CHICAGO, July 17, 2024 /PRNewswire/ -- 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 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.
Browse in-depth TOC on "EV Composites Market"
227 – Tables
74 – Figures
257 –
Pages
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153929333
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.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=153929333
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.
These 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.
Key Players:
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), Röchling 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.
Browse Adjacent Market: Fibers & Composites
Market Research & Consulting
Related Reports:
Automotive Composites Market - Global Forecast to
2028
Composites Market - Global Forecast to
2028
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth
consulting and program management, leveraging a man-machine
offering to drive supernormal growth for progressive organizations
in the B2B space. We have the widest lens on emerging technologies,
making us proficient in co-creating supernormal growth for
clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work
with clients on growth programs, helping them monetize this
$25 trillion opportunity through our
service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought
Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several
Forbes Global 2000 B2B companies - helping them stay relevant in a
disruptive ecosystem. Our insights and strategies are molded by our
industry experts, cutting-edge AI-powered Market Intelligence
Cloud, and years of research. The KnowledgeStore™ (our Market
Intelligence Cloud) integrates our research, facilitates an
analysis of interconnections through a set of applications, helping
clients look at the entire ecosystem and understand the revenue
shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or
follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan
Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research
Insights: https://www.marketsandmarkets.com/ResearchInsight/ev-composites-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content
Source: https://www.marketsandmarkets.com/PressReleases/ev-composites.asp
Logo:
https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/ev-composites-market-worth-5-1-billion-by-2029--exclusive-report-by-marketsandmarkets-302199136.html