The global transportation compositesmarket size is expected to grow significantly, with a compound annual growth rate (CAGR) of 12.7% expected between 2024 and 2029. The market is expected to rise from USD 44.7 billion in 2024 to USD 81.4 billion by 2029. Numerous industries, including the aviation and defense, railroad, automotive, and marine sectors, use these composite materials extensively. Transportation composites' remarkable performance attributes, such as their low weight, high strength, resistance to corrosion, and Fire, Smoke, and Toxicity (FST) qualities, are responsible for their widespread acceptance.
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Based on Fiber, The transportation composites market is dominated by the carbon fiber sector in terms of value. The aerospace and defense industries use a lot of carbon fiber composites. To stay competitive, major participants in the market provide carbon fiber composites, such as Teijin Limited, Mitsubishi Chemical Holdings Corporation, and Toray Industries Inc. Furthermore, the transportation composites market's need for carbon fiber is fueled by the automobile sector's growing appetite for lightweight materials.
Based on Manufacturing Process, In the transportation composites industry, the compression molding process has the most volume share. For the efficient production of a large number of complex composite parts, this is the preferred method. The compression molding technique is notable for its low initial investment requirements and its durable products, which can endure for decades with little maintenance. This technology is very useful in high-volume production applications because of its quick molding cycles and high part consistency, which offer a constant range of products.
Based on Application, Transportation composites are used in interior applications across various industries, including aerospace & defense, railways, and roadways and its demand is expected to grow with the highest CAGR during the forecast period. There are various reasons for this increase in demand. First off, transportation composites are becoming more and more popular for interior components in a variety of transportation vehicles, such as cars, airplanes, trains, and marine vessels, due to their attractive blend of lightweight qualities, durability, and aesthetic appeal. Furthermore, the creation of complex interior designs has been made easier by developments in composite manufacturing technology, allowing for personalization and improving passenger comfort and pleasure. Additionally, the transportation industry's rising focus on sustainability and fuel economy has accelerated the use of lightweight materials like composites, which help reduce total weight and enhance fuel economy while also having a smaller environmental impact.
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Based on Resin, The manufacturing of transportation composites involves the use of both thermoset and thermoplastic polymers. Thanks in great part to demand from the aviation industry, thermoset resins presently hold a dominant market position in terms of value. In the production of composites, a variety of thermoset polymer matrices are used, such as vinyl esters, polyester, and epoxy. Composite fibers provide goods with remarkable toughness, impact strength, and moisture resistance by using thermoset resins as the matrix material. Nonetheless, during the anticipated timeframe, thermoplastic resins are anticipated to increase at the fastest rate. Because thermoplastic resins can permit complex part geometries and have advantages like quicker production times and lower energy usage, they are being adopted by a variety of industries, including automotive, aerospace, railways, and marine transportation.
Based on Transportation Type, Within the transportation composite market, the aviation industry is the largest segment in terms of value. A number of military aircraft components, such as the wings, empennage, tail boom, floors, and rotor blades, depend heavily on composite materials. Notable military aircraft that have been built using composite materials are the Typhoon, F/A-18E/F Hornet, F-22 Raptor, Eurofighter, and C-17. By integrating composites, military aircraft are able to achieve demanding performance requirements such reduced drag, improved stealth, and increased resistance to heat generated by high speed.
By Region wise, With China in the forefront, the Asia Pacific region became the largest market for transportation composites in terms of volume in 2023. The growing need for lightweight and fuel-efficient automobiles, especially in the automotive industry, is driving this trend. In addition, the region's strong base of electric car producers has supported composite use even more, considering that lightweight materials are required to improve efficiency. Furthermore, the transportation composite market throughout Asia Pacific has grown and evolved dynamically due in large part to the export-oriented character of the region's industries.
The key players in the market are Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), and Syensqo SA (Belgium), Gurit Holding AG (Switzerland), among many others.
Recent Developments in Transportation Composites Market Industry
· In Nov 2023, Solvay has achieved a successful spin-off of its Specialty activities to Syensqo, representing a pivotal milestone in its extensive history. This action signifies a noteworthy strategic transition for the Group, establishing it as a leading force in vital chemicals worldwide. Syensqo SA will be dealing with composites from now.
· In May 2024, Syensqo Syensqo launched Aerospace 1003, a new grade of its epoxy based structural paste adhesive which is designed for bonding of composite parts due to its high temperature strength performance.
· In Jan 2024, Toray Industries, Inc. developed TORAYCA M46X carbon fiber. The new offering is around 20% stronger than others in the TORAYCA™ MX series while maintaining a high tensile modulus. Utilizing TORAYCA™ M46X reduces the weight of carbon fiber-reinforced plastic materials, lowering its environmental impact.
FAQS in Transportation Composites Market Industry
- What are the factors influencing the growth of the transportation composites market?
- Increasing demand from the commercial aircrafts and for growing demand for electric vehicles to boost the transportation composites market.
- Which is the fastest growing country-level market for transportation composites market?
- China is the fastest growing transportation composites market due to high demand coming from well-established electronic vehicles production units.
- What are the factors contributing to the final price of transportation composites market?
Raw material plays a vital role in the costs. The cost of these materials contributes largely to the final pricing of composites.
- What are the opportunities in the transportation composites market?
A. High demand for electric vehicles, Increasing demand for high-speed rail (HSR) are some major opportunities for the composites market.
- Which type of resin is expected to register highest CAGR in transportation composites?
- Thermoplastic resin composites to register highest CAGR in the market owing to their remolding, recycling and reusable properties.
- Who are the major manufacturers?
A. Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), and Syensqo S.A. (Belgium)
B.
- What is the largest segment for manufacturing process of transportation composites?
- Compression molding is the largest segment of manufacturing process used for transportation composite manufacturing.
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