According to
a new market report published by Lucintel, the future of composite materials in
the global mass transportation and
off road equipment market looks
promising with opportunities in exterior, interior, under the hood, electrical
components, powertrain and other applications. The global market of composite
materials in mass transportation and off road equipment is expected to reach an estimated $1.0
billion by 2023 and it is forecast to grow at a CAGR of 4.6% from 2018 to 2023.
The global composites end product market
for mass transportation and off road equipment is expected to reach an
estimated $2.8 billion by 2023.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.
In this
market, sheet molding compound (SMC), bulk molding
compound (BMC), short fiber thermoplastic (SFT), continuous fiber thermoplastic
(CFT) , long fiber thermoplastic (LFT), and glass-mat thermoplastic (GMT) are
the intermediate materials utilized to manufacture composite parts for mass
transportation. On the basis of
its comprehensive research, Lucintel forecasts that SMC & BMC material is
expected to be the largest intermediate materials by value and volume over
the forecast period.
Within this
market, exterior will remain the largest application
by value and volume due to increasing demand for composites in hood, fender,
headlamp reflector and front end module. Composite materials in under the hood
application are expected to witness highest growth due to increasing demand for
high performance material in pan module, engine cover, heat shield, and air end
caps.
Composite materials are used for manufacturing
the component of heavy truck, off road equipment, and bus & coaches. The heavy truck is expected to remain the largest vehicle type and
witness the highest growth in the forecast period due to increasing demand for high strength and lightweight parts in exterior and
interior applications.
Europe is expected to remain the largest
region by value and volume due to higher production of composites part for mass
transportation than other region. Government regulations, such as CAFE
Standards in the US and carbon emission targets in Europe, are the key drivers
for putting pressure on OEMs to incorporate lightweight materials to curb the
overall weight.
Emerging trend, which has a direct impact on
the dynamics of the industry, include development of low density SMC material. Core
Molding Technologies, IDI Composites, Polynt Riechhold Group, Teijin, and BASF are
among the major suppliers of the global composite materials in mass
transportation and off road equipment market.
Lucintel, a
leading global strategic consulting and market research firm, has analyzed growth opportunities of global composites in mass transportation and
off road equipment market by vehicle
type, intermediate material, application, and region. Lucintel has prepared a
comprehensive research report entitled
“Growth
Opportunities for Composites
in the Global Mass Transportation and Off Road Equipment Market
2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a
catalyst for growth strategy as it provides a comprehensive data and analysis
on trends, key drivers, and directions. The study includes a forecast for the global composites in mass transportation and
off road equipment market by vehicle
type, intermediate material, application, and region as follows:
By Application (Volume (Million Pounds) and $M
shipment analysis for 2012 – 2023):
- Exterior
- Interior
- Under
the Hood
- Electrical
Component
- Powertrain
- Others
By Intermediate Material (Volume (Million
Pounds) and $M shipment analysis for 2012 – 2023):
- Sheet Molding Compound (SMC) & Bulk Molding Compound (BMC)
- Short Fiber Thermoplastic (SFT)
- Continuous Fiber Thermoplastic (CFT)
- Long Fiber Thermoplastic (LFT)
- Glass Mat Thermoplastic ( GMT)
By Vehicle Type (Volume (Million Pounds) and
$M shipment analysis for 2012 – 2023):
- Heavy Truck
- Off Road Equipment
- Bus and Coach
By Manufacturing Process ((Volume (Million
Pounds) and $M shipment analysis for 2012 – 2023):
- Compression Molding
- Injection Molding
- Long Fiber Injection
- Reinforced Reaction Injection Molding
By Region (Volume (Million Pounds) and $M
shipment analysis for 2012 – 2023):
·
North America
·
Europe
·
Asia Pacific
·
The Rest of the World
This 207 page research report will enable you
to make confident business decisions in this globally competitive marketplace.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or
helpdesk@lucintel.com. Lucintel offerings include Advanced
Materials Reports, Composite
Materials Market Report, Capital
Investment Analysis, Strategic
Growth Consulting and Due Diligence.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
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 truck, off
road equipment, bus and coach), applications (exterior, interior, under the
hood, electrical components, powertrain and others), intermediate materials (SMC/BMC,
SFT, CFT, LFT, and GMT) 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 emerging trends in this market
and the reasons behind them?
Q.7 What are some 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?
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