The global transportation composites market accounted for a value of USD 39.8 billion in 2019. Transportation composites market projected to register growth at a CAGR of 7.5% during forecast period.
COVID-19 has impacted transportation composites market negatively. The demand for this product has been declined due to virus outbreak across the world. The manufacturing activities have been halted and the supply chain got disrupted. The transportation of raw material and finished products got disrupted due to travel restrictions within the country. The travel was reduced significantly as flights, buses and trains services has been suspended in major countries around the world due to which there is a decline in transportation industry. There is a significant decline in requirement of transportation composites material due to corona virus.
For more details, visit: Global Transportation Composites Market By Transportation Type (Airways, Roadways, others), By Fiber (Glass, Carbon, Others), By Application (Interior, Exterior, Others), By Region–Forecast & Opportunities to 2026
The composites materials are largely adopted in various industries due to their properties such as flexibility, strength and lower weight. This is likely to drive growth in transportation composites market during forecast period.
On the basis of transportation type, the transportation composites market is segmented into airways, roadways, waterways and railways. Airways segment is estimated to hold largest market share during forecast period. Airways segment consumes transportation composites at large scale due to lower weight and strength and various other properties. This composite also helps in improving fuel efficiency. The airways have a higher use of these composites as compared to others. Due to larger use of such materials it is likely to dominate the market during forecast period.
On the basis of fiber, the transportation composites market is segmented into glass, carbon, natural and others. Glass fiber segment is estimated to register largest market share during forecast period. The glass fiber composites are widely adopted in various sectors such as automotive etc. depending on type it can be classified into filament diameter, sizing chemistry and others. They are used for manufacturing S-glass and E-glass. They are used in powertrain, exterior and interior applications of automobiles. This is likely to drive growth in glass fiber segment during forecast period.
On the basis of application, the transportation composites market is segmented into interior, exterior and others. The interior application is estimated to hold largest market share during forecast period. The properties of transportation composites such as strength, durability, flexibility and resistance to moisture, heat and temperature and low weight are more prefer for interior application in automobiles and aircrafts. The demand for this composites material is increasing rapidly around the globe due its low weight and environmental friendly nature. This is likely to drive growth in interior application during forecast period.
North America region is estimated to hold the largest market share during forecast period. The demand for transportation composites are rising immensely in this region. The growth in transportation sector leads to growth in these composites due to their various beneficial properties across automotive domain. The replacement of old materials in aircraft segment is likely to drive growth opportunities in this region during forecast period.
The key market players in transportation composites market are Boeing, Hexcel Corporation, Toray Industries, Teijin Ltd., Solvay, Mitsubishi Chemical Holding Corp., Jushi Group, Gurit Holdings AG, SGL Group, Owens Corning, Royal DSM, Lee Aerospace, Norco Composites & GRP, Bombardier, Feadship and Lockheed Martin.
- What are the expected industry trends over the next three to five years?
- Which of the transportation composites fiber is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?