Composites in Global Mass Transportation and Off Road Equipment Market Trends and Forecast
Lucintel finds that the future of the composites material in the global mass transportation and off road equipment market looks promising with opportunities in the heavy trucks, bus and coaches, and off road equipment market. The composites in global mass transportation and off road equipment market is expected to reach an estimated $2 billion by 2030 with a CAGR of 2% from 2023 to 2030. The major driver for growth in this market is increasing demand for lightweight materials over steel in heavy trucks, buses, and coaches due to government regulations to increase fuel efficiency and reduce carbon emission.
Composite materials used in the global mass transportation and off-road equipment market blend fiberglass, carbon fiber, aramid fibers (like Kevlar), resins (such as epoxy or polyester), and various additives to achieve strength, durability, and lightweight properties. They are pivotal in reducing vehicle weight, enhancing fuel efficiency, and improving overall performance. Despite potentially higher upfront costs compared to metals, composites offer advantages like corrosion resistance and design flexibility. Over the lifecycle, their reduced maintenance needs, longer durability, and enhanced fuel efficiency make them a cost-effective choice, ensuring competitiveness in these sectors.
• Lucintel forecasts that heavy trucks will remain the largest vehicle type segment over the forecast period. Buses and Coaches is expected to witness the highest growth due to increasing production of heavy commercial vehicles in North America.
• SMC/BMC will remain the largest segment in the intermediate materials and LFT & D-LFT expected to witness the highest growth over forecast period.
• APAC is expected to remain the largest region in the forecast period due to higher production of composites part for mass transportation than other region, and government regulations, are the key drivers for putting pressure on OEMs to incorporate lightweight materials to curb the overall weight. ROW is expected to witness highest growth over the forecast period.
Country wise Outlook for the Composites in the Global Mass Transportation and off Road Equipment Market
The composites in the global mass transportation and off road equipment is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major advance composite producers in key regions: the USA, Germany, India, China, and Japan
Emerging Trends in the Composites in the Global Mass Transportation and off Road Equipment Market
Emerging trends in composites in the global mass transportation and off road equipment market are shaping its future applications and market dynamics:
1. Advanced Manufacturing Techniques: Use of new technologies in manufacturing, such as 3D printing or robotic deposition, for more precise and efficient production.
2. Smart Composites: Integrating sensors and internet of things (IOT) capabilities into composite structures to monitor their performance in real time and enable predictive maintenance.
3. Bio-based Composites: Creation of environmental friendly composites from sustainable sources like natural fibers and bio-resins.
4. Multi-material Integration: Incorporating metals and other materials with composites to optimize functionality and meet certain design specifications.
5. Recycling and Circular Economy: Enhancing reusability, recycling rate, end-of-life treatment practices; minimize waste generation during the life-cycle of composite materials applications.
A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the Composites in Global Mass Transportation and off road equipment Suppliers
Recent developments in composites in global mass transportation and off road equipment by highlighting ongoing innovations and advancements across different sectors
• Adoption in Urban Transit Systems: In the context of buses, trains and trams for urban areas, composites are getting widely used as a replacement for metals to minimize weight, increase fuel efficiency and enhance structural strength. One makes use of carbon fiber reinforced polymers (CFRP) and glass fiber reinforced polymers (GFRP) among other advanced composite materials to make parts like body panels, interiors, and structural elements.
• High-Speed Rail Applications: The employment of composites in high-speed rail applications is rising due to their capacity for high strength-to-weight ratio features and resistance to corrosion. They help cut down on the overall train weight improving energy efficiency thereby promoting passenger comfort through vibration damping properties.
• Electrification and Lightweighting Initiatives: The current universal shift towards electric mobility stipulates lightweight materials that could improve battery range as well as reduce energy consumption. However, composites play an instrumental role in ensuring lightweighting objective alongside safety standards across electrical buses, trains, or any other public mass transportation means.
• Performance Enhancement: Off-road equipment such as agricultural machinery, construction vehicles etc. have increasingly started using composites since these materials can improve performance characteristics such as strength, durability or resistance against harsh operating conditions. Composite material comes with advantages over traditional metals including corrosion resistance even under heavy loads.
• Reduction in Vehicle Weight: Lighter composite materials contribute to reducing the overall off-road vehicle weight which translates into increased payload capability besides improved fuel economy along with flexibility of operation. This latter point proves particularly important when it comes to industry sectors that care much about equipment performances plus productivity.
• Durability and Longevity: For off road equipment components operating under adverse environmental conditions; composites are frequently selected based on their ability to withstand high durability and longevity requirements. Unlike conventional materials they offer better resistance against abrasion, impacts while ensuring chemical exposure prolonging equipment’s lifecycle hence lowering repair costs.
