Transportation Composites Market Size, Share, By Resin Type (Thermoplastic Composite and Thermoset Composite), By Material Type (Glass Fiber, Carbon Fiber, and Others), By Manufacturing Process (Resin Transfer Molding, Injection Molding, Compression Molding, And Others), By Application (Airways, Roadways, Railways, and Waterways), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034

Transportation Composites Market Size was valued at US$ 59.1 billion in 2024 and is expected to grow at a CAGR of 13.5% to reach US$ 187.0 billion by 2034

Transportation composites are advanced materials that will revolutionize the transportation industry. They blend reinforcing fibers—such as carbon or glass—with resin binders. Consider a car body panel constructed from composite material; it would weigh less than a typical steel panel, reducing the vehicle's weight and making it more fuel-efficient. But wait, there's more! Composite materials are also solid because of these reinforcement threads. Hence, the car's fender will always be stable during accidents and protect those inside it. With their high strength and lightweight design combination, transport composites can be used extensively in transport sectors such as cars, trains, and airplanes.

Various factors stimulate the market for transportation composites. For one thing, harsher rules concerning fuel efficiency and environmental impact have compelled vehicle and aircraft builders to adopt lighter-weight alternatives like new composites. Secondly, manufacturing costs of composites have fallen, while large-scale production has become more accessible due to technological advances. Lastly, composites are perfect in situations where performance and weight reduction are critical because of their better strength-to-weight ratio and design flexibility. However, the market has a lot of obstacles to overcome. One major obstacle to the widespread usage of carbon fiber as a composite material is its high initial cost. Scientifically, recycling obsolete transportation composites is more challenging than recycling conventional materials like steel or aluminum. Transportation Composites have the potential to drastically change how we design and construct cars of the future as production methods improve, recycling technologies advance, and rules continue to favor lightweight materials.

Key Drivers of Target Market:

Rising demand for fuel efficiency:

• Vehicle manufacturers are developing more fuel-efficient technology because governments worldwide impose stricter limitations on the amount of carbon emissions permitted. There is a high demand for environmentally conscious transportation solutions due to customers' increased environmental concerns. The car industry uses lightweight components like composites to respond to these demands. Vehicle weight may significantly decrease because of composite materials' remarkable strength-to-weight ratios.
• This mostly leads to lower carbon emissions and increased fuel economy. Envision a vehicle that sheds several hundred pounds due to the composite body panels, hood, and trunk. This weight loss might significantly reduce fuel consumption, which would lessen the number of dangerous pollutants discharged into the environment and advance the development of a cleaner transportation industry.

Advancements in Technology:

• Innovations in manufacturing processes are making composites more competitive in the marketplace. Improvements like this also allow for the production of larger volumes and faster cycles. While traditional methods, such as manual lay-up, are helpful for small-scale manufacturing or prototyping, they are labor-intensive and slow down production. On the other hand, automated fiber placement (AFP) technology uses robots to accurately position composite fibers into a mold, cutting down on production time and physical labor.
• On the other hand, composite materials are being mass-produced in large quantities with exceptional uniformity and quality thanks to high-volume injection molding processes. These developments are making composite cars more widely accessible, which will eventually appeal to both producers and end users. Moreover, the transportation industry adopts such advances more quickly because of the shorter time it takes for new, composite-intensive automobiles to hit the market because of these technologies' quicker production cycles.

Restrains:

High cost of carbon fiber:

• A primary hindrance to expanding the transportation composites industry is the exorbitant expense of carbon fiber, a crucial constituent valued for its remarkable strength-to-weight proportion. While carbon fiber is unquestionably lighter and more efficient than steel, the material may cost a lot more initially. The automaker then faces increased production costs, which might affect customers' ultimate price. This financial barrier prevents carbon fiber composites from being widely used in well-known automobiles, which can be especially difficult for consumers on a tight budget. The cost per unit is further increased because carbon fiber can now be produced worldwide more affordably than conventional materials like steel. Carbon fiber composites are expensive; they are only used in high-end automobiles or parts of aircraft when the materials' performance advantages are crucial.

