Electric Vehicle (EV) Composites Market Size, Share, By Fiber Type (Carbon Fiber, Glass Fiber, and Other Fibers), By Resin Type (Thermoset Resins, and Thermoplastic Resins), By Vehicle Segment (Ultra-Premium, Premium, and Non-Premium), By Application (Exterior, Interior, Battery Enclosure, and Powertrain & Chassis), and By Region - Trends, Analysis and Forecast till 2034

Report Code: PMI554524 | Publish Date: August 2024 | No. of Pages: 185

Electric Vehicle Composites Market Overview

Electric Vehicle (EV) Composites Market Size was valued at USD 2.45 Billion in 2024 and is expected to reach USD 10.4 Billion by 2034 growing at a CAGR of 17.2%

EV Composites are advanced materials processed for forming various parts of electric vehicles to be lightweight and achieve better performance, efficiency, and sustainability. Such an innovative material commonly comprises light materials: carbon fiber, glass fiber, or natural fibers, bonded with high-strength resin. The most common use of composites in EVs is for lightweight vehicles to either maintain or improve the structural integrity and safety features of a vehicle. This is foremost in the minds of all EV developers, as it allows the vehicle to extend the range on every charge, improve energy efficiency, and compensate for the additional mass through battery packs. This is the use of the composites in EVs as a design for the body panels, chassis, or even interior parts and battery housings. In comparison with traditional steel or aluminum, they have a high strength-to-weight ratio, provide better corrosion resistance, and have better design flexibility.

Moreover, certain composites also perform better with heat and noise insulation, which contributes to a much more comfortable drive. Composites also provide the opportunity to be more aerodynamic in design, therefore making the vehicle more efficient. As the EV market increases, investment by manufacturers in research and development for new composite materials and manufacturing techniques is crucial to lift the performance of its vehicles while trying to cut down on the cost of production. From a bigger perspective, however, the high material cost and complex manufacturing process could turn out to become challenges in themselves, and these are not considered vis-a-vis end-of-life recycling. Composites in EVs are not a matter of choice; they are a must to improve vehicle performance, efficiency, and sustainability. Therefore, reducing the overall vehicle weight from composites results in extended driving range, quicker acceleration, and improved energy consumption. In this growing EV market, the role of composites is no doubt going to tune up the future big time.

Electric Vehicle (EV) Composites Market Share

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Electric Vehicle Composites Market Dynamics

Key Drivers of Target Market:

Lightweighting and Range Enhancement:

  • A key driver for EV composite adoption is the need to reduce vehicle weight. The resultant parts would have considerably lower density than traditional materials like steel or aluminum. Large weight reductions can be made through the use of composites in body panels, structural elements, and interior parts. This leads to a reduction of weight, which is directly related to the enhanced driving range on a single charge and is one of the most important elements in the consumer's acceptance and adoption by the market of electric vehicles. The weight compression also brings about improved vehicle acceleration and handling which adds to the driving experience.

Design Flexibility and Aesthetics:

  • Composites allow the perfect freedom of design, as not offered by any material in the world, providing it the possibility to achieve complex shapes and complicated parts. This allows car manufacturers to make automobiles more aesthetically pleasing and aerodynamically efficient. The aesthetic value of composite materials is further optimized by the fact that they can be colored and finished to reach the design specification of an EV. Some production examples include distinctive styling parts, such as character lines, spoilers, and grilles, which separate electric vehicle models from others that operate via internal combustion engines. The use of these materials can also serve to lessen the number of parts during the assembly stage of vehicle manufacturing, thus saving production time and cost.

Restrains:

Challenges of Composite Recycling:

  • Composites are one of the significant problems with recycling, especially when they reach their end-of-life state. These materials have complexities, making it very hard to separate them effectively for recycling. This poses a challenge to the EV industry's sustainability efforts with the need for composite recycling to require specialized processes and facilities that have not yet been developed. In addition, it has been found that the energy consumed in recycling composites can be larger than that for other materials, and the environmental impact may also be large; hence, in such respect, the overall sustainability benefit comes into question.

Opportunities:

Battery Enclosure Applications:

  • Composites excel in protecting EV battery packs, providing necessary insulation, impact resistance, and thermal management. As the batteries continue to grow in sophistication and energy density, the extent of demand for advanced composite enclosures will also increase. Moreover, the composites will contribute to the structural integrity of this battery pack to the overall performance and safety of the batteries in context. The possibility of designing composite enclosures, that have integrated thermal management systems, further enhanced the life and charged efficiency of the batteries.

