Global Transportation Composites Market is Expected to Exceed USD 64,621.67 Million by 2030 at a CAGR of 12.83%
- Author Name : IMR
- Publish Date : January 20, 2021
Transportation Composites Market to surge at 12.83% CAGR, rising demand from the automotive and transportation sectors expected to propel growth, says Index Markets Research
Index Markets Research has released a report labeled “Transportation Composites Market – Analysis of Market Size, Share & Trends for 2016-2019 and Forecasts to 2030” which is anticipated to reach USD 64,621.67 million by 2030. According to a study by Index Markets Research, the market is estimated to portray a CAGR of 12.83% during the forecast period i.e. 2020-2030. As per the report, rising demand from automotive and transportation sectors is likely to drive the market for transportation composites in the coming years.
The transportation composites market has experienced substantial growth based on the rising utilization of composites in commercial aircraft. In addition, the accelerating demand for low-weight parts and fuel-effective automobiles is expected to escalate the transportation composites market in the forecasted period. The growing demand for environment-friendly EVs offers a massive market prospect for the significant players functioning in the transportation composites market.
The market report on global transportation composites market comprises of the following in-depth analysis:
The estimated value of the market in 2019 was USD 32,671.67 million.
• Based on resin type, the thermoplastic composites segment emerged out as a key segment in the transportation composites market across the globe.
• On the basis of fiber type, the glass fiber segment came out to be the leading segment of the market.
• Based on application, the interior segment emerged to be the key segment in the market for transportation composites.
• On the basis of transportation type, airways segment is witnessed to be the key segment of the market.
• Region-wise, the market in Asia Pacific is witnessed to be the key market segment in the growth of the market.
• Key players are likely to focus on product innovations and expansion through union to retain their positions in developed markets.
“The growth of cost-efficient and high output precursors for creating transportation carbon fibers is expected to decrease the cost of carbon fibers substantially. These cost-efficient precursors for carbon fibers will decrease the cost of high-class carbon fibers”, said a lead analyst at Index Markets Research.
Transportation composites are widely utilized in aerospace & defense, marine, and automotive, among other sectors. Composites offer greater characteristics, such as high scratch endurance, wear endurance, extreme modulus, excellent energy, improved stiffness, low density, excellent chemical resistance, and low creep, which make them appropriate for utilization in automotive constituents, aircraft structures, interior car plates, and others. Nevertheless, the worldwide Covid-19 epidemic has pushed the aircraft, automobile, and yacht producers to close down their functions, which is estimated to decrease the need for transportation composites in the coming years.
Global transportation composites market is segmented by resin type into thermoplastic and thermoset. Among these, the thermoplastic composites segment emerged as the key segment, holding a market share of xx% in 2019. The market is segmented by fiber type into glass fiber, carbon fiber and others. Among these, the glass fiber segment came out to be the key segment of the market, capturing xx% of the total market share in 2019. On the basis of transportation type, the market for transportation composites is segmented into roadways, airways, railways and waterways. The airways segment emerged as the leading segment in the market, holding xx% of the total market share in the year 2019. Based on application, the market is segmented by into interior, exterior and others. Among these, the interior segment came out to be the key segment of the market, capturing xx% of the total market share in 2019. Region-wise, the worldwide transportation composites market is segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. Among these, the market in Asia Pacific is witnessed to be the key segment, acquiring xx% of the total market share in 2019.
Key Players in the Market :
Some of the key players in global transportation composites market are Hexcel Corporation, SGL Group, Solvay, Jushi Group Co. Ltd., Owens Corning, Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Teijin Ltd., Huntsman International LLC and Nippon Electric Glass Co. Ltd.
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Get Valuable Insights into Transportation Composites Market :
In the new report, Index Markets Research thrives to present an unbiased analysis the global transportation composites market that covers the historical demand data as well as forecast figures for the period i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The global transportation composites market is segmented by resin type into thermoplastic and thermoset. The market is divided by fiber type into glass fiber, carbon fiber and others. On the basis of transportation type, the market for transportation composites is divided into roadways, airways, railways and waterways. Based on application, the market is categorized into interior, exterior and others. Region-wise, the worldwide transportation composites market is segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific.
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Index Markets Research is a leading management consulting, advisory and market research organization that serves its clients globally by its team of experts and industry veterans that have years of expertise for management consulting, advisory and market research analysis. The organization functions across business consulting, strategy consulting, market research, operations consulting, financial advisory, human resources, risk & compliance, environmental consulting, software consulting and sales consulting amongst others, and aim to aid businesses with bold decisions that help them embrace change for their sustainable growth.
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