EV Composites Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin Type (Thermoplastics, Thermoset), Type (Ultra-Premium, Premium and Non-Premium), Manufacturing Process, Application, and Region - Global Forecast to 2029
EV Composites Market
The global EV composites market is valued at USD 2.3 billion in 2024 and is projected to reach USD 5.1 billion by 2029, growing at 17.1% cagr from 2024 to 2029. The global EV composites market is driven by the material's high-performance properties, compatibility with various resin systems, and the growing adoption of composites in electrical vehicle industry. Technological advancements and the development of new applications further expand its usage, while environmental regulations and sustainability goals propel demand across industries. These factors collectively contribute to the robust growth of the EV composites market, making it a critical component in modern composite materials.
Attractive Opportunities in EV composites Market Trends
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EV composites Market Dynamics
Driver: Increasing EV adoption and technological advancements
The growing popularity of EVs, fueled by consumer demand for sustainable transportation and government incentives, boosts the need for advanced composite materials to improve vehicle performance and range. Innovations in composite materials, such as carbon fiber reinforced plastics (CFRP) and advanced manufacturing processes like Resin Transfer Molding (RTM), are enhancing the properties and cost-effectiveness of EV components.
Restraint: Competition from low-cost mature products
The competition from low-cost mature products such as high grade polymers is a significant restraint for the EV composites market. These fibers are well-established and widely used in various applications, making it challenging for EV compositess to gain significant market share. The low cost of these fibers, combined with their established supply chain and manufacturing processes, makes it difficult for EV compositess to compete on price alone. Additionally, the high cost of production and processing of EV compositess compared to these mature products further hinders their adoption.
Opportunity: Rising demand from emerging markets
Emerging markets, particularly in Asia Pacific, are experiencing rapid industrialization and economic development, which is fueling the demand for lightweight and high-performance materials across various industries. rising demand for EV composites from emerging markets, particularly in the electrical automotive industry, is a significant driver of growth for the EV composites market. Financial incentives and support from governments for EV production and the use of sustainable materials present significant growth opportunities for the EV composites market.
Challenge: Llimited EV charging and recycling infrastructure
The EV composites market faces significant challenges due to limited EV charging and recycling infrastructure. The scarcity of widespread and accessible charging stations slows market adoption, exacerbates range anxiety, and diverts investment priorities, leading to regional disparities in EV growth. Additionally, the complex and costly recycling process for composite materials poses environmental concerns, deters manufacturers, and faces regulatory pressures. Technological limitations in recycling further hinder the market, and consumer concerns about end-of-life management of composites negatively impact acceptance. Addressing these challenges through investment in infrastructure and recycling technologies is crucial for the sustainable growth of the EV composites market.
Ecosystem: EV composites Market
Carbon fiber accounted for the largest market share, both in terms of value and volume.
Based on fiber type, the EV composites market has been classified into carbon fiber, glass fiber and other fibers. The carbon fiber segment of the EV composites market had the largest market share in 2023, in terms of value and volume. The growth of carbon fiber in EV composites market is driven by several factors, including increasing demand for lightweight materials to improve fuel efficiency and reduce emissions, growing demand for premium and luxury vehicles, advancements in carbon fiber manufacturing, government regulations and incentives, increased focus on sustainability, advancements in 3D printing, growing demand for electric vehicles, advancements in material processing. These factors are expected to continue driving the market growth in the future, as carbon fiber composites offer a lightweight and high-performance alternative to traditional materials, enabling the production of high-performance EVs with improved fuel efficiency and reduced emissions.
Compression molding manufacturing process segment accounted for the second largest market share, both in terms of value and volume
Based on manufacturing process, the EV composites market has been classified into compression molding, injection molding, and RTM. The compression molding segment of the EV composites market had the second largest market share in 2023, in terms of value and volume. Compression molding is a widely used process in the electric vehicle (EV) composites market, offering advantages in terms of part quality, complexity, and sustainability. In compression molding, an engineered composite layup is placed in the open mold cavity, the mold is closed, and consolidating force is applied, producing a composite part with low void content and high fiber volume fraction. This process is versatile and can be used with various resin and fiber combinations, including thermosets, thermoplastics, elastomers, and natural rubbers. Compression molding is particularly suitable for applications requiring high strength-to-weight ratios, such as battery enclosures, chassis, and body panels, and supports sustainability by enabling the incorporation of recycled carbon fiber and reducing material scrap and waste.
