Transportation Composites Market will grow at highest pace owing to increasing demand for lightweight materials
Transportation composites are composite materials used in various transportation applications owing to their high strength-to-weight ratio, corrosion resistance and durability. Transportation composites find widespread use in manufacturing of different components of vehicles including interior, exterior and under-body parts. They are also used in manufacturing of railway bogies, aircraft components and watercraft. The growing emphasis on reducing fuel consumption and vehicle weight has significantly boosted the adoption of transportation composites across various mobility sectors.
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 Takeaways
Key players operating in the transportation composites are Toray Industries, Teijin, Mitsubishi Chemical Holdings, Hexcel Corporation, and Solvay.
The Transportation Composites Market growing demand for fuel-efficient and lightweight vehicles from automotive industry has significantly propelled the demand for transportation composites. The stringent vehicle emission norms imposed by regulatory bodies are compelling automakers to increasingly use composites over conventional materials.
Significant developments in resin and fiber technology have enhanced the mechanical and physical attributes of transportation composites. Newly developed carbon fiber reinforced polymers (CFRP) and glass fiber reinforced polymers (GFRP) exhibit high strength-to-density ratio and durability ideal for various transportation applications.
Market Trends
Increasing demand for natural fiber composites - The rising environmental concerns have increased the focus on developing sustainable and eco-friendly transportation composites using natural fibers like flax, hemp and jute.
Growing popularity of sandwich construction panels - The sandwich construction using composites as skins and low-density core is gaining widespread acceptance in transportation industry owing to significantly improved stiffness, strength and reduced weight.
Market Opportunities
Adoption in electric vehicles - The growing electric vehicles market presents lucrative opportunities for transportation composite manufacturers to replace traditional materials with lightweight composites to improve driving range.
Development of self-healing composites - Future opportunities lie in developing self-healing composites using microcapsules that can autonomously repair cracks and dings, enhancing durability of transportation composites.
Impact of COVID-19 on Transportation Composites Market Growth
The COVID-19 pandemic has impacted the transportation composites market significantly. During the initial lockdown phases across major economies, the demand from end-use industries such as automotive, aerospace, and rail witnessed a steep decline. Supply chain disruptions due to halted manufacturing activities and global trade restrictions affected the market growth negatively. The shutdown of production units led to reduced consumption of composites in manufacturing.
However, with lifting of lockdowns and resuming of economic activities, the market is likely to pick up pace gradually. Major OEMs are focusing on new product development and innovations to meet the rising demand from customers. Lightweighting is a key priority area for vehicle manufacturers to improve fuel efficiency and comply with stringent emission norms. Composites offer weight reduction of around 50% compared to metals. Hence, their use in passenger cars, electric vehicles, commercial aircraft, railways, and ships is expected to increase in the coming years.
Value concentration by geographical regions
Geographically, North America holds the major share in the transportation composites market in terms of value. This is attributed to strong presence of leading composite component and OEM companies, and robust demand from diversified end-use industries. Additionally, government initiatives towards infrastructure development and focus on renewable energy are driving the adoption of composites. Asia Pacific is anticipated to emerge as the fastest expanding regional market, supported by rapidly growing automotive and aerospace industries in China, India, and Southeast Asian countries.
Geographically, Asia Pacific is projected to offer lucrative opportunities for transportation composites manufacturers during the forecast period. This region is witnessing investments by prominent industry players to establish manufacturing facilities in light of availability of cheap labor and raw materials. Moreover, improving macroeconomic conditions and rising disposable income levels are fueling vehicle ownership, air travel, and infrastructure development activities in the region. These factors are augmenting the sales volume of composites used in transportation applications.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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