PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1516923
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1516923
The 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. Glass fiber composites are increasingly used in electric vehicles (EVs) due to several key factors. They contribute to significant weight reduction, enhancing efficiency and range, while being more cost-effective compared to other composites like carbon fiber. Glass fiber offers high tensile strength and durability, making it suitable for various structural and non-structural parts. Its excellent thermal and electrical insulation properties help manage heat generated by electric powertrains and ensure safe operation of electrical systems. The design flexibility of glass fiber allows for complex shapes and aerodynamic designs, and its production is often more environmentally friendly with lower energy requirements and recycling potential. Additionally, fiberglass composites help reduce noise, vibration, and harshness (NVH) levels, providing a quieter cabin environment, further enhancing the overall driving experience in EVs.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion), Volume (Kiloton) |
Segments | By Fiber Type, By Resin Type, By Type, By Manufacturing Process, Application, and Region |
Regions covered | Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
''In terms of value, thermoset resin segment accounted for the largest share of the overall EV Composites market.''
In thermoset composites, thermoset resins are used as the matrix with fibers such as carbon fiber, fiberglass, natural fiber, and aramid fiber. Currently, thermoset resins are widely used for manufacturing EV composites as, when cured, they are in the liquid state at room temperature. This unique property of the resin allows for the convenient impregnation of reinforcing fiber. On account of their rigid interlinking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attack, thermoset composites are very durable. Structures made of thermoset composites are also low on maintenance. The thermoset resin for EV composites is expected to grow significantly due to the increasing demand for lightweight and high-performance materials in EV production.
''In terms of value, RTM manufacturing process segment accounted for the third largest share of the overall EV Composites market.''
In 2023, RTM manufacturing process segment accounted for the third largest share of the EV Composites market, in terms of value. RTM is a cost-effective and efficient method for producing high-quality EV composite parts, which is crucial for the growing demand in the EV industry. The trend towards lightweight vehicles for improved efficiency and range is a significant driver, as RTM produces components that are both strong and lightweight. Additionally, RTM allows for high levels of design flexibility and precision, enabling complex shapes and integrated components, which is essential for the innovative designs seen in modern EVs. The process also supports high-volume production, aligning with the scaling needs of the EV market. Moreover, RTM's capability to use various resin systems, including those with high thermal and electrical insulation properties, makes it suitable for manufacturing components that require high performance and safety standards in EVs. Overall, the efficiency, versatility, and sustainability of RTM are key factors driving its growth in the EV composites market.
"During the forecast period, the EV Composites market in Europe region is projected to be the second largest region."
The growth of EV composites in Europe is fuelled by regulatory pressures, government incentives, automotive innovation, infrastructure development, and sustainability goals. Trends such as the adoption of carbon fiber composites, advanced manufacturing techniques, and the focus on battery enclosures highlight the dynamic nature of this market. As Europe continues to lead in the transition to electric mobility, the demand for high-performance composites is set to increase, driving further advancements and adoption in the EV industry. Leading companies like Rochling SE & Co. KG and ElringKlinger AG are ramping up their R&D efforts to develop new products, aligning with market trends and meeting the growing demand for EV Composites.
Prominent companies include 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), Rochling SE & Co. KG (Germany), Mar-Bal, Inc. (US), ElringKlinger AG (Germany), and Faurecia (France).
Research Coverage
This research report categorizes the EV Composites Market By Fiber Type (Glass Fiber, Carbon Fiber, Other Fibers), By Resin Type (Thermoplastics, Thermoset), By Type (Ultra-Premium, Premium and Non-Premium), By Manufacturing Process (Compression Molding, Injection Molding, RTM), Application (Interior, Exterior, Battery Enclosure, Powertrain & Chassis), Region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report includes detailed information about the major factors influencing the growth of the EV Composites market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted in order to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. New product and service launches, mergers and acquisitions, and recent developments in the EV Composites market are all covered. This report includes a competitive analysis of upcoming startups in the EV Composites market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall EV Composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.