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Transportation Composites Market: Segmented: By Resin Type(Thermoplastic and Thermoset); By Fiber Type(Glass Fiber, Carbon Fiber and Others); By Transportation Type (Airways, Roadways, Railways and Waterways); By Application(Interior, Exterior and Others); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
The global transportation composites market is expected to exceed USD 64,621.67 million by 2030 from USD 32,671.67 million in 2019 at a CAGR of 12.83% throughout the forecast period i.e. 2020-2030.
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, and aircraft structures, interior car plates, and others. Nevertheless, the worldwide Covid-19 epidemic has pushed aircraft, automobile, and yacht producers to close down their functions, which is estimated to decrease the need for transportation composites in the coming years.
The market is anticipated to grow on the back of rising demand from the automotive & transportation sectors. 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 global transportation composites market is segmented by Resin Type into Thermoplastic and Thermoset. Among these, the carbon fiber composites segment is estimated to hold the largest market share of xx% in 2019. The key benefit of thermoplastic resins as matrix materials is that the composite created can be reformed and renewed, not like thermoset resins. The composite created is simply renewable. Various kinds of thermoplastic resins are utilized as matrix materials in the creation of composites. Complicated material designs can be easily manufactured with the use of thermoplastic composites.
By Resin Type (in %), Global Transportation Composites Market, 2019
The global transportation composites market is segmented by Fiber Type into Glass Fiber, Carbon Fiber, and Others. Among these, the commercial aircraft segment is witnessed to hold the largest market share of xx% in the year 2019. Glass fiber accounts for the largest share of the market in terms of volume. Glass fiber composites are extensively used in automotive components. Fibers can be classified depending upon type, sizing chemistry, filament diameter, and others. With these, a wide range of properties and performance levels can be achieved. Glass fibers used in automotive composites include E-glass, S-glass, E- glass, and others. They are used in various applications, such as exterior, interior, and powertrain.
By Fiber Type (in %), Global Transportation Composites Market, 2019
The global aerospace composites market is segmented by Application into Interior, Exterior, and Others. Among these, the anterior segment is witnessed to hold the largest market share of xx% in the year 2019. Based on their loftier characteristics, such as power, elasticity, longevity, lightweight, and endurance to heat, temperature, and moisture, transportation composites are broadly utilized for interior applications in the automotive and aerospace sectors. The interior segment is expected to be the biggest application of transportation composites in the coming years. There is a huge need for composites from the North American and European aerospace & defense and roadways sectors. The rising market of EVs is also acting as a key factor in expanding the demand for composites in interior applications.
The worldwide transportation composites market is segmented by Transportation Type into Airways, Roadways, Railways, and Waterways. Among these, the airways segment is witnessed to hold the largest market share of xx% in the year 2019. Airways led the worldwide transportation composites market owing to high requirements from commercial and defense aircraft. Based on the huge cost of transportation composites, the application of transportation composites is yet limited to the aerospace & defense sector. Lightweight merged with high workable energy of composites raises fuel efficacy, decreases sustenance costs, and enables OEMs to adhere to the severe ecological norms in Europe and North America, therefore raising the need for transportation composites in the airways.
Rising Demand from the Automotive and Transportation Sectors
The Automotive & transportation sector has the biggest portion of the transportation composites market in terms of capacity. The sector obligates to adhere to strict protocols such as the Corporate Average Fuel Efficiency (CAFE) norms and the European Emission Standards (EES) by the US and European governments. To decrease carbon dioxide (CO2) emanations, which harm the worldwide climate, the automakers in these regions are concentrating on the manufacture of low-weight automobiles with composites to follow the government norms and improve the fuel efficacy of vehicles.
The decline in the Cost of Carbon Fibers
The primary raw materials utilized for the manufacturing of carbon fiber transportation composites are polymeric resins and carbon fibers. The cost of carbon fibers is positively related to the cost of precursor raw parts from which they are acquired. Presently, carbon fibers are acquired from polyacrylonitrile (PAN), the cost of which in transportation applications is huge. 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. The fall in the cost of carbon fibers is projected to reduce the cost of carbon fiber composites, thus, pushing the dispersion of carbon fiber composites in several applications, such as aerospace and automotive.
Lack of Standardization in Production Technologies
Manufacturing and non-recurring growth costs keep on restricting the dispersion of transportation composites in various applications. Structural steadiness, procedure adjustment, and sustenance technology are the key apprehensions. The absence of standardization of material and methodologies makes producers take into account traditional projects, which hinders the large-scale manufacturing and economic functioning of automobiles and aircraft. Additionally, restricted trained and skilled human capital hamper wider applications of transportation composites.
Problems Related to Renewing
The complicated material compositions and the interlinked characteristics of transportation composites, particularly thermoset composites, make the recyclability of composites difficult. Thermoset composites are hard to recycle as they are not easy to remold, unlike thermoplastics. The difficulty in renewing is a primary restraint faced by transportation composite producers. Most of the transportation composites utilized are organized at landfills.
Region-wise, the market for transportation composites across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Asia Pacific is witnessed to constitute xx% of the total market share in the year 2019. The development of the transportation composites market in the Asia Pacific is primarily pushed by the demand from the aerospace & defense, automotive, and rail sectors. Nonetheless, the occurrence of Covid-19 has turned out to harm the aerospace and automotive industries in the Asia Pacific region.
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