Electric Vehicle Composites Market Segmentation

The market is segmented based on Fiber Type, Resin Type, Vehicle Segment, Application, and Region.

Fiber Type Insights:

  • Carbon Fiber: With a high strength-to-weight ratio, carbon fiber has become the favorite choice for developing high-performance EV components. Usage in any significant amount enhances performance, with a huge improvement in vehicle range and handling. Highly expensive, its use in structural components and body panels keeps rising with increasing demand for premium and luxury EVs.
  • Glass Fiber: It provides the right balance between strength and cost, and hence the material finds wide application in the components of an EV. It is applied almost in every type of application, starting from body panels to interior components and structural elements. The demand for glass fiber composites will rise consistently as research and development are targeted toward reducing vehicle weight with enhanced safety.
  • Other Fibers: It comprises basalt, natural fibers, and aramid. These fibers have rapidly developed, as they have certain properties and have the potential to save cost. Its share is insignificant in comparison to carbon and glass fiber today; however, continuous research and development is establishing these materials for further application in EVs.

Resin Type Insights:

  • Thermoset Resins: With improved mechanical properties such as high strength, stiffness, and heat resistance, these resins dominate the EV composites market. They find major use in structural components, battery enclosures, and exterior panels. On the other hand, concerns are the challenges to their recyclability.
  • Thermoplastic Resins: Thermoplastic resins are increasingly attracting the attention of the EV industry because of their recyclability, repairability, and short process time it brings. The usage of these resins will increase when manufacturers are sought out for green and cleaner production routes. Although the mechanical features of this group of materials may not be comparable to the requirements of thermosets in all fields, continuous material development is entering this space.

Vehicle Segment Insights:

  • Ultra-Premium: This is the segment of high-performance electric vehicles and luxury. Carbon fiber composites are used massively for lightweight, better performance, and premium esthetics. Advanced composite technologies and designs are often adapted to such cars to meet high expectations from discerning customers.
  • Premium: Premium seeks a balance between performance and affordability using a hybrid scheme of carbon fiber-glass fiber composites. The focus will be on Driving enhancements for vehicle dynamics, efficiency, and quality at a highly competitive price.
  • Non-Premium: The EV mass market is growing rapidly, and for the non-premium category, it is imperative to maintain the tag of affordability. For this category, glass fiber composites are mainly used to reduce the overall weight of the vehicle without affecting the overall cost of production much and help achieve better fuel efficiency.

Application Insights:

  • Exterior: EV exteriors are also significantly impacted by composite materials. They provide for design flexibility, lightness, and enhanced aerodynamics. Body panels, hoods, and doors nowadays are made out of composite materials to enhance the aesthetic and performance of the vehicle.
  • Interior: Composites are widely used in EV interior components due to their lightweight properties, design freedom, and acoustic performance improvement potential. Modern and comfortable cabins can be manufactured with composite parts for dashboards, consoles, door panels, and other interior components.
  • Battery Enclosure: One of the most critical issues for any EV is protection for its battery pack. In this respect, composites show excellent solutions. They provide very low weight against high impact resistance and thermal management properties, thus ensuring the safety and performance of the battery.
  • Powertrain & Chassis: Composites have applications in many powertrain and chassis components. The light-weight and performance advantages that composite materials offer will also help drive shafts, suspension parts, and structural elements.

Regional Insights

  • North America: Strong demand for advanced automotive technologies and rising emphasis on sustainability drive the North American market for EV composites. The presence of a well-established industry and support from the governments of this region for lighter materials in the manufacturing of EVs raise their rate of adoption.
  • Asia Pacific: The Asia Pacific region, especially China, is seeing rapid growth in the electric vehicle market. Its large automotive manufacturing base and the growing investment in electric mobility drive demand for composites in the region. Again, cost-effective manufacturing solutions and government incentives are pushing the use of composites in electric vehicles.
  • Europe: The continent dominates the EV market because of very stringent emission regulations and ambitious carbon reduction targets. This makes the region, which is getting increasingly focused on sustainability and innovation, support exploitation that is ongoing concerning advanced materials in the production of EVs, especially high-end and luxury segments.
  • Latin America: In this region, the EV composites market is still developing, as there is growing awareness about the environment and increasing investment in the EV infrastructure. Gradual penetration of advanced materials in the automotive industry would manifest mainly in improving the performance of vehicles and also in compliance with evolving regulatory standards.
  • Middle East and Africa: In the Middle East & African region, is also spurring gradual growth in EV and composites uptake. Economic diversification campaigns, aided by government initiatives encouraging green technologies, are pushing the market. However, the rate of adoption remains slow compared to other regions because of infrastructural and economic challenges.

