Transportation Composites Market Size, Share, and Trends 2024 to 2033

Transportation Composites Market Size and Growth

The global transportation composites market size was USD 40.58 billion in 2023, calculated at USD 45.75 billion in 2024 and is expected to reach around USD 134.50 billion by 2033. The market is expanding at a solid CAGR of 12.73% over the forecast period 2024 to 2033. The rising developments in the railway network across the world are driving the growth of the transportation composites market.

Transportation Composites Market Key Takeaways

• Asia Pacific led the market with the largest revenue share of 46% in 2023.
• Europe is expected to attain the fastest rate of growth during the forecast period.
• By resin, the thermoset segment led the transportation composites market in 2023.
• By resin, the thermoplastic segment is expected to be the fastest-growing segment during the forecast period.
• By manufacturing process, the compression molding segment dominated the market in 2023.
• By manufacturing process, the resin transfer molding segment is expected to grow with the highest CAGR during the forecast period.
• By fiber, the carbon fiber segment dominated the market in 2023.
• By fiber, the glass fiber segment is estimated to grow with the highest CAGR during the forecast period.
• By transportation type, the airways segment led the market in 2023.
• By application, the exterior segment dominated the transportation composites market in 2023.
• By application, the interior segment is estimated to grow with the highest CAGR during the forecast period.

Asia Pacific Transportation Composites Market Size and Growth 2024 to 2033

The Asia Pacific transportation composites market size was exhibited at USD 18.67 billion in 2023 and is projected to be worth around USD 62.54 billion by 2033, poised to grow at a CAGR of 12.84% from 2024 to 2033.

Asia Pacific held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this region is mainly driven by rising government initiatives in countries such as India, China, South Korea, Japan, and others to strengthen the chemical sector. The rising developments in the railway sector, along with the presence of well-established waterways in India and China, drive the market growth. Also, the rising advancements in science and technology, along with the easy availability of raw materials, are likely to drive market growth.

Moreover, the presence of several market players such as Mitsubishi Chemical Holdings Corporation, Jushi Group, Toray Group, Teijin Ltd, and some others are constantly engaged in developing high-quality composite materials and adopting several strategies such as launches, collaborations, and acquisitions, which in turn drives the growth of the transportation composites market in this region.

• In January 2023, the South Korean government launched the ‘Chemical Industry Forum’. This announcement aimed to develop the overall chemical industry in this country.
• In April 2024, Toray Group partnered with Hyundai Motor Group. This partnership is done to manufacture lightweight and high-strength materials for high-performance vehicles.

Europe is expected to be the fastest-growing region during the forecast period. The growth of this segment is mainly driven by the rising demand for electric vehicles in this region. For instance, in June 2024, Hyundai launched a new IONIQ model in Europe. IONIQ is an advanced electric car that delivers a driving range of around 630 km on a single charge. Also, rising investments by public and private sector entities in developing the automotive sector are boosting market growth. Moreover, the presence of well-established aerospace and automotive industries in Germany and France has increased the demand for composite materials, which in turn is driving the market growth.

Moreover, the presence of several local manufacturers of composites materials, such as Solvay S.A., Royal DSM, Gurit Holdings, and some others, are engaged in manufacturing superior transportation composites materials and adopting several strategies such as launches, collaborations, and acquisitions, which in turn drives the growth of the transportation composites market in this region.

• In October 2023, Solvay SA launched SolvaLite 716 FR. SolvaLite is a fast-curing epoxy prepreg solution designed for reinforcements and a wide range of structural parts in premium battery electric vehicles (BEVs).

Transportation Composites Market Overview

The transportation composites market has grown rapidly with the developments in manufacturing industries. This industry mainly deals with the development, manufacturing, and supply of composite materials for the transportation industry. There are several types of resin that are used in the production of composite materials, which mainly include thermoset and thermoplastic resins. The composite materials are manufactured using several processes, such as compression molding, injection molding, resin transfer molding, and others. There are different types of fibers that are used in the production of composite materials, which mainly include glass fiber, carbon fiber, natural fiber, and some others.

The composite materials are used in the production of interior and exterior components of automobiles. It finds application in several transportation categories, including railways, roadways, waterways, and airways. This industry is expected to grow exponentially with the development of transportation industries.

