iCrowdNewswire Feb 5, 2021 6:00 AM ET
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″, 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 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 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.
Browse and in-depth TOC on “Transportation Composites Market – Global Forecast to 2025”
109 – Tables
49 – Figures
171 – Pages
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Transportation composites are used in the interior, exterior, powertrain, and other applications in the automotive and aerospace industries. The demand for transportation composites is increasing at a rapid pace due to low weight and high strength, which helps in improving the fuel efficiency of vehicles. However, amid the global COVID-19 pandemic, the demand is expected to show a sharp decline until 2021. The global transportation composites market size is projected to grow from USD 33.2 billion in 2020 to USD 59.8 billion by 2025, at a CAGR of 12.5% between 2020 and 2025.
From 2016 to 2019, expansion was the key strategy adopted by the market players to maintain growth in the global transportation composites market. For instance, Hexcel Corporation (US) opened its new advanced composite plant at the Les Roches- Roussillon Chemicals Industry Platform in Isère, France. This plant will help in responding to the growing demand for carbon composite materials in the aerospace industry. However, due to COVID-19, various companies are witnessing a decrease in their revenue due to reduced demand for transportation composites from Boeing and Airbus, two of the major commercial aircraft manufacturers. Boeing and Airbus had zero orders for new aircraft in January and February, respectively. These OEMs have also announced the closure of their plants in North America and other regions.
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The major manufacturers profiled in this report 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), and SGL Group (Germany), among others. The transportation composites business of these companies is drastically affected due to the outbreak of the global COVID – 19 pandemic. Reduced demand from several OEMs and disruption in the supply chain have compelled the manufacturing companies to operate at partial capacities and reduced staff.
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