”

The compression molding manufacturing process holds the largest share in the transportation composites market, reflecting its widespread adoption and effectiveness in producing high-quality composite components. The dominance of compression molding in transportation applications can be ascribed to multiple variables. First off, compression molding is a viable option for mass producing automotive and aerospace components because to its cost-effectiveness and scalability. Furthermore, the method enables the creation of elaborate designs and complicated shapes, allowing manufacturers to satisfy the exacting performance and aesthetic standards of contemporary automobiles. Additionally, compression molding guarantees optimal fiber orientation and consolidation, producing composites with improved structural integrity and mechanical qualities. Its adaptability also encompasses a broad spectrum of materials, including as fiberglass, carbon fiber, and other resin systems, allowing for flexibility in material selection to suit particular application requirements.

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“Airways segment accounted for the largest segment in terms of value in 2023.”

Given the critical role that composite materials play in the aerospace industry, the airways transportation segment stands out as the market leader in terms of value for transportation composites. Numerous variables that highlight the unmatched advantages of composites in airplane manufacturing contribute to this dominance. Because of their remarkable strength-to-weight ratio and durability, composites are an appealing option for airlines looking to increase fuel efficiency, lower emissions, and improve performance. A noteworthy example of this trend is the Boeing 787 Dreamliner case study.

The Boeing 787 Dreamliner uses a lot of composite materials in its construction; over 50% of its airframe is composed of these materials, which include carbon fiber-reinforced polymers (CFRP). In comparison to conventional airplanes with aluminum bodies, the Dreamliner has been able to achieve significant weight savings through the strategic use of composites, which has increased fuel efficiency and reduced operating costs.

“Asia Pacific region to be the fastest growing regional market in transportation composites.”

The transportation composites market has grown significantly in the Asia Pacific region, which has one of the highest Compound Annual Growth Rates (CAGR) in the world. Numerous variables, including the fast pace of industrialization, rising disposable income, and the growing emphasis on lightweight and fuel-efficient automobiles, can be contributed to this spike. One example is the considerable movement in the car industry in China towards the use of composite materials in manufacture. Automobile manufacturers are using composites to lighten vehicles without sacrificing structural integrity in response to stricter emission rules and rising demand for electric vehicles (EVs). Furthermore, the aerospace sector in nations such as South Korea and Japan is adopting composites in aircraft construction to improve fuel efficiency and lower maintenance costs.

The key players profiled in the report include Hexcel Corporation (US), Mitsubishi Chemical Holdings Corporation (Japan), Owens Corning (US), Toray Industries Inc. (Japan), Teijin Limited (Japan), Syensqo S.A. (Belgium), Jushi Group Co. Ltd. (China), SGL Group (Germany), and Gurit Holding AG (Switzerland). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the transportation composites market.

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