Dublin, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The 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 report has been added to ResearchAndMarkets.com's offering.
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.
This research report categorizes the EV Composites Market by:
- Fiber Type (Glass Fiber, Carbon Fiber, Other Fibers);
- Resin Type (Thermoplastics, Thermoset);
- Type (Ultra-Premium, Premium and Non-Premium);
- Manufacturing Process (Compression Molding, Injection Molding, RTM);
- Application (Interior, Exterior, Battery Enclosure, Powertrain & Chassis), and;
- 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.
Prominent companies in the market 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).
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 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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 258 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $2.3 Billion |
| Forecasted Market Value (USD) by 2029 | $5.1 Billion |
| Compound Annual Growth Rate | 17.1% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Stringent Standards on Emission Control
- Increasing Adoption of Composite Materials by Premium EV Manufacturers
- Government Policies and Incentives Driving EV Adoption
- Restraints
- High Processing and Manufacturing Cost of Composites
- Lack of EV Infrastructure
- Opportunities
- Reduction in Cost of Carbon Fibers
- Growing Demand for EVs from Emerging Economies
- Growing Application of Composites in EV Batteries
- Challenges
- Recycling of Composite Materials
- Developing Low-Cost Technologies
Supply Chain Analysis
- Raw Material
- Manufacturing Process
- Final Product
Pricing Analysis
- Average Selling Price Trend of Key Players, by Fiber Type
- Average Selling Price Trend, by Resin Type
- Average Selling Price Trend, by Application Type
- Average Selling Price Trend, by Manufacturing Process
- Average Selling Price Trend, by Type
- Average Selling Price Trend, by Region
Trade Analysis
- Export Scenario for HS Code 7019
- Import Scenario for HS Code 7019
- Export Scenario for HS Code 681511
- Import Scenario for HS Code 681511
Technology Analysis
- Technology Analysis for Glass Fiber Composites
- Technology Analysis for Carbon Fiber Composites
- Complementary Technologies for Latest Manufacturing Process of Carbon Fibers
- Adjacent Technologies for Latest Manufacturing Process of Carbon Fibers
Impact of AI/Gen AI on EV Composites Market
- Top Use Cases and Market Potential
- Best Practices in EV Composites Market
- Case Studies of AI Implementation in EV Composites Market
- Interconnected Adjacent Ecosystem and Impact on Market Players
- Clients' Readiness to Adopt Generative AI in EV Composites Market
Patent Analysis
- Methodology
- Patent Types
- Insights
- Legal Status
- Jurisdiction Analysis
- Top Applicants
Case Study Analysis
- Case Study 1: Watt Electric Vehicles and the National Composites Centre Partnership to Manufacture Composite Battery
- Case Study 2: Teijin's Development of Carbon Fiber Battery Enclosure
Companies Featured in the Report
- Syensqo
- Toray Industries, Inc.
- Polytec Holding AG
- Opmobility
- Forvia
- Elringklinger AG
- Hengrui Corporation (Hrc)
- Exel Composites
- Sgl Carbon
- Teijin Limited
- Mitsubishi Chemical Group Corporation
- Owens Corning
- Piran Advanced Composites
- Mar-Bal, Inc.
- Rochling SE & Co. KG
- Hankuk Carbon Co. Ltd.
- Cie Automotive India
- Ufp Technologies, Inc.
- Zhongao Carbon
- Atlas Fibre
- Kautex
- Envalior
- Trb Lightweight Structures
- The Gund Company
- Idi Composites International
For more information about this report visit https://www.researchandmarkets.com/r/ahqm9r
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