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.
Browse in-depth TOC on "Transportation 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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