CHICAGO, June 8, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the Transportation Composites Market size is expected to grow from USD 33.2 billion in 2020 to USD 59.8 billion by 2025, at a CAGR of 12.5% during the forecast period. The transportation composites market is growing due to the increase in the demand for high-performance materials with properties, such as low weight, high strength-to-weight ratio, good tensile strength, and corrosion resistance.
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Glass fiber comprises the major share of the transportation composites market in terms of volume.
Glass fiber is used to manufacture automotive components. It is used in different applications, such as underbody systems, deck lids, front end modules, bumper beams, engine covers instrument panels, and air ducts due to its superior strength, flexibility, durability, stability, low weight, as well as resistance to heat, temperature, and moisture.
The COVID-19 outbreak has resulted in the disruption in the supply chain, resulting in reduced glass fiber demand. The pandemic has disrupted the European automotive sector, which is generating a negative effect on the growth of the glass fiber composites market.
Thermoset resins accounted for the largest share in the global transportation composites market.
Thermoset resins are known for their excellent mechanical, electrical, and high heat resistance properties, which make them highly useful in the aerospace & defense industry. They have better physical, mechanical, and adhesion properties and low shrinkage compared to other resins. Carbon fiber composites formulated using epoxy resin as a matrix improve their toughness, impact strength, and resistance to moisture and corrosion. Due to the COVID-19 pandemic, there is a reduced demand for transportation composites in the aircraft sector. This has forced composites manufacturers to operate at partial or zero capacities owing to decreased demand from various sectors.
Interior application accounted for the largest share in the global transportation composites market in terms of value and volume.
The interior application segment of the global transportation composites market caters to the demand from the aerospace, automotive, and other sectors, Composites are used in the manufacturing seatbacks, interior headliner, load floor, instrument panel, and underbody panels, among others. The use of composites in interior applications of the car body enables weight reduction. Car weight is a critical factor for OEMs and, thus, composites are considered as the best substitute for traditional materials, such as aluminum and steel, for the fabrication of interior parts of the car body. OEMs such as Audi and BMW, have considered the use of composites in structural parts, such as seat backs and headliners.
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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.
The airways accounted for the largest share in the global transportation composites market during the forecast period
Demand for high-grade composite materials from commercial and defense aircraft manufacturers is driving the market in the airways segment. Composite materials are used in various applications, including seats, cabins, sandwich panels, fuselages, engines, wings, rotor blades, and tail boom. New aviation programs of major players, such as Boeing for top commercial aircraft, - 787, 777X, and A350, are using a significant amount of composites for airframe structures.
The COVID-19 pandemic has disastrously affected the market for composites in the aerospace industry. In Europe, Spain, the UK, Germany, France, and Italy are the major countries where COVID-19 has taken a heavy toll on the aerospace industry. The major aircraft manufacturers and component molders in the region have closed their manufacturing facilities to tackle the crisis. For instance, Airbus has halted production and assembly activities at its plants in France and Spain and two plants in Germany due to a state of emergency. Europe has witnessed production losses of nearly 2.4 million motor vehicles so far caused due to factory shutdowns. These motor vehicles include passenger cars, trucks, vans, buses, and coaches.
North America is expected to account for the largest share in the transportation composites market during the forecast period.
North America accounted for the largest share. High demand for carbon fiber in the aerospace & defense industry in the region is one of the key drivers behind the growing usage of transportation composites. The presence of various aircraft and automotive OEMs in the US and Canada is fueling the market for transportation composites in the region. Besides this, there is a high demand for transportation composites in the waterways segment from cruise ships and poweboats.
COVID-19 has imposed a disastrous effect on airways and roadways segments. As per ICAO (International Civil Aviation Organization), Canada, the world passenger traffic is expected to reduce by at least 35%. The shutdown of factories of various automakers is also responsible for the decline in demand from the transportation industry.
The key players in the market include Hexcel Corporation (US), Mitsubishi Chemical Holdings Corporation (Japan), Owens Corning (US), Toray Industries Inc. (Japan), Teijin Limited (Japan), Solvay S.A. (Belgium), Jushi Group Co. Ltd. (China), SGL Group (Germany), and Gurit Holding AG (Switzerland). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the transportation composites market.
Related Reports:
1.COVID-19 Impact on Composites Market by Fiber Type (Glass Fiber, Carbon Fiber and Natural Fiber), Resin (Thermoset Resin and Thermoplastic Resin), End-use Industry and Region - Global Forecast to 2021
https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-composite-market-175185951.html
2.Carbon Fiber Market by Raw Material (PAN, Pitch, Rayon), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy), and Region - Global Forecast to 2029
https://www.marketsandmarkets.com/Market-Reports/carbon-fiber-396.html
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