Strategic Growth Opportunities for Composites in Global Mass Transportation and Off Road Equipment Market
The Global Mass Transportation and Off-Road Equipment Market presents several strategic growth opportunities driven by technological advancements, evolving consumer preferences, and increasing infrastructure investments. Here are key opportunities in this sector:
Mass Transportation Market
Electrification of Transit Fleets:
o Opportunity: Invest in electric buses, trains, and trams to meet environmental regulations and reduce operating costs.
o Rationale: Growing emphasis on sustainability and reducing carbon footprints is driving the demand for electric mass transit solutions.
Smart Transportation Systems:
o Opportunity: Implement Intelligent Transportation Systems (ITS) and smart ticketing solutions.
o Rationale: Enhanced efficiency, real-time tracking, and improved customer experience through digitalization and data analytics.
Off-Road Equipment Market
Adoption of Advanced Technologies:
o Opportunity: Integrate technologies such as automation, telematics, and IoT into off-road equipment.
o Rationale: Enhances operational efficiency, safety, and real-time monitoring, providing a competitive edge.
Focus on Fuel Efficiency and Alternative Fuels:
o Opportunity: Develop equipment with improved fuel efficiency and explore alternative fuels like hydrogen and biofuels.
o Rationale: Rising fuel costs and environmental regulations are driving the demand for more fuel-efficient and cleaner technologies.
Expansion in Emerging Markets:
o Opportunity: Target emerging markets in Asia-Pacific, Latin America, and Africa where infrastructure development and mining activities are growing.
o Rationale: Increasing investment in infrastructure and natural resource extraction in these regions creates opportunities for off-road equipment.
Enhanced Safety Features:
• Opportunity: Invest in safety technologies such as collision avoidance systems, advanced driver-assistance systems (ADAS), and remote monitoring.
• Rationale: Improving safety standards is critical in reducing accidents and complying with stringent regulations.
Modular and Customizable Equipment:
• Opportunity: Develop modular and customizable off-road equipment to meet the specific needs of different industries and applications.
• Rationale: Flexibility and adaptability are key in addressing diverse customer requirements and optimizing performance.
Composites in Global Mass Transportation and Off Road Equipment Market Drivers and Challenges
Composites are of great significance to the global market for mass transportation and off-road equipment because they offer low weight, high strength, and durability. Here is a breakdown of the drivers and challenges of composites in these sectors.
The key drivers for the composites in global mass transportation and off road equipment market include:
1. Weight Reduction Requirements: Composites reduce the weight of mass transportation vehicles (buses, trains) and off-road equipment (construction machinery, agricultural vehicles). This reduces fuel consumption leading to improved fuel efficiency and lower operational costs.
2. Enhanced Durability & Longevity: Compared to traditional materials like metals, composites have better resistance to corrosion, wear, environmental degradation etc.
3. Technological Advancements: Technological developments in manufacturing processes such as automated layup resin infusion or 3D printing among others and new materials including high performance fibers or advanced resins are reducing the cost of production as well as ease with which they can be produced.
4. Regulatory Pressures & Sustainability: There is an increase in emission control/regulations that demand lighter/fuel efficient vehicles. Composites help meet these regulations.
5. Innovation in Composite Materials: Innovations in composite material development have led to lightweight composites with very high strength which enhance the performance and expand their application range.
The key challenges for the composites in global mass transportation and off road equipment market include
1. High Initial Costs: Composites manufacturing processes are often more expensive than traditional methods because of raw material costs for instance carbon fibers and so forth.
2. Complex Manufacturing & Processing: Composite materials production is complex hence special equipment plus expertise are required.
3. Limited Recycling & Disposal Solutions: For example recycling/disposal of thermoset composites is difficult thereby posing environmental as well as logistical challenges.
4. Durability vs. Cost Trade-offs: While excellent in terms of durability and weight reduction, attaining desired properties using composites can be an expensive affair.
5. Integration with Existing Systems: Integrating composite components into existing designs/systems can prove difficult particularly where existing infrastructure is not optimized for composite materials.
The global advance composites market is filled with a lot of windows due to their need in different sectors for lesser weight and higher performance materials. Nonetheless, they should be constantly innovative and collaborate to overcome three main challenges: steep costs; recycling limitations; competitive pressures. These issues when solved will not only ensure growth in the industry but also create room for improved use of advanced composites while meeting technological and environmental requirements.
Composites in Global Mass Transportation and off road equipment Suppliers and Their Market Shares
In this globally competitive market, several key players such as Core molding technologies, IDI Composites International, Teijin Limited, Polynt Reichhold, BASF etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players Contact Us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies carbon fiber companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the composites in the global mass transportation and off road equipment companies profiled in this report includes.
