Chicago, July 25, 2024 (GLOBE NEWSWIRE) -- The Global EV Composites Market is estimated at USD 2.3 billion in 2024 and is projected to reach USD 5.1 billion by 2029, at a CAGR of 17.1% from 2024 to 2029, as per the recent study by MarketsandMarkets™. The growth of electric vehicle (EV) composites is driven by several key factors, including the ability of lightweight materials like carbon fibre reinforced polymers and glass fibre reinforced plastics to reduce the weight of EV components by up to 50% compared to traditional materials, improving performance, energy efficiency, and driving range, providing moderate strength suitable for various applications like body panels, hoods, doors, and interior components, offering high strength-to-weight ratios that can absorb and dissipate energy during collisions to enhance passenger safety and provide corrosion resistance and fire protection for critical components. Specific thermal properties used for battery enclosures and insulation to maintain optimal operating temperatures, improving efficiency and lifespan, moldability enabling more aerodynamic shapes and complex designs that reduce air resistance and improve efficiency.
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Browse In-Depth TOC On "EV Composites Market”
227 - Market Data Tables
74 - Figures
257 - Pages
List of Key Players in EV Composites Market:
- Toray Industries, Inc. (Japan)
- Teijin Limited (Japan)
- Syensqo (Belgium)
- Piran Advanced Composites (UK)
- HRC (Hengrui Corporation) (China)
- Envalior (Germany)
- Exel Composites (Finland)
- Kautex Textron GmbH & Co. KG (Germany)
- SGL Carbon (Germany)
- POLYTEC HOLDING AG (Austria)
- Plastic Omnium (France)
- Röchling SE & Co. KG (Germany)
- Mar-Bal, Inc. (US)
- ElringKlinger AG (Germany)
- Faurecia (France)
- The Gund Company (US)
- IDI Composites International (US)
- TRB Lightweight Structures (US)
- CIE Automotive India (India)
- ZhongAo Carbon (China)
Drivers, Restraints, Opportunities and Challenges in EV Composites Market:
- Drivers: Increasing EV adoption and technological advancements.
- Restraints: Competition from low-cost mature products.
- Opportunity: Rising demand from emerging markets.
- Challenges: Limited EV charging and recycling infrastructure.
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Key Findings of the Study:
- Carbon fiber accounted for the largest market share, both in terms of value and volume.
- Thermoset resin segment expected to register highest market share of EV composites market, during forecasted period.
- Exterior application segment is estimated to account for the highest market share in 2023, in EV composites market.
- Asia Pacific to hold the largest market share during the forecast period.
In this segment, the electric vehicles which costs more than 100,000 USD are ultra-premium. In ultra-premium segment, composites offer not only performance benefits but also exclusivity, allowing manufacturers to create bespoke vehicles with unique designs and advanced features, attracting discerning customers seeking unparalleled sophistication. The use of composites in ultra-premium electric vehicles is set to grow as manufacturers seek to enhance performance, range, and sustainability. Innovations in materials and manufacturing processes will likely continue to drive this trend, making composites an integral part of the future of high-end electric mobility.
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Based on type, EV composites market segmented into ultra-premium, premium, and non-premium. Premium segment is expected to have the second largest share of the EV composites market in 2023 by value. Electric vehicles across premium, ultra-premium, and non-premium segments have surged in recent years, catalysed by a combination of technological advancements, and shifting consumer preferences. In the premium segment, where luxury and performance are paramount, automotive manufacturers are increasingly turning to composites for their exceptional strength-to-weight ratio, enabling enhanced performance and driving dynamics while maintaining luxurious interiors.
Based on manufacturing process, Compression molding segment is expected to have the second largest share of the EV composites market in 2023 by value. The compression molding process is widely used in electric vehicle (EV) composites due to its ability to produce lightweight, structurally sound, and cost-effective parts. It offers several advantages, including weight reduction, enhanced structural integrity, design flexibility, good surface quality, and automation. The process is suitable for high-volume production and uses common materials like sheet molding compound (SMC), bulk molding compound (BMC), and thermoplastic composites.
Based on application, Interior application segment is expected to be second highest segment in EV composites market during forecasted period. With common interior applications including seats, panels, and trims made from carbon fiber and fiberglass composites that are lightweight and provide moderate strength, offering several benefits such as reduced overall weight to improve energy efficiency and driving range, high-strength making them suitable for interior applications, durability resistant to environmental elements ensuring long-term performance, making them a viable option, with the use of composites in interior applications being crucial for reducing the weight of electric vehicles, improving energy efficiency, and enhancing overall performance.
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