EV Composites Market Outlook (2026-2029): Growth Trends, Opportunities, and Competitive Landscape

The EV Composites Market is gaining momentum as automakers prioritize lightweight, high-strength materials to improve vehicle range and performance. Key players such as Toray Industries, Teijin Limited, SGL Carbon, Hexcel Corporation, and Solvay are advancing carbon fiber and polymer composite solutions, supporting cost efficiency, durability, and scalable EV production worldwide.
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 report provides key insights into current EV composites market trends [https://www.marketsandmarkets.com/Market-Reports/ev-composites-market-153929333.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=evcomposites], growth drivers, challenges, and opportunities shaping the market landscape. The growth of electric vehicle (EV) composites is driven by several key factors, including the ability of lightweight materials like carbon fibre reinforced polymers and glass fibre reinforced plastics to reduce the weight of EV components by up to 50% compared to traditional materials, improving performance, energy efficiency, and driving range, 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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Carbon fiber type segment is expected to grow with highest CAGR in EV composites market during the forecasted period.

The EV composites market is segmented based on the fiber types into carbon fiber, glass fiber and other fiber. Carbon fibers are twice as strong and 30% lighter compared to glass fibers and has been used in electric vehicles for the major purpose of weight reduction. carbon fiber composites can be moulded into complex shapes, simplifying the assembly process and reducing part counts, and the lightweight nature of carbon fiber composites reduces the carbon footprint and emissions of EVs, making them a more environmentally friendly option compared to traditional gasoline-powered vehicles.

In Feb 2023, Toray Industries Inc. developed a rapid integration molding technique for CRFP (Carbon Reinforced Fiber Plastic) mobility components. This innovation will aid in molding CFRP mobility components in a better and faster way than traditional molding setups. The versatility and superior characteristics of carbon fiber composites make it an attractive option for EV industry, driving its adoption and growth in the market.

Thermoplastic resin type segment is expected to grow with highest CAGR in EV composites market during the forecasted period.

The EV composites market is segmented based on the resin types into thermoset and thermoplastic. In recent years, the use of thermoplastic resins as a matrix material in fiber-reinforced composites has surged. These resins, combined with continuous fibers, create structural composite products with several key advantages. Unlike thermoset resins, thermoplastic composites can be reshaped and reformed, making them easily recyclable. This recyclability has contributed to their growing popularity over the past decade. Additionally, thermoplastic resins allow for faster molding cycles since no chemical reaction is required for curing, and they offer superior impact resistance compared to thermosets.

When used with long fibers, thermoplastic resins provide high stiffness and lightweight properties, which are particularly beneficial for EV applications. In June 2016, LANXESS AG from Germany developed multiaxial Tepex, a product designed to enhance the mechanical performance of automotive components. This innovation has helped the company address the increasing demand for lightweight electric automotive parts.

Ultra-premium segment type is expected to have third largest share during forecasting period in terms of value

In this segment, The electric vehicles which costs more than 100,000 USD are considered to be ultra-premium. In ultra-premium segment, composites offer not only performance benefits but also exclusivity, allowing manufacturers to create bespoke vehicles with unique designs and advanced features, attracting discerning customers seeking unparalleled sophistication. The use of composites in ultra-premium electric vehicles is set to grow as manufacturers seek to enhance performance, range, and sustainability. Innovations in materials and manufacturing processes will likely continue to drive this trend, making composites an integral part of the future of high-end electric mobility.

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Battery enclosure segment is expected to have third largest share during forecasting period, both in terms of value and volume during the forecast period

The demand for EV composites in battery enclosure applications within the electric vehicle (EV) composites market varies across premium, ultra-premium, and non-premium segments, driven by distinct factors tailored to each segment's requirements and priorities. In the premium segment, renowned for luxury and cutting-edge technology, automakers prioritize advanced materials like composites to enhance the performance, safety, and longevity of EV battery systems. Similarly, in the ultra-premium segment, the demand for automotive composites in battery enclosures is driven by the desire to offer state-of-the-art solutions that uphold the brand's reputation for excellence and sophistication. Composites offer advantages such as lightweight construction, corrosion resistance, and thermal insulation, contributing to the overall reliability and durability of electric vehicle battery systems. This factors are expected to boost EV composites in battery enclosure application.

Asia Pacific region is expected to registered highest CAGR both in terms of value and volume during forecasted period

The EV composites market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

The Asia Pacific EV composites market is experiencing explosive growth, fueled by a potent mix of factors. The Asia Pacific electric vehicle (EV) market is experiencing rapid growth, driven by supportive government policies and incentives, environmental awareness and sustainability, technological advancements, affordability and cost savings, increasing urbanization, and the development of charging infrastructure. Governments are providing significant subsidies and tax rebates for EVs, such as China's subsidies based on battery size, and the Indian government's Production-Linked Incentive Scheme for ACC Battery Storage Manufacturing. The region's growing concerns about air pollution and the need for cleaner mobility solutions are also driving demand for EVs. Technological advancements and sustainability goals aligns perfectly with the advantages of EV composites, ensuring continued demand in the years to come.

EV Composites Companies [https://www.marketsandmarkets.com/ResearchInsight/ev-composites-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=evcomposites]

Prominent companies 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), 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) and among others.

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.

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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.

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