Indian Carbon Fiber Market Report

“The Global Indian Carbon Fiber Market was US$ 31.5 Million in 2023 and is likely to grow at a healthy CAGR of 22.3% in the long run to reach US$ 162 Million in 2030.”

Market Dynamics

Introduction

The Indian carbon fiber market value chain analysis consists of stages including carbon fiber itself, intermediate products such as prepreg and fabric, and finally carbon fiber composite parts. This deep-dive analysis has been broken down into various levels such as tow type, process type, resin type, and end-use industry type with each level focusing on a specific stage of the value chain (fiber, fabric, prepreg, and composite). India has manufacturers of intermediate products such as prepreg and fabric as well as composite part manufacturers; however, the country lacks domestic carbon fiber production. Domestic carbon fiber manufacturers are expected to emerge soon, positively influencing the entire market value chain. Although the market is currently in its early stages, it is projected to experience strong growth in the coming years.

Drivers

In India, carbon fiber is employed in various industries such as aerospace & defense, automotive, sporting goods, construction, and wind energy. The market is projected to witness significant growth during the forecast period due to emerging applications such as pressure vessels and cable cores within the country. Furthermore, the increasing focus of India on aerospace & defense is driving additional market growth. For example, Tata Advanced Materials utilizes carbon fiber prepreg for component manufacturing while Lohia Group and Adani Defense and Aerospace are integrating carbon fiber components into aerospace & defense applications.

The market is also witnessing the entry of pultruded profile manufacturers like Gurit Holding has started manufacturing whereas Kineco Exel Composites India is expected to initiate profile production. These profiles are employed in long wind blades for companies including LM Wind, TPI Composites, and Nordex. The ongoing changes at different levels in the industry are likely to have a positive effect on the entire value chain of the carbon fiber business.

Recent Market JVs and Acquisitions:

• In 2021, Exel Composites and Kineco Group established a joint venture called Kineco Exel Composites India, which mainly focuses on the designs and manufacture of pultruded composite solutions. The main aim of this partnership is to expand their market reach in areas such as wind power, transport, and communication while still operating from Goa.
• In India in 2024, Bhabha Atomic Research Centre (BARC), Hindustan Aeronautics Limited (HAL), and Mishra Dhatu Nigam Limited (MIDHANI) will begin manufacturing carbon fibers. Their joint efforts aim to start producing T100-type carbon fiber within the next 2.5 years, aiming to overcome import restrictions that currently limit its use in strategic applications.

Recent Market Partnerships:

• In 2024, Jindal Advanced Materials (JAM) has partnered with Italy's MAE S.p.A. to invest USD 327 million in a carbon fiber plant with a 3,500 MT annual capacity, with this partnership, JAM aims to enter industrial markets with plans to expand carbon fiber capacity to 10,000 MT by 2027.

Market Segments' Analysis

By Value Chain

Indian Carbon Fiber Market

• Wind energy is the fastest-growing end-use industry, primarily driven by India's increased utilization of carbon fiber profiles for wind turbine blades.
• The country currently lacks domestic carbon fiber manufacturing, relying heavily on imports. However, the market is anticipated to see the emergence of domestic manufacturers, such as Jindal Advanced Materials and Reliance Industries, in the near future.

Indian Carbon Fiber Fabric Market

• Huge dominance of woven fabrics in the market in terms of fabric type as Construction and Wind energy are its major end-use industries.
• Wind energy is forecasted to exhibit the highest growth trajectory over the forecast period, as the industry is anticipated to attract more profile manufacturers in the years ahead.

Indian Carbon Fiber Prepreg Market

• Thermoset prepreg is currently being utilized in the market, but thermoplastic prepreg is expected to emerge within form type in the forecast period.
• Aerospace & Defense is the largest end-use industry of the market as several part manufacturers have formed joint ventures with aerospace giants, such as Kineco Kaman Aerospace, Tata Boeing Aerospace Limited, Dassault Reliance Aerospace Ltd., and others driving the market growth.

Indian Carbon Fiber Composites Market

• Pressure vessels are the fastest-growing industry in the market, with only a few players currently active.
• Time Technoplast, the first Indian company to manufacture type-IV CNG composite cylinders for both CNG cascades and on-board applications, has secured a competitive edge. However, the market is expected to see new entrants in the coming years, which could impact the competitive landscape.

Key Players

The Indian markets for carbon fibers, carbon fabrics, and carbon prepreg are highly consolidated, with a limited number of players commanding substantial market shares. Conversely, the Indian carbon fiber composites market exhibits moderate consolidation. The market is likely to witness new entrants at different levels of the value chain.

Key Players in the Indian Carbon Fiber Market:

Here is the list of the Top Players (Based on Dominance)

• Hyosung Advanced Materials
• Toray Industries, Inc.
• Toho Tenax

Key Players in the Indian Carbon Fiber Fabrics Market:

• The Bhor Chemicals and Plastics Pvt Ltd.
• Reliance Industries Ltd.
• NIKOL Advance Materials Pvt. Ltd
• URJA PRODUCTS PRIVATE LIMITED

Key Players in the Indian Carbon Fiber Prepreg Market:

• Toray Industries, Inc.
• The Bhor Chemicals and Plastics Pvt Ltd.
• Syensqo
• Hexcel Corporation
• Arvind Advanced Materials

Key Players in the Indian Carbon Fiber Composites Market:

• TPI Composites
• Nordex Group
• Time Technoplast
• CTC Global

 Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The Indian Carbon Fiber Market Value Chain Analysis is segmented into the following categories. 

• By Indian Carbon Fiber Market
  • Tow Size-Type Analysis [Small Tow and Large Tow]
  • Modulus-Type Analysis [Standard Modulus, Intermediate Modulus, and High Modulus]
  • End-Use Industry Analysis [Pressure Vessels, Construction, Wind Energy, Automotive, Sporting Goods, Aerospace & Defense, Cable Core, and Others]
• By Indian Carbon Fiber Fabrics Market
  • Fabric-Type Analysis [Woven Fabrics and Others]
  • Process-Type Analysis [Pultrusion, Resin Infusion, and Others]
  • End-Use Industry Analysis [Construction, Wind Energy, Automotive, Sporting Goods, Aerospace & Defense, and Others]
• By Indian Carbon Fiber Prepreg Market
  • Form-Type Analysis [Thermoset Prepreg and Thermoplastic Prepreg]
  • Resin-Type Analysis [Epoxy, Phenolic, and Others]
  • Process-Type Analysis [Autoclave and Out of Autoclave]
  • End-Use Industry Analysis [Automotive, Sporting Goods, Aerospace & Defense, and Others]
• By Indian Carbon Fiber Composite Market
  • Process-Type Analysis [Prepreg, Pultrusion, Filament Winding, and Others]
  • Resin-Type Analysis [Epoxy, Phenolic, and Others]
  • End-Use Industry Analysis [Pressure Vessels, Construction, Wind Energy, Automotive, Sporting Goods, Aerospace & Defense, Cable Core, and Others]

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Indian Carbon Fiber Market Value Chain Analysis realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 35 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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