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.
Don’t miss out on business opportunities in Transportation Composites Market
Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=175821588
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
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/transportation-composites-market-175821588.html
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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175821588
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.
Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.