Global Transportation Composites Market Size, Drivers, Trends, Opportunities And Strategies – Includes Transportation Composites Market Growth
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
During the forecast period, the growing automotive industry is expected to drive innovation in transportation composites manufacturing, thus driving the market.
The global transportation composites market is expected to grow from $58.55 billion in 2022 to $64.90 billion in 2023 at a compound annual growth rate (CAGR) of 10.84%. The transportation composites market is expected to reach $92.27 billion in 2027 at a CAGR of 9.20%.
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Global Transportation Composites Market Segments Include:
- By Resin: Thermoset, Thermoplastic
- By Material Type: Glass Fiber, Natural Fiber, Carbon Fiber Composite, Aramid Fiber
- By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding, Other Manufacturing Processes
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global transportation composites market in 2021.
Major Market Players in the transportation composites market include Hexcel Corporation, Mitsubishi Chemical Holdings Corporation, Owens Corning, Toray Industries Inc., Teijin Limited, Solvay S.A., Jushi Group Co. Ltd.
Strategic collaboration is a growing trend in the transportation composites market. Major players have formed a collaboration to enter a new market and leverage each other’s resources. TRB Lightweight Structures, a UK-based manufacturer of high-performance lightweight structures, partnered with Kordsa in May 2022, for example. This new collaboration aimed to advance the development of environmentally friendly lightweight composites for the automotive industry and to make environmental concerns more accessible in transportation. Kordsa is a company based in the United States that creates reinforcement technologies for the production of composite materials. Bercella Srl, an Italian composites manufacturer, will collaborate with RINA in November 2021. The two organisations hoped to strengthen their position in the international market by combining their knowledge of composite materials, additive manufacturing, and substances in general. RINA is a certification company based in Italy that specialises in testing, inspection, certification, and engineering solutions.
The Transportation Composites Global Market Report 2023 provides a transportation composites market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The transportation composites market forecast analyzes transportation composites market size, transportation composites market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Transportation composites are materials formed by combining two or more natural or synthetic elements (of varying physical or chemical properties) that are more powerful when used collectively than when used individually. Transportation composites are used in trains, planes, trucks, and other automobiles because they are lighter and more durable, resulting in greater fuel efficiency and longevity.
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