Partnership and agreement are the key development strategies adopted by the leading players for the growth of the Transportation Composites Market
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.
Related Reports:
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
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