Transportation Composites Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Transportation Composites Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Transportation Composites Market is segmented By Resin (Thermoset, Thermoplastic), By Manufacturing Process (Compression Molding, Injection Molding, Resin Transfer Molding), By Transportation Type (Roadways, Airways, Railways, Waterways), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa). The report offers the value (in USD billion) for the above-mentioned.
Transportation Composites Market is segmented By Resin (Thermoset, Thermoplastic), By Manufacturing ...
Transportation Composites Market Size - Analysis
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. The increase in demand for lightweight and fuel-efficient vehicles across major industries such as automotive, aerospace, and defense is driving the need for advanced transportation composite materials.
Market Size in USD Bn
CAGR12.73%
Study Period
2024 - 2031
Base Year of Estimation
2023
CAGR
12.73%
Market Concentration
Medium
Major Players
Mitsubishi Chemical Holdings Corporation, Jushi Group, Toray Group, Teijin Ltd, Solvay S.A and Among Others
*Disclaimer: Major players are listed in no particular order.
*Source: Coherent Market Insights
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Transportation Composites Market Trends
Market Driver - Rising Demand for Electric Vehicles due to Increased Awareness of Reducing Emissions
With the heightened focus on reducing carbon emissions across the globe, demand for electric vehicles has increased significantly in the recent past. People are making efforts in their own capacity to contribute towards minimizing their carbon footprint.
Early adopters of electric vehicles were majorly motivated by the minimal operating costs and maintenance involved as compared to internal combustion engine vehicles. The social acceptability of electric vehicles has improved over time as more and more people switching to EVs signals others that electric is the future of mobility.
Also, the battery technology advancements have increased the driving range of EVs which has made longer-distance travel more feasible and further boosted people's confidence in them. This is expected to drive production of EVs, and consequently push growth of the transportation composites market.
Market Driver - Advancements in Composite Materials Technology Providing Weight Reduction and Efficiency in EVs
Continuous R&D efforts are improving composites in terms of engineering performance and manufacturability which is expanding their applications.
When it comes to electric vehicles, transportation composites play a vital role by helping overcome two major challenges - weight reduction and longer driving range. Automakers have started extensively utilizing composites in exterior body panels, chassis, seats etc. to make EVs as light as possible. Another important aspect for customer acceptance of EVs is the driving range which is still considered insufficient compared to gasoline vehicles. Also, composites provide resistance to corrosion which is critical for battery enclosures.
Advances in resin systems, reinforcement methods, manufacturing technologies have made carbon fiber composites affordable, reliable and manufacturable in high volumes. Automakers thus see composites as the game changing material to develop future generations of ultra-efficient EVs with increased ranges.
The materials nanotechnology revolution will further improve composite properties like toughness and recyclability. Thus, bolstering their adoption in electric vehicles for enhanced sustainability of mobility will continue to drive growth of the transportation composites market.
Market Challenge - Non-biodegradability and Recycling Issues of Composite Materials
One of the major challenges faced by the transportation composites market is the non-biodegradable and difficult to recycle nature of composite materials. The fibers and resins used in composite manufacturing do not degrade in landfills and remain in the environment for very long periods without disintegrating. This poses serious threats to the ecological environment, creating a major challenge in the transportation composites market.
Additionally, composite materials are complex to recycle due to heterogeneity in composition and bonding of fibers with matrix. Separation and recovery of individual components from end-of-life composite waste is an engineering challenge. The high costs and efforts involved in recycling/disposal is a major discouraging factor for both composite producers and users. The regulations around extended producer responsibility adds to compliance difficulties for companies.
Hence, non-biodegradability and difficulties in feasible recycling present a barrier to higher adoption of transportation composites in various applications.
Market Opportunity - Growth in Racing Events Driving Demand for High-Performance Vehicles Using Composite Materials
The rising popularity of global racing events such as Formula 1, MotoGP, NASCAR, etc. is fueling the demand for high-performance racing vehicles which use advanced transportation composite materials extensively to achieve weight savings, durability and design flexibility. Carbon fiber composites in particular are increasingly being incorporated in drivetrains, chassis and body panels of racing cars to gain competitive edge.
With growing television viewership and sponsorship revenues, racing teams and manufacturers are making heavier investments in R&D of advanced materials to gain an edge on track. This drives the demand for innovative transportation composites.
Their widespread adoption at grassroots level also boosts broader composite component adoption in high-end consumer vehicles aiming for similar performance and design benefits. The thriving racing culture hence presents significant prospects for the transportation composites market.
