PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532887
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532887
EV Composites Market was valued at USD 2,102.32 million in 2023, expanding at a CAGR of 17.09% from 2024 to 2032.
EV composites are composite materials specifically designed for use in electric vehicles (EVs). These materials play a crucial role in improving the performance and efficiency of EVs. They are incorporated into different areas of the car, such as the body, interior, and battery components. When it comes to electric vehicles, composites offer a viable solution for reducing the weight of cars with heavy battery packs and lowering energy consumption. By reducing the overall weight of the car, composites can enhance energy efficiency and extend the driving range.
EV Composites Market- Market Dynamics
Rising demand for EVs and the advantages composites bring are expected to drive the growth of the market
The surge in popularity of electric vehicles among consumers and businesses, driven by environmental concerns and incentives, is creating a higher demand for materials that can improve EV performance, such as composites. As per the IEA, global electric car sales almost hit 14 million, showing a 35% increase from 2022. This expansion led to the global electric fleet growing to 40 million in 2023. Composites are vital in reducing the weight of EVs, crucial for enhancing energy efficiency and extending the driving range. Furthermore, continuous research and development in composite materials are opening doors for more cost-effective, high-performance choices, offering growth prospects for the market. Nevertheless, technological and material constraints could present challenges for the market.
EV Composites Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.09% over the forecast period (2024-2032)
Based on Fiber Type segmentation, Carbon Fiber was predicted to show maximum market share in the year 2023
Based on Resin Type segmentation, Thermoplastics resin was the leading type in 2023
Based on Type segmentation, Non-Premium was the leading type in 2023
Based on Application segmentation, Exterior was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global EV Composites Market is segmented based on Fiber Type, Resin Type, Type, Manufacturing Process, Application, and Region.
The market is segmented into two categories according to Fiber Type: Glass Fiber, Carbon Fiber, and Other. Carbon Fiber holds the majority share in the market. The Electric Vehicle (EV) Composites Market, particularly emphasizing carbon fiber, is a swiftly developing sector fueled by the rising need for lightweight and high-performance materials in the automotive industry.
The market is segmented into two categories according to Resin Type: Thermoplastics and Thermoset. Thermoplastics resin type holds the majority share in the market. The Electric Vehicle (EV) Composites Market is experiencing growth with the use of thermoplastic resins, as manufacturers look for materials that provide lightweight characteristics and recyclability.
The market is categorized into three segments based on Type: Ultra-Premium, Premium, and Non-Premium. The dominant sector in the market is Non-Premium. The growth of Non-Premium vehicles is fueled by manufacturers' focus on integrating cost-effective, lightweight, and high-performance materials into more accessible EV models.
The EV Composites Market utilizes a range of manufacturing processes to enhance the fabrication of lightweight, high-performance components, dividing the market into three categories: Compression Molding, Injection Molding, and RTM.
The market is segmented into four categories according to Resin Type: Interior, Exterior, Battery Enclosure, Powertrain, and Chassis. The dominant category in the market is Exterior Application. This segment is crucial due to the demand for materials that are lightweight, durable, and visually attractive.
EV Composites Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by nations for business purposes. The Asia Pacific region holds the largest market share, driven by the rising demand for lightweight and fuel-efficient vehicles and a growing population. The focus on reducing vehicle weight to improve fuel efficiency and battery life is boosting the demand for composites, which are lighter than traditional materials such as steel and aluminum. China is the world's largest light-duty vehicle (LDV) market, with sales of nearly 23 million units in 2019. In terms of average fuel consumption of new LDVs, China ranked in the top 15 among major LDV markets in 2019, according to the International Energy Agency. North America is the second largest region for the market, driven by the increasing demand for lightweight vehicles.
The EV Composites Market features a highly competitive landscape, with many key players vying for market leadership by focusing on innovation, sustainability, and advanced manufacturing methods. The focus is on developing high-quality, environmentally friendly, and cost-effective composite materials that meet the evolving demands of the electric vehicle industry. It is crucial to expand production capacities in key regions such as Asia Pacific, North America, and Europe to meet the growing market demands.
On April 22, 2024, the Toray Group is pleased to declare its involvement in NPE 2024. The US Toray Group sectors will showcase their state-of-the-art engineering plastics, fibers, and continuous composites solutions from May 6th to 10th in Orlando, Florida.
Envalior, a recently established company in Dusseldorf, Germany, has introduced a new composite material under the Tepex brand. This material, developed in collaboration with DSM Engineering Materials (DEM) and Lanxess' High-Performance Materials (HPM) unit, successfully passes standard thermal runaway tests for electric vehicle (EV) battery housings, even at low test specimen thicknesses.
GLOBAL EV COMPOSITES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Toray Industries, Inc.
Teijin Limited
Syensqo
Piran Advanced Composites
HRC
Envalior
Exel Composites
Kautex Textron GmbH & Co. KG
SGL Carbon
POLYTEC HOLDING AG
Plastic Omnium
Rochling SE & Co. KG
Mar-Bal, Inc.
ElringKlinger AG
The Gund Company
IDI Composites International
TRB Lightweight Structures
CIE Automotive India
ZhongAo Carbon
Atlas Fibre
Jiangsu Kangde Xin Composite Material
Euro Advanced Carbon Fiber Composites GmbH
Owens Corning
Others