Demand for high-grade composite materials from commercial and defense aircraft manufacturers is driving the market of Transportation Composites

August 04 19:02 2020
Demand for high-grade composite materials from commercial and defense aircraft manufacturers is driving the market of Transportation Composites

Browse 109 market data Tables and 49 Figures spread through 171 Pages and in-depth TOC on “Transportation Composites Market
Transportation Composites Market by Resin (Thermoplastic and Thermoset), Manufacturing Process, Fiber, Application (Interior, Exterior), Transportation Type (Airways, Roadways, Railways, Waterways), and Region

Transportation composites are used in the interior, exterior, powertrain, and other applications in the automotive and aerospace industries. The demand for transportation composites is increasing at a rapid pace due to low weight and high strength, which helps in improving the fuel efficiency of vehicles. However, amid the global COVID-19 pandemic, the demand is expected to show a sharp decline until 2021. The global transportation composites market size is projected to grow from USD 33.2 billion in 2020 to USD 59.8 billion by 2025, at a CAGR of 12.5% between 2020 and 2025.

Browse and in-depth TOC on “Transportation Composites Market”

109 – Tables
49 – Figures
171 – Pages

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In terms of value, airways held the largest share in the global transportation composites market.

Airways dominated the global transportation composites market due to high demand from commercial and defense aircraft. Owing to the high cost of transportation composites, the application of transportation composites is still restricted to the aerospace & defense industry. Low weight combined with a high tensile strength of composites increases fuel efficiency, reduces maintenance costs, and allows OEMs to comply with the stringent environmental regulations in Europe and North America, thereby increasing the demand for transportation composites in the airways. However, the outbreak of COVID-19, coupled with Boeing’s MAX issues, is expected to reduce the demand for transportation composites in 2020.

Glass fiber accounts for the largest share of the market in terms of volume.

Glass fiber accounts for the largest share of the market in terms of volume. Glass fiber composites are extensively used in automotive components. Fibers can be classified depending upon type, sizing chemistry, filament diameter, and others. With these, a wide range of properties and performance levels can be achieved. Glass fibers used in automotive composites include E-glass, S-glass, E- glass, and others. They are used in various applications, such as exterior, interior, and powertrain. Due to the COVID-19 outbreak, the declining automotive industry in APAC, North America, and Europe is expected to adversely affect the demand for transportation composites in 2020.

North America is expected to account for the largest share in the transportation composites market during the forecast period.

North America accounted for the largest share. High demand for carbon fiber in the aerospace & defense industry in the region is one of the key drivers behind the growing usage of transportation composites. The presence of various aircraft and automotive OEMs in the US and Canada is fueling the market for transportation composites in the region. Besides this, there is a high demand for transportation composites in the waterways segment from cruise ships and poweboats.

COVID-19 has imposed a disastrous effect on airways and roadways segments. As per ICAO (International Civil Aviation Organization), Canada, the world passenger traffic is expected to reduce by at least 35%. The shutdown of factories of various automakers is also responsible for the decline in demand from the transportation industry.

The key players in the market include Hexcel Corporation (US), Mitsubishi Chemical Holdings Corporation (Japan), Owens Corning (US), Toray Industries Inc. (Japan), Teijin Limited (Japan), Solvay 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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