Transportation Composites Market Growth Factors

• The growing developments in the automotive industry are expected to drive the growth of the transportation composites market.
• The rising government initiatives to strengthen the manufacturing sector have driven market growth.
• The growing demand for fiberglass for manufacturing hoods and doors of cars fosters market growth.
• The growing investments from public and private sector entities for developing the transportation composites industries also boost the market growth.
• The growing development in the compression molding process propels the market growth to some extent.
• The rapid advancements in the production of composite materials across the world are expected to boost market growth.
• The growing demand for commercial vehicles boosts the market growth.
• The ongoing developments in roadways and waterways across the world have impacted the transportation composites market growth positively.

Transportation Composites Market Scope

Transportation Composites Market Dynamics

Driver

Rising demand for electric vehicles

The adoption of electric vehicles (EVs) has increased in recent times due to growing awareness of reducing emissions. Also, the governments of several countries are launching initiatives for the adoption of EVs along with rising developments in EV infrastructure across the world. Moreover, growing development in private and semi-public EV charging, along with rising prices of gasoline, has also increased the demand for EVs. Thus, the rising demand for EVs has increased the demand for transportation composite materials as these materials are used for several applications, such as weight reduction, improved braking battery efficiency, and acceleration. Also, several composite material companies are developing various lightweight components for EVs, which in turn is expected to drive the growth of the transportation composites market.

• In January 2024, Tesla launched the all-new Model 3 in North America. This vehicle supports level 2 autonomy and comes with an electric drivetrain that provides a driving range of up to 341 miles on a single charge.
• In April 2024, the government of the Netherlands announced that fully electric vehicles are exempted from any taxes, and plug-in hybrid vehicles would get a 50% reduction in taxes by the end of 2024.
• In June 2024, Navrattan Group launched an E-Bus that is constructed using advanced composite fiber materials. The composite fiber materials are used to reduce the overall weight of the e-bus and to increase efficiency.

Restraint

Non-biodegradable and unavailability of raw materials

The application of transportation composites has gained immense attention in recent times. Although there are several applications of composite materials, there are several problems associated with them. Firstly, most composite materials are non-biodegradable in nature and are not subject to recycling. Secondly, this industry faces problems due to a shortage of raw materials along with the high prices associated with it. Thus, the non-availability of raw materials and non-recyclability of composite materials is expected to restrain the transportation composites market growth.

Opportunity

Rise in a number of racing events across the globe

The attraction towards car and bike racing has increased rapidly among people around the world. Several organizations, such as Formula 1, Nascar, Motorsport Australia, IMSA, and some others, are arranging car racing events to gain popularity among audiences. Thus, with the growing number of racing events, the demand for racing cars has increased rapidly. These racing cars are manufactured using composite materials to deliver superior performance. Hence, rising demand for racing cars is expected to create ample growth opportunities for the transportation composites market players in the future.

• In February 2024, Alpine launched the A524 car. A524 is a Formula1 racing car designed for the upcoming French brand’s World Endurance Championship.

Resin Insights

The thermoset segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. The growth of this segment is generally driven by the rising applications of thermoset resin composites in several industries, including robotics, biomedical, construction, and infrastructure. Also, the growing demand for thermoset composites due to their cross-linking property, high-temperature resistance, and superior dimensional stability drives the market growth. Moreover, the increasing usage of polyvinyl chloride and PET in transportation composites is likely to drive the growth of the transportation composites market.

The thermoplastic segment is the fastest-growing segment during the forecast period. This segment is generally driven by the rising demand for recyclable materials around the world. Also, the growing use of thermoplastic composites in aerospace and construction industries due to superior chemical resistance and reshaping capabilities is driving the market growth. Moreover, the growing demand for thermoplastic resin in the automotive industry for manufacturing lightweight vehicles is likely to boost the growth of the transportation composites market.

Manufacturing Process Insights

The compression molding segment dominated the market in 2023. The growth of this segment is generally driven by the growing demand for composite materials in the transportation sector. Also, the growing application of compression molding for producing complex shapes of composite materials boosts the market growth. Moreover, the compression molding process is the most affordable manufacturing process involved in the production of composite materials, which in turn drives the growth of the transportation composites market.

The resin transfer molding segment is expected to be the fastest-growing segment during the forecast period. This segment is generally driven by rising developments in the composite materials industry. Also, the rising application of resin transfer molding for manufacturing intricate parts with sharp edges boosts the market growth. Moreover, the rising usage of the resin transfer molding process for the production of fiber–plastic composites for automotive and aerospace industries is likely to drive the growth of the transportation composites market.

