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Transportation Composites Global Market Poised to Reach $104.09 Billion By 2028, Predicts The Business Research Company | SGL Carbon SE, Gurit Holding AG, GSE Dynamics Inc., 3M Company, BASF SE
Transportation Composites Global Market
The transportation composites market size is expected to see rapid growth in the next few years. It will grow to $104.09 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to stricter emission standards, urbanization and infrastructure needs, emerging market opportunities, biocomposites adoption, government r&d funding, rising consumer preferences. Major trends in the forecast period include recyclability and sustainability, integration of smart materials, strategic partnerships and collaborations, resin matrix advancements.
Market Overview -
Transportation composites are materials created by mixing two or more natural or synthetic elements (with various physical or chemical qualities) and are more powerful when used collectively than when used alone. Transportation composites are used in Trains, planes, trucks, and other automobiles because they are lighter and more durable, increasing fuel efficiency and longevity.
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The Automotive Industry's Role In Driving The Transportation Composites Market
The growing automotive industry is driving the growth of the transportation composites market. The automotive industry is engaged in the design, development, marketing, and sale of automobiles. The increasing income and standard of living have led to increased demand for automobiles. Automobiles employ transportation composites for excellent strength and weight reduction of vehicles. For instance, according to a study released by the European Automobile Manufacturers Association in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Therefore, the increasing demand for automobiles is expected to propel the growth of the transportation composites market.
Competitive Landscape -
Major companies operating in the transportation composites market report 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., China Jushi Co. Ltd., Weyerhaeuser Company, 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, Shellback Canvas LLC, 3M Company, BASF SE, Henkel AG & Co. KGaA, Saudi Basic Industries Corporation, Arkema S.A., Evonik Industries AG
Strategic Partnerships Propel Advances In The Transportation Composites Market
The strategic partnership is a key trend gaining popularity in the transportation composites market. Major players are entering into a partnership to expand into a new market and leverage each other's resources. For instance, in May 2022, TRB Lightweight Structures, a UK-based company that manufactures high-performance lightweight structures, partnered with Kordsa. This new partnership was intended to further develop environmentally friendly lightweight composites for the automobile sector and increase the accessibility of environmental concerns in transportation. Kordsa is a US-based company that develops reinforcement technologies for the manufacturing of composite materials. In November 2021, Bercella Srl, an Italy-based composites manufacturer, partnered with RINA. With this partnership, the two groups aimed to bolster their function within the international market, combining their knowledge of composite materials and additive manufacturing, and substances in general. RINA is an Italy-based certification company specializing in testing, inspection, certification, and engineering solutions.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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