Key winning strategies adopted by key players of Transportation Composites Market
Material innovation - One of the most successful strategies adopted by major players has been continuous investment and innovation in material science to develop superior materials. For example, Toray developed its carbon fiber reinforced thermoplastic resin, which offers 40% higher strength and 30% lighter weight compared to aluminum. This opened up new applications in electric vehicles, and aircraft.
Strategic partnerships - Players have formed strategic collaborations with OEMs to gain access to new applications and markets. For example, in 2020, Hexcel partnered with BMW to develop carbon fiber reinforced passenger cars. This ensured a ready customer and market access for its materials.
M&A activity - Companies have augmented their technology and production capabilities through targeted acquisitions. For example, Toray acquired TenCate in 2019, gaining access to advanced materials and associated technologies to capture a larger transportation pie. Such acquisitions aided market dominance.
Focus on emerging trends - Major players are aligning their R&D investments and manufacturing to capitalize on emerging trends of lightweighting and sustainability in the sector. For instance, Hexcel dedicated resources towards developing low-carbon and green materials to leverage on the switch toward electric vehicles.
Segmental Analysis of Transportation Composites Market
Insights, By Resin: Strength and Durability Drive Thermoset Dominance
In terms of resin, thermoset segment is expected to account for 55.3% share of the market in 2024, owning to its inherent strength and durability advantages over thermoplastics. Thermosets exhibit high heat resistance and greater dimensional stability, making them better suited for applications that require parts to retain their shape and withstand high temperatures over the life of the product.
Their molecular structure transforms irrevocably during the curing process, locking them into a rigid configuration that resists deformation. Hardness and thermo-stability have enabled their wide utilization in areas requiring long-lasting performance under demanding operating conditions. This is driving an important trend in the transportation composites market.
Further, thermosets also provide stronger adhesion in transportation composites, allowing for thin and lightweight designs. Their cured state allows thermosets to be easily molded into complex geometric shapes for intricate load-bearing applications. As transportation infrastructure and vehicles continue to demand higher strength-to-weight ratios and operational durability, thermoset resins will remain the staple transportation composite material across industries.
Insights, By Manufacturing Process: Compression Molding Optimizes Manufacturability
In terms of manufacturing process, compression molding is projected to hold 48.3% share of the transportation composites market in 2024. This is mainly due to its versatility and ability to optimize manufacturability. Compression molding excels at producing large, hollow, and intricate composite parts in an efficient, cost-effective manner.
Determinism and repeatability streamline automation on production lines for high-volume component manufacturing. Compression molding also offers short cycle times and minimal wasted material relative to other transportation composite forming techniques. Its closed mold conception reduces styrene emissions and ensures fiber distribution and resin mixing for consistent part quality.
Insights, By Transportation Type: Roadways Demand Drives Growth in Transportation Composites
In terms of transportation type, roadways contribute the highest share of the transportation composites market in 2024. It’s due to immense projected growth in infrastructure development and automotive vehicles worldwide. As roads, highways, and bridges age across regions, maintenance and expansion projects will rely heavily on lightweight yet durable composite materials.
Transportation composites offer corrosion resistance and longevity while reducing infrastructure lifecycle costs versus traditional materials. In automotive, composites allow innovative designs and styles meeting modern performance and emissions targets. Their use in exterior body panels, drive shafts, and under-body shields helps reduce vehicle weight and improve fuel efficiency standards.
Beyond passenger cars, commercial vehicles are also moving toward transportation composites for enhanced payloads and operational life. Global road network build-outs and automotive demand will spur continuous growth in transportation composites market over multiple decades.
Additional Insights of Transportation Composites Market
Asia Pacific held the largest share in the transportation composites market in 2023, driven by developments in the railway sector and the availability of raw materials in countries like India and China.
Global demand for EVs has increased the demand for transportation composites used in vehicle weight reduction and battery efficiency improvements.
Europe's transportation composites market growth is driven by increasing EV demand, with major investments in the automotive sector.
Competitive overview of Transportation Composites Market
The major players operating in the transportation composites market include Mitsubishi Chemical Holdings Corporation, Jushi Group, Toray Group, Teijin Ltd, Solvay S.A SGL Group, Owens Corning, Hexcel Corporation, Gurit Holding AG, and Royal DSM.
Transportation Composites Market Leaders
Mitsubishi Chemical Holdings Corporation
Jushi Group
Toray Group
Teijin Ltd
Solvay S.A
*Disclaimer: Major players are listed in no particular order.
