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Transportation Composites Global market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company's Transportation Composites Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 2, 2024 /EINPresswire / -- The transportation composites market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Transportation Composites Market And Its Annual Growth Rate?
The transportation composites market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Transportation Composites Market
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.
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Who Are The Leading Competitors In The Transportation Composites Market Share?
Key players in the market include Hexcel Corporation, Mitsubishi Chemical Holdings Corporation, Owens Corning, Toray Industries Inc., Teijin Limited, Solvay S.A., Jushi Group Co. Ltd., SGL Carbon SE, Gurit Holding AG, Koninklijke DSM N.V., Huntsman Corporation LLC, DuPont de Nemours Inc., China Jushi Co. Ltd., Weyerhaeuser Company, Momentive Performance Materials Inc., Veplas Group, B&T Composites SA, Champion Fiberglass Inc., Compotech Inc., Creative Composites Group, GSE Dynamics Inc., Middle River Aerostructures Systems, Nammo Composite Solutions LLC, Shellback Canvas LLC, 3M Company, BASF SE, Henkel AG & Co. KGaA, Saudi Basic Industries Corporation, Arkema S.A., Evonik Industries AG.
What Are The Dominant Trends In Transportation Composites Market Growth?
Major companies operating in the transportation composites market are adopting a strategic partnership approach to address complex challenges and drive the evolution of transportation composites. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
How Is The Global Transportation Composites Market 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
Geographical Insights: North America Leading The Transportation Composites Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Transportation Composites Market Definition
Transportation composites are materials created by mixing two or more natural or synthetic elements (with various physical or chemical qualities) and are more powerful when used collectively than when used alone. Transportation composites are used in Trains, planes, trucks, and other automobiles because they are lighter and more durable, increasing fuel efficiency and longevity.
Transportation Composites Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global transportation composites market report covering trends, opportunities, strategies, and more
The Transportation Composites Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on transportation composites market size , transportation composites market drivers and trends, transportation composites market major players and transportation composites market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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