The report “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”, 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. The ability of lightweight materials like carbon fiber reinforced polymers and glass fiber reinforced plastics to reduce the weight of EV components by up to 50% compared to traditional materials, improving performance, energy efficiency, and driving range, is one of the main factors driving the growth of electric vehicle (EV) composites. providing moderate strength suitable for various applications like body panels, hoods, doors, and interior components, offering high strength-to-weight ratios that can absorb and dissipate energy during collisions to enhance passenger safety and provide corrosion resistance and fire protection for critical components. Specific thermal properties used for battery enclosures and insulation to maintain optimal operating temperatures, improving efficiency and lifespan, moldability enabling more aerodynamic shapes and complex designs that reduce air resistance and improve efficiency.
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227 Tables of Market Data
74 Illustrations
Comprehensive Table of Contents and 257 Pages on “EV Composites Market – Global Forecast to 2029”
Among the well-known pivotal figures are:
· Toray Industries, Inc., a Japanese company
· Teijin Limited, a Japanese company
· 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)
· Faurecia (France)
· The Gund Company (US)
Drivers: growing popularity of electric vehicles and advances in technology
Advanced composite materials are becoming more and more necessary to increase vehicle performance and range as the popularity of electric vehicles (EVs) rises due to government incentives and customer desire for environmentally friendly transportation. The qualities and affordability of electric vehicle (EV) components are being improved by advancements in composite materials, such as carbon fiber reinforced polymers (CFRP) and sophisticated production techniques like Resin Transfer Molding (RTM).
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The market for EV composites has been divided into interior, exterior, battery enclosure, powertrain, and chassis segments based on application.
Composites play a big part in electric vehicles (EVs), especially in external 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.
For the duration of the forecast period, Asia Pacific will have the most market share.
The expanding population, the increasing need for fuel-efficient and lightweight electrical cars, and technical breakthroughs in composite materials and production techniques are all contributing to the considerable growth of the EV composites market in Asia Pacific. The International Energy Agency (IEA) estimates that sales of electric vehicles reached about 14.0 million in 2023. Electric cars have also been identified by the Intergovernmental Panel on Climate Change (IPCC) as one of the main migration alternatives to combat climate change. According to IEA, China is the major markets for EV’s, it holds 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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