Thermoset resin segment expected to register highest market share of EV composites market, during forecasted period
Based on resin type, the EV composites market has been classified into thermoset, and thermoplastics segments. The thermoset segment is expected to lead the EV composites market during the forecast period, in terms of value and volume. The growth of thermoset resin in EV composites is driven by technological advancements and innovations in manufacturing processes, which have improved the quality and efficiency of thermoset resin production.
Non-premium type segment expected to register highest market share of EV composites market, during forecasted period
Based on type, the EV composites market has been classified into ultra-premium, premium and non-premium segments. The non-premium segment is expected to lead the EV composites market during the forecast period, in terms of value and volume. The significant movement in the electrical vehicle industry towards sustainable and efficient transportation solutions is highlighted by the considerable demand for EV composites in exterior applications in non-premium electric vehicles.
Exterior application segment is estimated to account for the highest market share in 2023, in EV composites market.
Based on application, the EV composites market has been segmented into Interior, Exterior, Battery Enclosure, Powertrain & Chassis.
The role of composites in electric vehicles (EVs) is significant, particularly in exterior applications. Composites are used to reduce weight and improve structural integrity in EV body panels, such as hoods, doors, and trunk lids. They offer high strength-to-weight ratios, corrosion resistance, and thermal insulation, making them ideal for high-performance applications.
Asia Pacific to hold the largest market share during the forecast period.
The EV composites market in Asia Pacific is experiencing significant growth, driven by increasing demand for lightweight and fuel-efficient electrical vehicles, growing population, and technological advancements in composite materials and manufacturing processes. According to the International Energy Agency (IEA), almost 14.0 million electric vehicles were sold in 2023. Also, the Intergovernmental Panel on Climate Change (IPCC) has stated electric vehicles as one of the major migration options to control climate change. According to IEA, China is the major markets for EV’s, it hold around 59% share in the global sales of EV’s in 2023. However, factors like high initial costs and strict regulations can hinder new entrants, but overall, the European EV composites market enjoys a positive outlook.
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EV Composites Market Players
The EV composites market is dominated by a few globally established players. 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), and Faurecia (France), among others, are the main producers who entered into significant deals and partnerships recently. Since global requirements are changing, contracts and new product development have received the majority of attention.
These companies are attempting to establish themselves in the EV composites market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major EV composites market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
EV Composites Maket Report Scope
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Report Metric |
Details |
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Market size available for years |
2022–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Value (USD Million/Billion), Volume (Kiloton) |
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Segments Covered |
By Fiber Type, By Resin Type, By Type, By Manufacturing Process, Application, and Region |
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Geographies covered |
Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
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Companies covered |
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), and Faurecia (France), The Gund Company (US), IDI Composites International (US), TRB Lightweight Structures (US), CIE Automotive India (India), ZhongAo Carbon (China), Atlas Fibre (US), Jiangsu Kangde Xin Composite Material (China), Euro Advanced Carbon Fiber Composites GmbH (US), Owens Corning (US) |
The study categorizes the EV composites market based on By Fiber Type, Resin Type, Type, Manufacturing Process, Application and Region.
By Fiber Type
- Glass Fiber
- Carbon Fiber
- Other Fibers
By Resin Type
- Thermoplastics
- Thermoset
By Type
- Ultra-Premium
- Premium
- Non-Premium
By Manufacturing Process
- Compression Molding
- Injection Molding
- RTM
By Application
- Interior
- Exterior
- Battery Enclosure
- Powertrain & Chassis
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In January 2024, SGL Carbon (Germany) signed techonoly partnership with E-Works Mobility (Germany). SGL Carbon is supplying battery cases made of glass fiber-reinforced plastic to E-Works Mobility. The e-car manufacturer is replacing its currently used aluminum battery boxes with boxes made of glass fiber-reinforced plastic from SGL Carbon.
