Transportation composites are made of resin reinforced with fibers like glass, carbon, or aramid. They provide benefits like high strength and stiffness along with corrosion resistance. Their lightweight property helps improve fuel efficiency of vehicles. Composite materials are increasingly being used in manufacturing of various automotive components like underbody shields, front-end modules, hatch doors, and others. They assist in reducing vehicle weight and improving performance. The use of composites also helps meet stringent emission regulations.
The transportation composites market is estimated to be valued at USD 45.75 Bn in 2024 and is expected to reach USD 105.85 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.73% from 2024 to 2031.
Key players operating in the transportation composites are Hexion, Toray Industries, Teijin, Mitsubishi Chemical, SGL Group.
Growing environmental concerns and stringent emission regulations are drivingTransportation Composites Market demand for lightweight materials in automotive industry. Composite materials help automakers reduce vehicle weight and improve fuel efficiency without compromising on strength.Technological advancements are facilitating mass production of composites. Developments in resin transfer molding and other processes have improved productivity and reduced manufacturing costs. Automation is also supporting composites to be cost-competitive against metallic and plastic components.
Market TrendsIncreasing adoption of hybrid and electric vehicles is a major trend fueling market growth. Composites play a critical role in manufacturing high-performance battery casings and other EV components. Carbon fiber composites are gaining widespread acceptance in luxury and premium vehicles looking to reduce kerb weight.Secondly, the market is moving towards sustainable and recycled materials. Natural fiber composites from agricultural waste and recyclable thermoplastic composites are being increasingly commercialized.
Market OpportunitiesOne of the key opportunities is the emerging demand from aircraft interior components segment. Continuous strides in reducing aircraft weight through composites will drive this application.
Another growth avenue is expected to emerge from non-automotive transportation systems like rail, marine, and infrastructure. Composites are well-suited for bridges, tunnels and other construction projects aiming for corrosion resistance and long service life.Impact of COVID-19 on Transportation Composites
Market GrowthThe COVID-19 pandemic has significantly impacted the growth of the transportation composites market. During the peak of the pandemic in 2020, strict lockdowns and movement restrictions were imposed worldwide. This led to a steep decline in mobility and transportation activities. As a result, the demand from end-use industries such as automotive, aerospace, marine, and construction fell sharply. Plant closures and disruptions across the supply chain further exacerbated the situation.However, with vaccination drives and relaxation of norms from 2021, economic activities started recovering gradually. The transportation composites market also rebounded from the pandemic lows. While commercial aviation is still below pre-pandemic levels, passenger vehicle sales have bounced back strongly fueled by pent-up demand. Many countries have announced large infrastructure spending plans as part of their COVID-19 economic recovery packages. This is directing more investments towards public transportation, railways, and electrified vehicles where composites play a vital role.Going forward, the market is expected to resume its long-term growth trajectory. Manufacturers are focusing on developing lightweight and sustainable materials to enhance fuel efficiency and reduce carbon footprint - goals that have become more important post-COVID. The rising focus on sustainability and emission reductions will foster innovations and drive higher composite content in future transportation designs.
Geographical Regions with Highest Market ValueNorth America accounts for the largest share of the global transportation composites market value-wise as of now. Countries like the US and Canada have seen widespread adoption of composites in automotive, aerospace, and defense applications. Presence of major OEMs and favorable government policies support the regional market growth. Europe is another major revenue generator owing to the large transportation manufacturing base.Asia Pacific market is poised to witness the fastest value growth during the forecast period. Factors like growing per capita incomes, massive infrastructure investment plans in China and India, increasing automobile ownership in Southeast Asia, and strategic initiatives like 'Make in India' are fueling the regional demand for transportation composites. The rising prominence of Asia Pacific as a global manufacturing hub will consolidate its position as the fastest expanding market for composites.
Fastest Growing Regional MarketAsia Pacific is projected to rise as the fastest growing regional market for transportation composites during 2024-2031 in terms of value. Major growth driving factors include increasing investments in public transport and rail projects, strong automobile production and sales in China and other developing countries, and supportive government policies promoting usage of lightweight materials. Additionally, global OEMs are shifting their manufacturing footprints to the region in view of lower costs. This will enhance composite consumption from the transportation sector. The large untapped market potential and rising affordability of composites make Asia Pacific an attractive investment destination for industry players.
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