Electric Vehicle (EV) Composites Market Report Scope:

Attribute

Details

Market Size 2024

USD 2.45 Billion 

Projected Market Size 2034

USD 10.4 Billion

CAGR Growth Rate

17.2%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Fiber Type - Carbon Fiber, Glass Fiber, and Other Fibers.

By Resin Type - Thermoset Resins, and Thermoplastic Resins

By Vehicle Segment - Ultra-Premium, Premium, and Non-Premium.

By Application - Exterior, Interior, Battery Enclosure, and Powertrain & Chassis.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For this study segmented the target market report based on Fiber Type, Resin Type, Vehicle Segment, Application, and Region.

By Fiber Type:

  • Carbon Fiber
  • Glass Fiber
  • Other Fibers

By Resin Type:

  • Thermoset Resins
  • Thermoplastic Resins

By Vehicle Segment:

  • Ultra-Premium
  • Premium
  • Non-Premium

By Application:

  • Exterior
  • Interior
  • Battery Enclosure
  • Powertrain & Chassis

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Electric Vehicle Composites Market Key Players

The key players operating the Electric Vehicle (EV) Composites Market include Toray Industries, Inc., Teijin Limited, Syensqo, Piran Advanced Composites, HRC (Hengrui Corporation), Envalior, Exel Composites, Kautex Textron GmbH & Co. KG, SGL Carbon, POLYTEC HOLDING AG, Plastic Omnium, Röchling SE & Co. KG, Mar-Bal, Inc., ElringKlinger AG, and Faurecia.

Electric Vehicle (EV) Composites Market Key Players

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Electric Vehicle Composites Market Key Issues Addressed

  • In June 2024, Delignit and Amorim launched FiberCork to improve the sustainability of electric vehicle batteries. Delignit AG and Amorim Cork Composites have collaborated to create FiberCork, a new variety of sustainable solutions for EV batteries. With rising demand for electric vehicles and pressure to reduce their environmental impact, manufacturers are looking for more sustainable materials that can maintain battery system performance and safety. FiberCork assures that the product not only functions well but also actively help with carbon reduction.
  • In March 2024, Siemens launched the 400kW "SICHARGE D" to enhance their EV charging portfolio. Siemens Smart Infrastructure has added a new type of its SICHARGE D electric vehicle (EV) fast charger with a maximum output of 400kW for IEC markets. SICHARGE D is designed for future-proof electric vehicle (EV) charging, meeting essential standards, protocols, and norms and adapting to present and future charging needs, according to Siemens. With the SICHARGE D dispenser, Charge Point Operators (CPOs) can charge up to four vehicles at once with a single grid connection, reducing charging times and conserving money and space.

Electric Vehicle Composites Market Company Profile

  • Toray Industries, Inc.*
  • Teijin Limited
  • Syensqo
  • Piran Advanced Composites
  • HRC (Hengrui Corporation)
  • Envalior
  • Exel Composites
  • Kautex Textron GmbH & Co. KG
  • SGL Carbon
  • POLYTEC HOLDING AG
  • Plastic Omnium
  • Röchling SE & Co. KG
  • Mar-Bal, Inc.
  • ElringKlinger AG
  • Faurecia

FAQs

Electric Vehicle (EV) Composites Market Size was valued at USD 2.45 Billion in 2024 and is expected to reach USD 10.4 Billion by 2034 growing at a CAGR of 17.2%

The Electric Vehicle (EV) Composites Market is segmented into Fiber Type, Vehicle Segment, Application, and Region.

Factors driving the market include lightweight and range enhancement, design flexibility, and aesthetics

The Electric Vehicle (EV) Composites Market's restraints include the challenges of composite recycling.

The Electric Vehicle (EV) Composites Market is segmented by region into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Europe is expected to dominate the Market.

The key players operating the Electric Vehicle (EV) Composites Market include Toray Industries, Inc., Teijin Limited, Syensqo, Piran Advanced Composites, HRC (Hengrui Corporation), Envalior, Exel Composites, Kautex Textron GmbH & Co. KG, SGL Carbon, POLYTEC HOLDING AG, Plastic Omnium, Röchling SE & Co. KG, Mar-Bal, Inc., ElringKlinger AG, and Faurecia.