Opportunities:

Efficient recycling and circular economy:

• Within the larger circular economy trend, there is a substantial opportunity in the transportation composites market. Reducing waste by extending the useful life of materials is a key component of the circular economy. Reusing old transportation composite materials provides a sustainable way to handle vehicles nearing the end of their useful lives and lessen dependency on virgin resources.
• Comparing recycled transportation composites to more conventional materials like steel or aluminum, recycling them now poses a technological barrier. The complexity and energy-intensiveness of traditional recycling techniques limits these composites' economic viability. However, improvements in recycling technology are opening the door to a more environmentally friendly future for composites used in transportation.

The market is segmented based on Resin Type, Material Type, Manufacturing Process, Application, and Region.

Resin Type Insights:

• Thermoplastic Composite: The use of thermoplastic composites in the transportation composites market is rapidly growing due to their special advantages. They provide a triple benefit to satisfy the evolving needs of the transportation sector.
• Thermoset Composite: A firmly established industry that offers several resin alternatives, each adapted to specific needs. Epoxy resins provide an outstanding barrier to chemicals and strength for demanding applications like airplane fuselages. Vinyl ester resins balance cost and performance for applications such as boatbuilding, whereas polyester resins are a more affordable choice for non-critical parts.

Material Type Insights:

• Glass Fiber: Glass fiber's outstanding cost and structural performance make it the industry leader in the transportation composite materials market. There are two main forms of glass fiber available: continuous glass fiber for applications requiring long, strong fibers and discontinuous glass fiber for well-formed parts. For this reason, glass fiber is a flexible and reasonably priced choice for many parts connected to transportation.
• Carbon Fiber: In the field of transportation composites, carbon fiber is the material of choice for superior performance. Because of its extraordinary strength and rigidity, it is the ideal material for circumstances when weight reduction and exceptional performance are crucial.
• Others: The transportation composites industry investigates specific fibers for unique uses, such as Aramids, Natural fibers (flax, hemp), and Basalt Fibers, in addition to glass and carbon fiber.

Manufacturing Process Insights:

• Resin Transfer Molding: This versatile method may be used to create high-quality composite components with good fiber wet-out or resin distributed evenly throughout the fibers. It allows for complex designs and extensive manufacturing volume options for various transportation components.
• Injection Molding: Injection molding is the best method for producing complex thermoplastic car parts in large quantities, including dashboards and door panels. It's rapid, efficient, and yields consistent quality, but it requires a significant initial investment in molds.
• Compression molding is a cheap method that successfully produces simple shapes when used to produce massive amounts of thermoset composites. Using pressure and a closed mold, it may be made quickly and affordably. However, the method's ability to create complex geometries is limited.
• Others: This section covers a range of techniques for certain applications. The traditional hand lay-up method, which is labor-intensive, is suitable for prototype or low-volume production. Pultrusion is an ideal continuous method for creating homogeneous features, including construction-grade rods and beams.

Application Insights:

• Airways: The most common use category is aircraft, which uses composites in its wings, fuselages, and interiors to reduce weight and improve fuel efficiency. Particularly for combat aircraft, the small size and radar-absorbent properties of composites make them ideal for airplane wings, including control surfaces.
• Roadways: Composite materials are often utilized in numerous automobile components to make cars lighter and more fuel-efficient. Future automobiles will be different thanks to composites. They are utilized in corrosion-resistant underbody parts, lightweight exterior body panels that improve fuel economy, and roomy interior portions that allow for design flexibility without sacrificing structural integrity.
• Railways: Although composites are now less widespread than other shipping industries due to the infrastructure already in place, they have discovered a home in high-speed trains and rolling stock. Their compact nature makes them attractive for sustainable railway construction as it increases energy performance and efficiency.
• Waterways: Because of their unique combination of corrosion resistance—essential for parts exposed to saltwater—and lightweight qualities that increase fuel efficiency, composites are excellent in marine applications. They are, therefore, a great choice for the hulls, decks, and other components of boats, ships, and other watercraft.

