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3. Toray Industries, Inc. (Japan) and SGL Carbon (Germany) are Leading Players in the EV Composites Market

The EV composites market is projected to grow from USD 2.3 billion in 2024 to USD 5.1 billion by 2029, at a CAGR of 17.1% during the forecast period.

Electric vehicle (EV) composites refer to materials used in EV construction to improve performance, efficiency, and sustainability. These composites typically consist of a plastic resin embedded with fibers made of glass or carbon, offering advantages such as weight reduction, strength, and durability. By reducing the overall weight of the vehicle, EV composites improve energy efficiency, allowing electric cars to travel longer distances on a single charge. Additionally, they contribute to a more sustainable transportation system by reducing greenhouse gas emissions and waste in production. EV composites finds its primary applications in interior, exterior, battery enclosure, and powertrain & chassis. Composites are increasingly preferred in structural applications like body panels, chassis, and frame reinforcements due to their impressive strength-to-weight ratio, which not only enhances vehicle performance but also extends the range of electric vehicles.

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The major players active in the EV composites market are based in Asia Pacific, North America and Europe region. 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) are among a few leading players operating in the EV composites market market. Significant attention has been dedicated to developing new manufacturing processes in the EV composites market to meet evolving global demands. Key players have implemented various growth strategies to solidify their market position. These strategies encompass product launches, contracts, partnerships, mergers and acquisitions, and new product development activities, all aimed at enhancing their presence in the EV composites market.

Toray Industries, Inc.  (Japan)

Toray Industries, Inc., a major player in the world of advanced materials; the company offers EV composites products through its carbon fiber composite materials division. Toray operates its business through six main segments: fibers & textiles, performance chemicals, carbon fiber composite materials, environment & engineering, life science, and others. The company is a global leader in the development and production of synthetic fibers and textiles, including carbon fiber and composites. EV composites, provided by Toray, is used to produce lightweight components in EV industry. Toray Industries Inc.’s operations are spread across 29 countries, mainly in Asia Pacific, Europe, and North America. The company outlines long term agreement as one of the key practices for growing its EV composites market business.

SGL Carbon (Germany)

SGL Carbon is a leading global manufacturer of carbon fiber-based products and materials, with significant applications in the electric vehicle industry. The company operates through five business units: Corporate, Graphite Solutions, Carbon Fibers, Composite Solutions, and Process Technology. SGL Carbon specializes in producing high-quality composite parts for electric vehicles, emphasizing lightweight construction, safety, and efficiency. Notably, they develop fiber composite battery housings that meet rigorous safety, stiffness, and thermal management requirements, while being lightweight to enhance the range and efficiency of electric vehicles.

To solidify its position as a market leader in the EV composites market, SGL Carbon has adopted both organic and inorganic growth strategies. These include various product launches, developments, and acquisitions, supported by multiple contracts, collaborations, and partnerships with businesses worldwide.

Teijin Limited (Japan)

Teijin Limited is a global group involved in the manufacturing, processing, and marketing of chemical products. The company operates through materials, healthcare, fibers & products conversion, information technology, and other segments. It offers high-performance carbon fiber and intermediate carbon fiber products through its materials segment. Teijin Automotive Technologies is the core subsidiary company of Teijin that manages the automotive composites business. Teijin Limited offers a range of composite products for automotive applications, focusing on lightweight glass and carbon fiber-reinforced composites. These composites are designed to help transportation industry customers create cleaner and more fuel-efficient vehicles.

Related Reports:

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

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