- In March 2023, Solvay and Airborne obtained funding to develop composite alternatives to metal battery enclosures. This collaboration, leveraging Airborne's expertise in advanced composite manufacturing through automation and digitalization, has already received support letters from Jaguar Land Rover and Vertical Automotive. Both companies see significant potential in designing more compact and lightweight enclosures for high-energy batteries in future electric vehicles. They are also interested in the project's sustainability aspect, which aims to reuse composite waste.
- In December 2022, OPmobility (Plastic Omnium) completed the acquisition of the remaining 33.33% stake in the HBPO joint venture from Hella for Euro 290 million. This transaction gave OPmobility full ownership and control of the HBPO joint venture, which is a leading supplier of front-end modules.
Frequently Asked Questions (FAQ):
Which are the major companies in the EV composites market? What are their major strategies to strengthen their market presence?
Some of the key players in the EV composites market are 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), and Faurecia (France), The Gund Company (US), IDI Composites International (US), TRB Lightweight Structures (US), CIE Automotive India (India), ZhongAo Carbon (China), Atlas Fibre (US), Jiangsu Kangde Xin Composite Material (China), Euro Advanced Carbon Fiber Composites GmbH (US), and Owens Corning (US), this are the key manufacturers that secured partnerships, acquisitions, contracts, deals in the last few years. Partnerships and deals were the key strategies adopted by these companies to strengthen their position in the EV composites market.
What are the drivers and opportunities for the EV composites market?
The growth of EV composites is driven by several key factors, including lightweighting, high strength-to-weight ratio, thermal management, cost savings, environmental benefits, government support, technological advancements, increased demand for EVs, improved performance, and recyclability.
Which region is expected to hold the highest market share?
In terms of volume Asia Pacific’s EV composites market has been experiencing growth and significant industry demand. Asia Pacific is home to several prominent automotive companies, supportive government policies and incentives, technological advancements, increasing urbanization, and the development of charging infrastructure contributing to the increasing adoption of EV composites products.
What is the total CAGR expected to be recorded for the EV composites market during 2024-2029?
The CAGR is expected to record a CAGR of 17.1% in terms of value, from 2024-2029.
How is the EV composites market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing production capacities of EV composites. .
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The study involves two major activities in estimating the current market size for the EV composites market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering EV composites and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the EV composites market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the EV composites market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from EV composites industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to fiber type, application, end-use industry and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using EV composites, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of EV composites products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the EV composites market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in EV composites products in different applications at a regional level. Such procurements provide information on the demand aspects of the EV composites industry for each application. For each application, all possible segments of the EV composites market were integrated and mapped.
EV composites Market Size: Botton Up Approach
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EV composites Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Electric vehicle (EV) composites are materials composed of two or more constituent materials, such as carbon fiber, glass fiber materials, that offer improved mechanical characteristics compared to their individual components. These composites are used in various EV components, including body panels, chassis, and interior components, to reduce weight, enhance performance, and improve energy efficiency. They provide high strength-to-weight ratios, corrosion resistance, and thermal management, making them ideal for EV applications. Examples of EV composites include carbon fiber-reinforced polymers (CFRP), and glass fibre-reinforced plastics (GFRP). The use of composites in EVs is driven by the need to reduce weight, improve aerodynamics, and enhance safety, while also providing cost savings and environmental benefits.
Key Stakeholders
- EV composites manufacturers
- Automotive manufacturers
- Universities, governments, and research organizations
- EV composites and composite associations and industrial bodies
- Research and consulting firms
- R&D institutions
- Environmental support agencies
- Investment banks and private equity firms
Report Objectives
- To define, describe, and forecast the EV composites market size in terms of volume and value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
- To analyze and project the global EV composites market by fiber type, by resin type, by type, by manufacturing process, application and region
- To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
- To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the EV composites market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in EV Composites Market