Transportation Composites Market worth $59.8 billion by 2025 – Exclusive Report By MarketsandMarkets
The 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 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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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.
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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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