• BASF SE
• Polynt Group
• Dow Chemical Company
• IDI Composites International
• Teijin Limited
• Core Molding Technologies
• Quadrant Plastic Composites
• Hanwah L&C Corporation
• Lanxess
These companies have established themselves as leaders in the composites in the global mass transportation and off road equipment industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the composites in the global mass transportation and off road equipment market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Composites in Global Mass Transportation and Off road equipment Market by Segment
In the global mass transportation and off-road equipment market, key segments of composites experiencing growth include lightweight materials such as carbon fiber and fiberglass, aimed at reducing vehicle weight and improving fuel efficiency. There is also a rising demand for composite components in electric vehicles (EVs), driven by the transition towards sustainable mobility solutions. Thermoplastic composites are gaining popularity due to their recyclability and processing advantages, particularly in automotive applications. Moreover, advanced composites incorporating technologies like nano-materials and smart sensors are emerging to enhance performance and durability across transportation sectors.
This composites in global mass transportation and off-road equipment market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including vehicle types, processes, applications, and intermediate material industries. The report offers insights into regional dynamics, highlighting the major markets for global mass transportation and off-road equipment and their growth potentials. The study includes trends and forecast for the composites in global mass transportation and off-road equipment market by vehicle type, application, intermediate material, process, and region as follows:
By Vehicle Type [Value ($B) Analysis for 2018 – 2030]:
• Heavy Trucks
• Bus and Coach
• Off Road Equipment
By Application [Value ($B) Analysis for 2018 – 2030]:
• Heavy Trucks by Application
o Interior
o Exterior
o Under the Hood
o Powertrain
o Electrical Components
o Others
• Bus and Coach by Application
o Interior
o Exterior
o Under the Hood
o Powertrain
o Electrical Components
o Others
• Off Road Equipment by Application
o Interior
o Exterior
o Under the Hood
o Powertrain
o Electrical Components
o Others
By Intermediate Material [Value ($B) Analysis for 2018 – 2030]:
• SMC/BMC
• SFT
• GMT
• LFT & D-LFT
• CFT
By Process [Value ($B) Analysis for 2018 – 2030]:
• Compression Molding
• Injection Molding
• LFI
• RRIM
By Region [Value ($B) Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of Composites in the Global Mass Transportation and Off Road Equipment Market
• Market Size Estimates: Composites in the global mass transportation and off road equipment market size estimation in terms of value ($M) and volume (M lbs)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by vehicle type, application, intermediate material, process, and region
• Regional Analysis: Composites in the global mass transportation and off road equipment market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different vehicle type, application, intermediate material, process, and regions for the composites in the global mass transportation and off road equipment market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites in the global mass transportation and off road equipment market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in composites in the global mass transportation and off road equipment market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the composites in the global mass transportation and off road equipment market size?
Answer: The composites in the global mass transportation and off road equipment market is expected to reach an estimated $2 billion by 2030.
Q2. What is the growth forecast for composites in the global mass transportation and off road equipment market?
Answer: The composites in the global mass transportation and off road equipment market is expected to grow at a CAGR of 2% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the composites in the global mass transportation and off road equipment market?
Answer: The major driver for growth in this market is increasing demand for lightweight materials over steel in heavy trucks, buses, and coaches due to government regulations to increase fuel efficiency and reduce carbon emission.
Q4. What are the major applications or end use industries for composites in the global mass transportation and off road equipment?
Answer: heavy trucks and off road equipment are the major vehicle type for composites in the global mass transportation and off road equipment market.
Q5. What are the emerging trends in composites in the global mass transportation and off road equipment market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes advanced manufacturing techniques, smart composites, bio-based composites, multi-material integration, and recycling and circular economy
Q6. Who are the key composites in the global mass transportation and off road equipment companies?
Answer: Some of the key composites in the global mass transportation and off road equipment companies are as follows:
• BASF SE
• Polynt Group
• Dow Chemical Company
• IDI Composites International
• Teijin Limited
• Core Molding Technologies
• Quadrant Plastic Composites
• Hanwah L&C Corporation
• Lanxess
Q7.Which composites in the global mass transportation and off road equipment intermediate material segment will be the largest in future?
Answer: Lucintel forecasts that SMC/BMC will remain the largest segment due to its increasing use in various applications of automotive like; powertrain application, interior, exterior, under body shield, and others. LFT & D-LFT is expected to witness the highest growth over the forecast period due to its better cleansing and moisturizing properties.
Q8: In composites in the global mass transportation and off road equipment market, which region is expected to be the largest in next 7 years?
Answer: Europe is expected to remain the largest region and APAC is expected to witness the highest growth over next 7 years.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for composites in the global mass transportation and off road equipment market by vehicle type (heavy trucks, bus and coach, and off road equipment), application (heavy trucks by application, bus and coach by application, and off road equipment by application), intermediate material (SMC/BMC, SFT, GMT, LFT & D-LFT, and CFT), process (compression molding, injection molding, LFI, and RRIM), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?