The Global Thermoset Composite Materials for EV and Hybrid Vehicles Market was valued at USD 2.85 Billion in 2024 and is projected to reach USD 5.12 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period (2024–2030). This robust growth is fueled by the automotive industry’s urgent need for lightweighting solutions to extend the driving range of electric vehicles, stringent global emission regulations, and the accelerating adoption of advanced materials for battery enclosures and structural components.

As the electric vehicle revolution accelerates, the demand for high-performance, lightweight materials that can withstand high temperatures and corrosive environments is paramount. Thermoset composites, known for their excellent strength-to-weight ratio, thermal stability, and design flexibility, are becoming indispensable. In this blog, we profile the Top 10 Companies in the Thermoset Composite Materials for EV and Hybrid Vehicles Industry—a mix of global chemical giants, specialized composite manufacturers, and material innovators driving the future of sustainable mobility.

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🔟 1. IDI Composites International

Headquarters: Noblesville, Indiana, USA
Key Offering: Bulk Molding Compound (BMC), Sheet Molding Compound (SMC)

IDI Composites International is a global leader in thermoset molding compounds, supplying high-performance materials for demanding automotive applications. Their composites are extensively used in EV battery covers, charge ports, and under-the-hood components due to their exceptional electrical insulation, flame retardancy, and dimensional stability.

Innovation and Applications:

• High-flow, Class A surface SMC for exterior body panels

• Flame-retardant BMC grades for battery pack components

• Strategic partnerships with major North American and European EV manufacturers

Download FREE Sample Report: Thermoset Composite Materials For EV and Hybrid Vehicles Market – View in Detailed Research Report

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9️⃣ 2. Menzolit

Headquarters: Baden-Baden, Germany
Key Offering: SMC, BMC, and advanced composite systems

Menzolit, part of the Menzolit Group, is a leading European manufacturer of fiber-reinforced plastics. The company specializes in developing lightweight SMC solutions for electric and hybrid vehicles, focusing on large, complex parts like liftgates, bumper beams, and structural battery trays that meet rigorous safety and performance standards.

Innovation and Applications:

• Development of low-density SMC for maximum weight reduction

• Integrated process from material development to finished component

• Strong focus on automation and high-volume production for the automotive sector

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8️⃣ 3. Disnflex Composites International

Headquarters: Wuxi, Jiangsu, China
Key Offering: Custom SMC and BMC formulations

Disnflex Composites International is a key player in the Asian market, providing tailored thermoset composite solutions to the booming Chinese EV industry. The company’s materials are engineered for high mechanical strength and thermal resistance, making them ideal for battery housings and structural reinforcements in electric vehicles.

Innovation and Applications:

• Specialized formulations for high-voltage battery systems

• Rapid prototyping and customization services for OEMs

• Expanding production capacity to meet growing regional demand

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7️⃣ 4. Jiangyin Xietong Automobile Accessories

Headquarters: Jiangyin, Jiangsu, China
Key Offering: SMC automotive parts and components

Jiangyin Xietong Automobile Accessories is a specialized manufacturer focused on producing SMC-based components for the automotive sector. The company is a critical supplier to several Chinese EV makers, providing durable and lightweight parts such as engine protectors, battery covers, and fenders.

Innovation and Applications:

• Focus on cost-effective, high-volume production

• Expertise in compression molding of large, complex parts

• Strong integration within the Chinese automotive supply chain

Download FREE Sample Report: Thermoset Composite Materials For EV and Hybrid Vehicles Market – View in Detailed Research Report

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6️⃣ 5. Jiangsu Chinyo Technology

Headquarters: Yancheng, Jiangsu, China
Key Offering: Advanced BMC and SMC materials

Jiangsu Chinyo Technology is an innovative materials company that develops and produces thermoset composites for various industrial applications, with a growing focus on the EV sector. Their products are known for excellent mechanical properties and resistance to extreme temperatures, crucial for electric vehicle powertrains.

