EV Composites Market Size Worth USD 13.42 Billion By 2034 | CAGR: 17.8%

The global EV composites market size is expected to reach USD 13.42 billion by 2034, according to a new study by Polaris Market Research. The report “EV Composites Market Size, Share, Trends, Industry Analysis Report: By Fiber Type (Glass Fiber, Carbon Fiber, and Others), Resin Type, Type, Manufacturing Process, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The EV composites market is significantly influenced by advanced composite materials, primarily fiber types such as carbon fiber, glass fiber, and others. Carbon fiber is favored for its exceptional strength-to-weight ratio and is used in high-performance components. However, glass fiber offers a cost-effective alternative for structural and non-structural parts. In June 2024, Navrattan Group's new E-Bus, crafted from advanced glass fiber composites, promises enhanced efficiency, reduced weight, and superior road compatibility, setting a new standard in sustainable electric transport.

Composites offer significant performance enhancements for electric vehicles (EVs) through their high strength-to-weight ratios, which contribute to improved energy efficiency and driving dynamics. By reducing the overall weight of the vehicle, composites help extend the driving range of EVs and enhance handling and acceleration.

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Innovations in bio-based and nanocomposite technologies are fueling material advancements in the EV composites market. Bio-based composites, made from natural fibers and renewable resins, help reduce the carbon footprint and enhance the sustainability of EV manufacturing. These environmentally friendly materials are increasingly popular as automakers pursue greener alternatives. At the same time, nanocomposites that integrate nanomaterials are being developed to enhance properties such as strength, thermal stability, and electrical conductivity. Together, these advanced materials are driving the growth of the EV composites market.

EV Composites Market Report Highlights

• Based on fiber type, the carbon fiber segment led the EV composites market by offering a superior strength-to-weight ratio that enhances energy efficiency, extends driving range, and boosts structural integrity and safety in critical components.
• By resin type, the thermoset segment dominates the market due to their superior mechanical properties, thermal stability, and impact resistance, which are essential for strength and durability in EV applications.
• Asia Pacific is expected to lead the EV composites market revenue during the forecast period due to rapid EV adoption in China, Japan, and South Korea, driven by government policies and advancements in materials technology.
• The North America EV composites market is set to grow rapidly, driven by favorable government policies, incentives, and technological advancements that boost demand for advanced materials.
• A few global key market players are Owens Corning; Piran Advanced Composites; Plastic Omnium; POLYTEC HOLDING AG; Röchling SE & Co. KG; SGL Carbon; Syensqo; Teijin Limited; The Gund Company; Toray Industries, Inc.; TRB Lightweight Structures; and ZhongAo Carbon.

Polaris Market Research has segmented the EV composites market report on the basis of fiber type, resin type, type, manufacturing process, application, and region:

By Fiber Type Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• Glass Fiber
• Carbon Fiber
• Others

By Resin Type Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• Thermoplastics
• Thermoset

By Type Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• Ultra-Premium
• Premium
• Non-Premium

By Manufacturing Process Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• Compression Molding
• Injection Molding
• RTM
• Others

By Application Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• Interior
• Exterior
• Battery Enclosure
• Powertrain & Chassis

By Regional Outlook (Volume in Kilotons, Revenue – USD Billion, 2020–2034)

• North America

• US
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Vietnam
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

EV Composites Market Report Scope