Regional Insights

• North America: With many leading auto and aircraft manufacturers, this well-established market is predicted to grow even more in the transportation composite materials industry. Because of tighter environmental regulations and a focus on fuel efficiency, many sectors use these lightweight materials, including trains, cars, ships, and airplanes.
• Asia Pacific: For various reasons, this Region is seeing the fastest growth in the transportation composites market. The world's fast economic growth and increasing car production have created a huge need for lightweight and fuel-efficient transportation solutions. The growing middle class, with more discretionary income, is driving the expansion of the car market.
• Europe: A pioneer in the composites industry, the continent is a force in research and development and a strong supporter of sustainability. Government support for environmentally friendly transportation and stringent environmental regulations have led to the growth of the automobile and aircraft sectors. This tendency is also being influenced by high-speed trains.
• Latin America: Eco-friendly technology is attracting attention in this Region's emerging markets. Some triggers are growing public awareness of environmental concerns, government initiatives to promote eco-friendly transportation, and the potential for bio-based composites derived from abundant natural resources.
• Middle East and Africa: These regions have a growing market with significant expansion potential. Government support for modernizing the transportation sector, the growing need for lightweight vehicles to improve fuel efficiency, and infrastructure development contribute to the market's expansion.

Transportation Composites Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Resin Type, Material Type, Manufacturing Process, Application and Region.

By Resin Type:

• Thermoplastic Composite
• Thermoset Composite

By Material Type:

• Glass Fiber
• Carbon Fiber
• Others

By Manufacturing Process:

• Resin Transfer Molding
• Injection Molding
• Compression Molding
• Others

By Application:

• Airways
• Roadways
• Railways
• Waterways

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Transportation Composites Market include BASF, Toray Industries Inc., Dow Chemical Company, TPI Composites, Jushi Group, SGL Group, Mitsubishi Chemical Holdings Corporation, Saint Gobain, Solvay S.A, Huntsman, Gurit Holding AG, Teijin Limited, Owens Corning, Royal DSM, and Hexcel Corporation.

• In April 2024, Toray Industries Inc. (Tokyo, Japan) and Hyundai Motor Group (Seoul, Korea) signed a strategic collaboration agreement to protect the latter's ability to produce lightweight, high-strength materials for high-performance, eco-friendly cars. It is predicted that the joint R&D would employ carbon fiber-reinforced polymer (CFRP) components to improve the efficiency of EV batteries and motors. Toray's knowledge of fibers and textiles, performance chemicals, carbon fiber composites, environmental engineering, and life science are crucial to the partnership.
• In March 2024, BASF introduced a comprehensive solution photovoltaic (PV) frame at CHINAPLAS 2024, developed in collaboration with Jiangsu Worldlight New Material Co., Ltd (Worldlight), a global manufacturer of PV composite frames. The PV frame reduces the product carbon footprint (PCF) of aluminum frames by 85% thanks to its industry-leading comprehensive solution, which blends PU composite with a water-borne coating solution. Using the water-borne coating solution, the emission of volatile organic compounds (VOCs) is further reduced by more than 90%.

• BASF*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Toray Industries Inc.
• Dow Chemical Company
• TPI Composites
• Jushi Group
• SGL Group
• Mitsubishi Chemical Holdings Corporation
• Saint Gobain
• Solvay S.A
• Huntsman
• Gurit Holding AG
• Teijin Limited
• Owens Corning
• Royal DSM
• Hexcel Corporation

“*” marked represents similar segmentation in other categories in the respective section.

1. Research Objective and Assumption
   • Research Objectives
   • Assumptions
   • Abbreviations
2. Market Preview
   • Report Description
     • Market Definition and Scope
   • Executive Summary
     • Market Snippet, By Resin Type
     • Market Snippet, By Material Type
     • Market Snippet, By Manufacturing Process
     • Market Snippet, By Application
     • Market Snippet, By Region
   • Opportunity Map Analysis
3. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
   • Market Trends
   • Product Launch
   • Merger and Acquisitions
   • Impact Analysis
   • PEST Analysis
   • Porter’s Analysis

Market Segmentation, Resin Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Thermoplastic Composite
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Thermoset Composite
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends

Market Segmentation, Material Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Glass Fiber
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Carbon Fiber
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Manufacturing Process, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Resin Transfer Molding
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Injection Molding
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Compression Molding
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Airways
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Roadways
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Railways
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Waterways
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Manufacturing Process, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Manufacturing Process, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Manufacturing Process, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Manufacturing Process, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Manufacturing Process, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles
  • BASF
  • Toray Industries Inc.
  • Dow Chemical Company
  • TPI Composites
  • Jushi Group
  • SGL Group
  • Mitsubishi Chemical Holdings Corporation
  • Saint Gobain
  • Solvay S.A
  • Huntsman
  • Gurit Holding AG
  • Teijin Limited
  • Owens Corning
  • Royal DSM
  • Hexcel Corporation

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