Market Fragmented (Highly competitive with lots of players.)
*Source: Coherent Market Insights
Recent Developments in Transportation Composites Market
In April 2024, Toray Group partnered with Hyundai Motor Group to collaborate on the development of lightweight and high-strength materials for high-performance vehicles. This partnership aims to enhance material technology, particularly focusing on carbon fiber-reinforced plastics (CFRP) to improve the performance and safety of electric vehicles (EVs).
In February 2024, Hexcel launched its new HexTow IM9 24K carbon fiber, specifically designed for the aerospace sector. This transportation composite material is an intermediate modulus (IM) fiber composed of 24,000 filaments, offering significant improvements in tensile strength—about 12% greater than its predecessor, the Hexcel IM7 fiber.
In October 2023, Solvay S.A. announced the launch of SolvaLite 716 FR, an innovative fast-curing epoxy prepreg solution specifically designed for structural parts in premium battery electric vehicles (BEVs). This new material aims to provide superior flame retardancy, addressing the automotive industry's need for effective fire protection solutions for battery components.
Transportation Composites Market Report - Table of Contents
RESEARCH OBJECTIVES AND ASSUMPTIONS
Research Objectives
Assumptions
Abbreviations
MARKET PURVIEW
Report Description
Market Definition and Scope
Executive Summary
Transportation Composites Market, By Resin
Transportation Composites Market, By Manufacturing Process
Transportation Composites Market, By Transportation Type
Coherent Opportunity Map (COM)
MARKET DYNAMICS, REGULATIONS, AND TRENDS ANALYSIS
Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Merger and Acquisition Scenario
Global Transportation Composites Market, By Resin, 2024-2031, (USD Bn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2019 - 2031
Segment Trends
Thermoset
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Thermoplastic
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Global Transportation Composites Market, By Manufacturing Process, 2024-2031, (USD Bn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2019 - 2031
Segment Trends
Compression Molding
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Injection Molding
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Resin Transfer Molding
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Global Transportation Composites Market, By Transportation Type, 2024-2031, (USD Bn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2019 - 2031
Segment Trends
Roadways
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Airways
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Railways
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Waterways
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Global Transportation Composites Market, By Region, 2019 - 2031, Value (USD Bn)
Introduction
Market Share (%) Analysis, 2024,2027 & 2031, Value (USD Bn)
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
U.S.
Canada
Latin America
Introduction
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Introduction
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
Introduction
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
GCC Countries
Israel
Rest of Middle East
Africa
Introduction
Market Size and Forecast, By Resin, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Manufacturing Process, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By Transportation Type, 2019 - 2031, Value (USD Bn)
South Africa
North Africa
Central Africa
COMPETITIVE LANDSCAPE
SGL Group
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Owens Corning
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Hexcel Corporation
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Gurit Holding AG
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Royal DSM
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Analyst Recommendations
Wheel of Fortune
Analyst View
Coherent Opportunity Map
References and Research Methodology
References
Research Methodology
About us
Transportation Composites Market Segmentation
By Resin
Thermoset
Thermoplastic
By Manufacturing Process
Compression Molding
Injection Molding
Resin Transfer Molding
By Transportation Type
Roadways
Airways
Railways
Waterways
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About author
Gautam Mahajan is a Research Consultant with 5+ years of experience in market research and consulting. He excels in analyzing market engineering, market trends, competitive landscapes, and technological developments. He specializes in both primary and secondary research, as well as strategic consulting across diverse sectors.
Frequently Asked Questions :
How big is the transportation composites market?
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.
What are the key factors hampering the growth of the transportation composites market?
Non-biodegradability and recycling issues of composite materials, raw material shortages, and price volatility are the major factors hampering the growth of the transportation composites market.
What are the major factors driving the transportation composites market growth?
Rising demand for electric vehicles due to increased awareness of reducing emissions and advancements in composite materials technology are the major factors driving the transportation composites market.
Which is the leading resin in the transportation composites market?
The leading resin segment is thermoset.
Which are the major players operating in the transportation composites market?
Mitsubishi Chemical Holdings Corporation, Jushi Group, Toray Group, Teijin Ltd, Solvay S.A SGL Group, Owens Corning, Hexcel Corporation, Gurit Holding AG, and Royal DSM are the major players.
What will be the CAGR of the transportation composites market?
The CAGR of the transportation composites market is projected to be 12.73% from 2024-2031.
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