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Transportation Composites Market Growth Forecast 2024-2033: What’s the Expected Rate?

In recent times, the market size of transportation composites has experienced a quick expansion. It is projected to increase from $64.02 billion in 2023 to $70.46 billion in 2024, with a compound annual growth rate (CAGR) of 10.1%. The historic period’s growth has been driven by factors such as the expansion of the automotive industry, the need for weight reduction, fuel efficiency objectives, safety and crash performance improvements, cost-saving initiatives, advancements in raw materials, enhanced production efficiency, and infrastructure development.

The market size of transportation composites is predicted to rapidly expand in the upcoming years, reaching a value of $104.09 billion in 2028 with a compound annual growth rate (CAGR) of 10.2%. This growth during the forecast period can be due to stricter emission rules, the demand of urbanization and infrastructure necessities, and the advent of new market possibilities. Other contributing factors are the use of biocomposites, government funds for research and development, and shifting consumer preferences. The key trends observed during this forecast period include recyclability and sustainability, integration of intelligent materials, establishment of strategic collaborations and partnerships, and advancements in resin matrices.

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What Factors Are Impacting the Growth of the transportation composites Market?

The transportation composites market is experiencing significant growth fueled by the escalating automotive industry. The design, development, marketing, and sale of vehicles form the core activities of this industry. With the advancement in living standards and rising income levels, the demand for vehicles has skyrocketed. Transportation composites, which are used in the production of automobiles for their high strength and weight reduction characteristics, are thus in greater demand. For example, the European Automobile Manufacturers Association unveiled a study in April 2022, indicating that automobile manufacturing rose by 1.3% in 2021, with a total of 79.1 million vehicles produced globally. Thus, the expected growth in vehicle demand will likely further drive the growth of the transportation composites market.

What Are the Major Segments of the Transportation Composites Market?

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

What Trends Are Shaping the New Direction of the Transportation Composites Market?

A significant trend evolving in the transportation composites market is the strategic collaboration. Prominent entities are forging partnerships to tap into new markets and harness the benefits of mutual resources. For example, TRB Lightweight Structures, a UK-based firm that produces superior quality lightweight designs, collaborated with Kordsa, a US-based corporation, in May 2022. This alliance was designed to promote the development of eco-friendly lightweight composites for the automotive industry, prioritizing environmental sensitivity in transportation. Kordsa leads in creating reinforcement technologies for manufacturing composite materials. In November 2021, Bercella Srl, a composite manufacturing company based in Italy, formed a collaboration with RINA. The objective of their collaboration was to fortify their roles in the global market by integrating their expertise in composite materials, additive manufacturing, and materials in general. RINA, an Italy-based company, excels in providing testing, inspection, certification, and engineering solutions.

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Which Regions Are Making a Mark in the Transportation Composites Market Growth?

North Americawas the largest region in the transportation composites market in 2023. The regions covered in the transportation composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Transportation Composites Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the transportation composites market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Transportation Composites Market Include

1. Transportation Composites Market Executive Summary

2. Transportation Composites Market Segments

3. Transportation Composites Market Size And Template Market Growth Rate

4. Key Transportation Composites Market Trends

5. Major Transportation Composites Market Drivers

……

25. Key Mergers And Acquisitions In The Transportation Composites Market

26. Top Transportation Composites Companies

27. Transportation Composites Market Opportunities And Strategies

28. Transportation Composites Market, Conclusions And Recommendations

29. Appendix

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