Fiber Insights

The carbon fiber segment held the largest share of the transportation composites industry and is expected to continue its dominance during the forecast period. The growth of this segment is driven by rising demand for lightweight vehicles across the globe. Also, the growing use of carbon fiber as a prominent raw material for the fabrication of advanced composite materials is driving the market growth. Moreover, government agencies of spacecraft and aircraft, such as the U.S.

Air Force and NASA, are also using carbon fiber to derive maximum performance, which in turn is expected to boost the growth of the transportation composites market. Furthermore, the properties of carbon fibers, such as long service life, corrosion resistance, lightweight, superior abrasion and wear resistance, and some others, are likely to drive the market growth.

• In June 2023, Dash-CAE launched TR01. TR01 is a new carbon fiber-made monocoque chassis manufactured for use in supercars and hypercars.

The glass fiber segment is the fastest-growing segment during the forecast period. This segment is generally driven by the growing demand for glass fiber in the automotive sector for manufacturing interior and exterior parts. Also, the rising demand for glass fiber by the boat-making industry for the production of hulls, liners, decks, and some other components of boats drives the market growth. Moreover, the growing application of glass fiber in the aerospace sector for manufacturing gaskets, cargo liners, and other interior components of aircraft is expected to drive the growth of the transportation composites market.

• In June 2024, Borealis launched Borcycle GD3600SY. Bicycle GD3600SY is a glass-fiber reinforced polypropylene (PP) compound with 65% post-consumer recycled (PCR) polymer that finds applications in automotive interiors.

Transportation Type Insights

The airways segment held the largest share of the market in 2023. This segment is generally driven by the rise in a number of aerospace companies across the world. Also, the growing use of composite materials in the aerospace sector for manufacturing engine blades, nacelles, propellers/rotors, brackets, interiors, single aisle wings, and wide-body wings has boosted the market growth. Moreover, several composite material companies are launching several products that find application in the aerospace industry, which further propels the growth of the transportation composites market.

• In October 2023, Solvay launched FusePly 250. FusePly 250 is a composite adhesive that is designed for bonding composite structures in the aerospace industry.
• In February 2022, Trelleborg Sealing Solutions launched the Orkot C620. Orkot C620 is a composite material that is mainly developed for the aerospace industry to manufacture high-quality landing gears.

Application Insights

The exterior segment held the largest market share in the genome editing market in 2023. The growth of this segment is generally driven by the growing demand for luxury cars around the world. Also, the rising application of composite materials in the automotive industry for manufacturing fenders and radiators in cars is driving the market growth. Moreover, the increase in the use of composite materials for producing doors and bumpers of cars due to their high strength and lightweight properties is likely to drive the growth of the transportation composites market during the forecast period.

The interior segment is expected to be the fastest-growing segment during the forecast period. The growth of this segment is generally driven by the rising demand for electric vehicles around the world. Moreover, the growing demand for composite materials in the automotive and aerospace sectors for manufacturing engines and other interior components due to properties such as superior flexibility, increased strength, lightweight design, and high durability is likely to drive the growth of the transportation market.

Transportation Composites Market Companies

• Toray Industries Inc.
• Solvay S.A
• SGL Group
• Teijin Limited
• Royal DSM
• Owens Corning
• Mitsubishi Chemical Holdings Corporation
• Jushi Group
• Hexcel Corporation
• Gurit Holding AG.

Recent Developments

• In February 2024, Hexcel launched HexTow IM9 24K. HexTow IM9 24K is a lightweight composite material solution for aerospace sector.
• In March 2023, SGL Carbon announced its new material portfolio. This new portfolio includes SIGRAFIL 50k that can be used for different industrial application.
• In August 2022, Owens Corning joined hands with Pultron Composites. This joint venture is done to manufacture fiberglass rebar.
• In April 2022, Gurit announced the acquisition of a 60% share in Fiberline Composites. This acquisition is done to manufacture glass fibers and pultruded carbon.

Segments Covered in the Report

By Resin

• Thermoset
• Thermoplastic

By Manufacturing Process

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

By Fiber

• Glass
• Carbon
• Natural

By Transportation Type

• Airways
• Railways
• Waterways
• Roadways

By Application

• Interior
• Exterior
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa