China carbon fiber market is estimated to grow significantly at a CAGR of around 9.7% during the forecast period. The production of carbon fiber in the country is slowly maturing. The five largest carbon fiber manufacturers include Hengshan, Weihai Guangwei Composite Materials, Zhongfu Shenying Carbon Fiber, Kangdexin Composite Material Group, and Jinggong Science & Technology. Almost all these manufacturers have expansion plans, of which Kangdexin is extremely focusing on carbon fiber expansion with an ultimate goal of nearly 70,000 metric tons capacity.
Moreover, a considerable production of wind turbines and increased spending and investment in the R&D of the aerospace industry also affects the growth of the market in the region. For instance, China reported an $8 billion space budget which is estimated to be the second-largest across the globe, after the US. This, in turn, will drive the demand for carbon fiber in space-related projects in the country, as it possesses several benefits that include lightweight, thermal protection, durability among others.
China carbon fiber market is segmented on the basis of raw material, fiber type, and industry vertical. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. Based on the fiber type, the market is classified into virgin carbon fiber and recycled carbon fiber. Based on the industry verticals, the market is classified into aerospace & defense, automotive, construction infrastructure, and others such as sporting goods. The aerospace & defense industry segment accounted for a major share in the market attributed to the increased production by the major aerospace and defense manufacturers.
The companies which are contributing to the growth of the China carbon fiber market include Hyosung Corp., Jiangsu Hengshan Co. Ltd., Kureha Corp., Toray Industries Inc., Teijin Ltd., ZHONGFU SHENYING CARBON FIBER CO., LTD., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations to stay competitive in the market.
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China Carbon Fiber Market Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
By Industry Verticals
- Aerospace & Defense
- Automotive
- Construction Infrastructure
- Others (Sporting Goods)
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Company Profiles
- Formosa Plastics Corp.
- Hyosung Corp.
- Jiangsu Hengshen Co. Ltd.
- Kureha Corp.
- Nippon Carbon Co. Ltd.
- Osaka Gas Chemicals Co., Ltd.
- Toray Industries Inc.
- Teijin Ltd.
- Taekwang Industrial Co. Ltd.
- Weihai Guangwei Composites Co., Ltd.
- ZHONGFU SHENYING CARBON FIBER CO., LTD.
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