Innovation and Applications:

• Investment in R&D for next-generation composite formulations

• Materials compliant with international automotive standards

• Supplying components for EV charging infrastructure and vehicle systems

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5️⃣ 6. Jiangsu Fulide Hangtong New Material Technology

Headquarters: Yancheng, Jiangsu, China
Key Offering: SMC, BMC, and GMT (Glass Mat Thermoplastic)

Jiangsu Fulide Hangtong New Material Technology is a significant contributor to the composite materials market in Asia. The company produces a wide range of reinforced plastics, with applications expanding rapidly into electric vehicle battery systems and lightweight body structures to improve energy efficiency.

Innovation and Applications:

• Development of hybrid material systems for optimized performance

• Focus on sustainable production processes

• Collaboration with academic institutions for material science advancements

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4️⃣ 7. Toray Industries, Inc.

Headquarters: Tokyo, Japan
Key Offering: Carbon fiber, advanced composites, and molded parts

While renowned for its carbon fiber thermoplastics, Toray is a formidable force in advanced composites for mobility. The company’s expertise in high-performance materials is increasingly applied to EV structures, offering unparalleled weight savings for premium electric vehicles where cost-per-kilogram saved is justified by extended range.

Innovation and Applications:

• Pioneering carbon fiber reinforced thermosets for structural battery packs

• Strategic partnerships with global luxury and high-performance EV manufacturers

• Continuous R&D to reduce the cost of carbon composite solutions

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3️⃣ 8. Hexcel Corporation

Headquarters: Stamford, Connecticut, USA
Key Offering: Carbon fibers, fabrics, prepregs, and structural composites

Hexcel Corporation is a leading advanced composites company with deep roots in aerospace, now transferring its technology to the high-end automotive sector. Their high-strength, lightweight composite materials are being evaluated and adopted for critical EV components, particularly in applications demanding the highest performance and safety standards.

Innovation and Applications:

• Adapting aerospace-grade composite technologies for automotive use

• Focus on crashworthy structures and fire-resistant materials for EVs

• Collaborations with OEMs on multi-material vehicle architectures

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2️⃣ 9. Owens Corning

Headquarters: Toledo, Ohio, USA
Key Offering: Glass fiber reinforcements, composite solutions

Owens Corning is a global building and construction materials leader with a substantial composites business. Their glass fiber reinforcements are a fundamental ingredient in SMC and BMC, making them a key enabler for the thermoset composites used in EV battery enclosures, leaf springs, and other lightweight components.

Innovation and Applications:

• Development of high-performance glass fibers for automotive composites

• Sustainability initiatives focused on recycling and circular economy for composites

• Supplying materials to a vast network of composite part manufacturers worldwide

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1️⃣ 10. Teijin Limited

Headquarters: Tokyo, Japan
Key Offering: Carbon fibers & composites, aramid fibers

Teijin Limited is another Japanese chemical giant making significant strides in automotive composites. Through its subsidiaries, Teijin offers a portfolio of advanced materials suitable for EVs, focusing on reducing vehicle weight to maximize battery efficiency and overall performance.

Innovation and Applications:

• Development of rapid-cure CFRP (Carbon Fiber Reinforced Plastic) for faster cycle times

• Integrated material and process solutions for mass production

• Leadership in recycling technologies for carbon fiber composites

Get Full Report Here: Thermoset Composite Materials For EV and Hybrid Vehicles Market – View in Detailed Research Report

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🚀 Outlook: The Future of Automotive Composites is Lightweight and Sustainable

The thermoset composite materials market for EVs is at a pivotal juncture. While traditional SMC and BMC continue to dominate volume applications, the industry is investing heavily in advanced material formulations, recycling technologies, and high-volume manufacturing processes to meet the demands of the electric future.

📈 Key Trends Shaping the Market:

• Accelerated adoption of composites for integrated battery systems and structural components

• R&D focus on bio-based resins and recyclable thermoset systems to improve sustainability

• Increasing automation in compression molding to achieve faster cycle times and lower costs

• Growing collaboration between material suppliers, OEMs, and battery manufacturers for integrated solutions

Get Full Report Here: Thermoset Composite Materials For EV and Hybrid Vehicles Market – View in Detailed Research Report

The companies listed above are not only supplying essential materials—they are enabling the lightweight revolution that is critical for the success and sustainability of electric mobility.