Carbon Fiber
I. Industry Overview
Carbon fiber, a high-strength, high-modulus fiber material with a carbon content exceeding 90%, is celebrated for its unique "soft exterior, rigid interior" characteristics. Lighter than aluminum but stronger than steel, it also boasts corrosion resistance and high modulus, earning it the title of "King of New Materials" for the 21st century. Carbon fiber is widely used in wind power equipment, aerospace, automotive manufacturing, sporting goods, and numerous other fields, significantly contributing to technological advancements and societal development.
II. Industry Chain Analysis
The carbon fiber industry chain primarily consists of upstream raw material supply, midstream manufacturing, and downstream application markets.
Upstream Raw Materials: Primarily including polyacrylonitrile (PAN), pitch, and viscose fiber. Among them, acrylonitrile serves as a crucial raw material in the production of carbon fiber.
Midstream Manufacturing: Involves raw yarn processing, carbon fiber production, carbon fiber products, and the manufacturing of carbon fiber composites. The production process of carbon fiber mainly includes pre-oxidation, low-temperature and high-temperature carbonization.
Downstream Application Markets: Spans wind power equipment, aerospace, automotive manufacturing, construction and transportation, sporting goods, and more. In aerospace, carbon fiber has become the preferred material for key components of aircraft and missiles. In wind power, carbon fiber blades, due to their exceptional mechanical properties and weight reduction, have propelled the rapid development of the wind power industry. In sporting goods, carbon fiber tennis rackets, golf clubs, and other high-end sports equipment are highly favored.
III. Market Size and Growth Trends
The carbon fiber market has been expanding continuously in recent years. Statistics indicate that in 2022, the size of the Chinese carbon fiber market reached RMB 12.81 billion, with a year-on-year growth rate of 20.69%. In 2023, the market size is estimated to be RMB 15.37 billion, and by 2024, it is projected to reach RMB 17.14 billion. Globally, the market size is expected to reach approximately USD 20 billion in 2024. This growth trend demonstrates the broad development prospects and significant market potential of the carbon fiber market.
IV. Market Competitive Landscape
The global carbon fiber market is relatively concentrated, with international giants such as Toray Industries of Japan and Hexcel of the USA dominating. However, Chinese companies like Jilin Chemical Fiber, Zhongfu Shenying Carbon Fiber, and Guangwei Composite Materials are rapidly rising, gradually narrowing the gap with international leaders. These Chinese companies excel in capacity, production volume, technological strength, and market presence, creating a fiercely competitive landscape.
Within China, the carbon fiber industry exhibits an oligopolistic competitive landscape. Companies like Jilin Chemical Fiber, Zhongfu Shenying Carbon Fiber, and Guangwei Composite Materials hold significant market shares due to their strong research and development capabilities and production capacity. Additionally, Jiangsu Hengshen, Xinchuang Carbon Valley, Xinjiang Longju, Baojing Carbon Materials, and other enterprises also possess certain market shares and competitiveness.
V. Technological Advances and Innovation
With continuous technological advancements, the performance and production efficiency of carbon fiber have significantly improved. The application of advanced processes such as dry-jet wet-spinning has notably enhanced the mechanical properties and production efficiency of carbon fiber. The continuous refinement of composite molding technologies has effectively reduced production costs and improved product quality. Furthermore, new technologies such as carbon fiber recycling and the preparation of lignin-based carbon fiber are also evolving, driving the carbon fiber industry towards more environmentally friendly and efficient development.
VI. Market Demand and Growth Drivers
The demand for carbon fiber continues to grow, particularly in aerospace, wind turbine blades, automotive manufacturing, and other fields. With the rise of the low-altitude economy and the proliferation of new energy vehicles, the application scope of carbon fiber will further expand. Additionally, consumers' demand for lightweight, high-performance products drives the increased use of carbon fiber in sporting goods, building materials, and other fields.
In the future, the carbon fiber industry will focus on improving the stability and performance of carbon fiber to meet the needs of high-end fields. Meanwhile, the application of carbon fiber in new energy vehicle lightweighting and aerospace structural components will present tremendous opportunities.
VII. Policy Support and External Environment
To promote the development of the carbon fiber industry, China has issued multiple policies for support. For instance, in January 2024, seven departments including the Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the State-owned Assets Supervision and Administration Commission jointly released the "Implementation Opinions on Promoting the Innovative Development of Future Industries," clarifying the development of key strategic materials such as high-performance carbon fiber. These policies have created a favorable external environment for the rapid development of the carbon fiber industry.
VIII. Challenges and Opportunities
Despite the broad development prospects and significant market potential of the carbon fiber industry, it still faces some challenges. For instance, the relatively high production cost of carbon fiber limits its widespread application in certain cost-sensitive industries. High technical barriers require ongoing research and development to break through technological bottlenecks. The market competition is intense, and enterprises need to continuously enhance their competitiveness to address market challenges.
However, with continuous technological advancements and market expansion, the carbon fiber industry will embrace more development opportunities. In particular, with the proliferation of new energy vehicles and the rapid development of the aerospace sector, the application fields of carbon fiber will further expand, and market demand will continue to grow.
IX. Conclusion
In summary, the carbon fiber industry is in a stage of rapid development, benefiting from the widespread application of carbon fiber materials across multiple fields. In the future, with continuous technological advancements and market expansion, the carbon fiber industry will continue to maintain a rapid growth trend, becoming an important force in driving industrial transformation and upgrading and green development. Enterprises should seize the opportunity, increase investment in research and development, enhance technological levels, and meet market demand for sustainable development.
