Transportation Composites Market Growth Trajectory Through 2024-2033

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The Transportation Composites Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Transportation Composites Global Market Report 2024, The transportation composites market size has grown rapidly in recent years. It will grow from $64.02 billion in 2023 to $70.46 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to automotive industry growth, weight reduction demands, fuel efficiency goals, safety and crash performance, cost reduction initiatives, advancements in raw materials, increased production efficiency, infrastructure development..

The transportation composites market size is expected to see rapid growth in the next few years. It will grow to $104.09 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to stricter emission standards, urbanization and infrastructure needs, emerging market opportunities, biocomposites adoption, government r&d funding, rising consumer preferences.. Major trends in the forecast period include recyclability and sustainability, integration of smart materials, strategic partnerships and collaborations, resin matrix advancements..

The growing automotive industry is driving the growth of the transportation composites market. The automotive industry is engaged in the design, development, marketing, and sale of automobiles. The increasing income and standard of living have led to increased demand for automobiles. Automobiles employ transportation composites for excellent strength and weight reduction of vehicles. For instance, according to a study released by the European Automobile Manufacturers Association in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Therefore, the increasing demand for automobiles is expected to propel the growth of the transportation composites market.

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The transportation composites market covered in this report is segmented –

1) By Resin: Thermoset, Thermoplastic

2) By Material Type: Glass Fiber, Natural Fiber, Carbon Fiber Composite, Aramid Fiber

3) By Manufacturing Process: Compression Molding, Injection Molding, Resin Transfer Molding, Other Manufacturing Processes

The strategic partnership is a key trend gaining popularity in the transportation composites market. Major players are entering into a partnership to expand into a new market and leverage each other’s resources. For instance, in May 2022, TRB Lightweight Structures, a UK-based company that manufactures high-performance lightweight structures, partnered with Kordsa. This new partnership was intended to further develop environmentally friendly lightweight composites for the automobile sector and increase the accessibility of environmental concerns in transportation. Kordsa is a US-based company that develops reinforcement technologies for the manufacturing of composite materials. In November 2021, Bercella Srl, an Italy-based composites manufacturer, partnered with RINA. With this partnership, the two groups aimed to bolster their function within the international market, combining their knowledge of composite materials and additive manufacturing, and substances in general. RINA is an Italy-based certification company specializing in testing, inspection, certification, and engineering solutions.

The transportation composites market report table of contents includes: