DUBLIN--(BUSINESS WIRE)--The "Transportation Composites Market by Resin (Thermoplastic and Thermoset), Manufacturing Process, Fiber, Application (Interior, Exterior), Transportation Type (Airways, Roadways, Railways, Waterways), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
Transportation composites are extensively used in aerospace & defense, marine, and automotive, among other industries. Composites provide superior properties, such as high abrasion resistance, wear resistance, high modulus, superb strength, enhanced stiffness, low density, excellent chemical resistance, and low creep, which make them suitable for use in automotive components, aircraft structures, interior car panels, and others. However, the global COVID-19 pandemic has forced the aircraft, automobile, and yacht manufacturers to shut down their operations, which is expected to reduce the demand for transportation composites in 2020.
The resin transfer molding process holds the largest market share in the global transportation composites market in terms of value.
Resin transfer molding is a vacuum-assisted resin transfer process that uses a flexible solid counter tool for surface compression. This process yields increased laminate compression, high fiber-to-resin ratio, and outstanding strength-to-weight characteristics. It is mainly used to mold components with large surface areas, complex shapes, and smooth finishes. This process is used in the production of aircraft and automotive structures, such as powertrain components and exterior components.
Interior application is expected to dominate the market in terms of value.
The interior application is estimated to be the largest segment of the transportation composites market during the forecast period. The roadways sector is one of the major consumers of composites in the interior application, which is primarily driven by the usage of composites in cars. The growing demand for thermoplastic composites in aircraft components owing to their superior strength and low weight is driving the market in the interior application segment. The railways segment is one of the major contributors to the growing demand for composites in the interior application segment.
Carbon is estimated to be the fastest-growing fiber segment in terms of value.
Carbon is the fastest-growing fiber segment, which is attributed to the increasing usage of carbon fiber composites in the automotive sector. Owing to superior properties of carbon fiber composites in comparison to glass fiber composites, the former is utilized by aerospace & defense and automotive sectors.
Roadways is projected to be the fastest-growing transportation type in terms of value.
Roadways is expected to be the fastest-growing transportation type. Composites are used in a variety of automotive applications, including cars, military vehicles, buses, commercial vehicles, and motorsports, that include Formula 1 and touring cars. They offer various benefits, such as non-corrosiveness, non-conductivity, flexibility, low maintenance, longevity, and design flexibility. Glass fiber composites are commonly used in automotive applications for interior and exterior components. The lightweight capabilities and high strength of composites reduce vehicle weight and fuel consumption and allow the OEMs to comply with the stringent eco-friendly regulations.
Thermoplastic is expected to be the fastest-growing resin segment in terms of value.
The main advantage of thermoplastic resins as matrix materials is that the composite formed can be reshaped and reformed, unlike thermoset resins. The composite formed is easily recyclable. Different types of thermoplastic resins are used as matrix materials in the formation of composites. Complex material shapes can be easily produced using thermoplastic composites. As they can be stored at room temperatures, they can also be used in fabricating large structures.
APAC is the fastest-growing transportation composites market in terms of volume.
APAC is projected to be the fastest-growing transportation composites market during the forecast period. The growth of the transportation composites market in APAC is mainly driven by the demand from the aerospace & defense, automotive, and rail industries. However, the outbreak of COVID-19 has posed a negative impact on the aerospace and automotive industries in the APAC region.
- Increasing Use of Composites in Commercial Aircraft
- Growing Demand for Light-Weight Materials and Fuel-Efficient Vehicles
- Increasing Use of Natural Fiber Composites in Automotive Applications
- High Processing and Manufacturing Cost
- Issue Related to Recyclability
- Declining Economy Due to Covid-19
- Increasing Demand from Emerging Economies
- Penetration of Carbon Fiber Composites in New Applications
- Growing Demand for Environment-Friendly Evs
- Developing Low-Cost Technologies
- Market Recovery from Covid-19
- Hexcel Corporation
- Toray Industries Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- Gurit Holding AG
- Jushi Group
- SGL Group
- Owens Corning
- Royal DSM
- Lee Aerospace
- Norco Composites & Grp
- Lockheed Martin
- Kawasaki Heavy Industries, Ltd.
- Magna International Inc.
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