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.
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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.
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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
• Structural Assembly
• Others (Powertrain Components)
• DowAksa Advanced Composites Holdings BV
• Formosa Plastics Corp.excel Corp.
• Muhr Und Bender KG
• Polar Manufacturing Ltd.
• Sigmatex Ltd.
• Solvay SA
• SGL Carbon SE
• Toray Industries, Inc.
• Teijin Ltd.
• UMATEX, ROSATOM State Corp.
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