Transportation composites’ compatibility with the broader objectives of the automotive industry, notably sustainability and weight reduction, will drive sustained adoption, according to a new report by Future Market Insights (FMI).
The report offers a 10-year outlook on the transportation composites market, offering analysis across key segments in 20+ countries.
According to the study, consistent innovation and research into technologies that help meet legislated emission targets are becoming the elixir for manufacturers of transportation composites. Moreover, as customers are become more environmentally conscious, reuse and recycling is gaining traction – a development that augurs well for transportation composite manufacturers.
In a bid to fulfil emissions targets and improve the sustainability of future automobiles, mass reduction of automobiles (lightweighting) is increasingly emerging as major challenge for automotive manufacturers.
Lightweight vehicles help achieve improved fuel efficiency as well as offer better braking, acceleration, and handling.
As these trends propelling the current surge will sustain, transportation composite manufacturers are focusing on distinctive capabilities and continue to explore opportunities to better serve customers and make material progress.
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Transportation Composites Market Size Study
- Demand for lightweight components to drive market growth
- Glass fiber transportation composites remain preferable owing to their superior properties such as high strength and durability
- Thermosetting composites stay in-demand through 2030, given their umpteen strength that makes them ideal for high-temperature conditions
- Market players continue to reap substantial gains from Asia Pacific (APAC) over the following decade
“Over 100 models in automotive industry currently leverage carbon fiber reinforced plastic (CRFP) for OEM components. The OEMs are banking on transportation composites to curb vehicle emissions, decrease vehicle weight, and thus, enhance fuel efficacy,” says analyst at FMI.
COVID-19 Impact on Transportation Composites Market
The transportation composites market is heavily dependent on the automotive production and sales across the world. Sudden shutdowns of manufacturing units in China and its ripple effect, resulting in large-scale havoc among global automotive manufacturers, have been felt subsequently in the US, Europe, South America, and India. Moreover, majority of prominent global automakers import 30-60% of their components from China such as sub-assemblies, and modules.
As several automotive OEMs and distributors have offshored their production activities to low-cost regions, they are currently scrambling to set up shorter or localized regional supply chains.
Moving ahead, nationwide lockdowns in worst-affected countries have impacted the transportation composites market at multiple fronts including, financially drained SMEs, disturbed supply chains, and dampened sales in Q1 of 2020. Moreover, the effects have spilled over into Q2, with incomplete order deliveries due to ongoing production downturns.
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Transportation Composites Market – Competitive Intelligence
The global transportation composites market is moderately fragmented, with presence of leading players exhibiting expertise in advanced manufacturing techniques. In a bid to sustain their revenue pool in the global marketplace over long run, market players are focusing on conspicuous investments in innovation and diversification.
- Toray Industries develops carbon fiber transportation composites derived from polyacrylonitrile (PAN). These composites, in various forms, are used in automotive and several other use cases
- Solvay S.A. produces an entire range of thermoplastic transportation composites – Evolite™ – for demanding applications. These products contain polyphthalamide (PPA) and polyphenylene sulfide (PPS)
Want To Know More About Transportation Composites Market?
A new market research report published by Future Market Insights (FMI) on the global transportation composites market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the transportation composites market through five different segments – material type, resin, application, vehicle type, and region. The transportation composites market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of transportation composites and product adoption across several end-use industries.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.