Indian Carbon Fiber Reinforced Plastic Market By Raw Material (Polyacrylonitrile, Petroleum Pitch, Rayon), By Manufacturing Process (Molding, Vacuum Bagging, Compression Molding, Filament Winding), By Resin Type (Thermoset (Epoxy, Polyester, Vinyl Ester, Phenolic, Urethane, Others), Thermoplastic (Acrylic, Nylon, Polyethylene, Polypropylene, Polystyrene, Others)), By End-Use Industry (Construction (Residential, Commercial, Industrial, Infrastructure), Aerospace (Commercial, Military, Others), Automotive (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Sports & Leisure (Rackets, Golf ball, Skis, Fishing Rods, Others), Wind Energy, Medical, Others) - Global Opportunity Analysis & Industry Forecast, 2022-2027

Report Code: CMR 1331 Report Format: PDF + Excel

Indian Carbon Fiber Reinforced Plastic Market Overview

The Indian Carbon Fiber Reinforced Plastic Market size is forecasted to grow at a CAGR of 7.3% during the forecast period 2022-2027 and reach US$ 927.6 million by 2027. Carbon fiber reinforced plastic is composed of raw materials which include polyacrylonitrile, petroleum pitch, and rayon. The primary resins are used in the production of thermoset resin such as epoxy, polyester, vinyl ester, or thermoplastic resin such as acrylic, nylon, polyethylene, and more. In 2020, the COVID-19 lockdown had significantly reduced production activities as a result of the country-wise shutdown of manufacturing sites, shortage of labor, and the decline of the supply and demand chain in India, thus, affecting the market. However, a steady recovery in automobile production has been witnessed in India since 2021. Carbon fiber reinforced plastic is primarily used in automobile bodies, owing to its lightweight, durability, ease of part integration and reduction, toughness, and aesthetic appeal. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in India reached 43,99,112 units in 2021, an incline of 30% from 33,94,446 units in 2020. An increase in automobile production along with the surging demand from the construction industry acts as the major driver for the market. On the other hand, volatility in raw material prices may confine the growth of the market.

Report Coverage

The “Indian Carbon Fiber Reinforced Plastic Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Indian Carbon Fiber Reinforced Plastic Industry.

By Raw Material: Polyacrylonitrile, Petroleum Pitch, Rayon.
By Manufacturing Process: Molding, Vacuum Bagging, Compression Molding, Filament Winding.
By Resin Type: Thermoset (Epoxy, Polyester, Vinyl Ester, Phenolic, Urethane, Others), Thermoplastic (Acrylic, Nylon, Polyethylene, Polypropylene, Polystyrene, Others).
By End-Use Industry: Construction (Residential, Commercial, Industrial, Infrastructure), Aerospace (Commercial, Military, Others), Automotive (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Sports and Leisure (Rackets, Golf ball, Skis, Fishing Rods, Others), Wind Energy, Medical, Others.

Key Takeaways

  • The properties of carbon fiber reinforced plastic such as high tensile strength, low weight, stiffness, and excellent fire protection capabilities makes it ideal for use in aerospace, automotive, and construction industries.
  • ]Thermoset resin held the largest share in the Indian carbon fiber reinforced plastic market in 2021. Its wide range of characteristics, corrosion resistance, and heat resistance properties make it stand out in comparison to other types of resins in the market.
  • Aerospace industry held the largest share in the Indian carbon fiber reinforced plastic market in 2021, owing to the increasing demand for carbon fiber reinforced plastic for use in aircraft bodies due to its properties such as lightweight, durability, ease of part integration, and reduction, toughness, and aesthetic appeal.

Figure: Indian Carbon Fiber Reinforced Plastic Market Revenue, 2021-2027 (US$ Million)


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Indian Carbon Fiber Reinforced Plastic Market Segment Analysis – By Resin Type

The Thermoset segment held the largest share in the Indian carbon fiber reinforced plastic market in 2021 and is expected to grow at a CAGR of 7.4% between 2022 and 2027, owing to its increasing demand due to the characteristics and benefits it offers over other types of resin. For instance, thermoset resins such as epoxy, polyester, and vinyl ester offer a wide range of characteristics, easy processing, and better corrosion resistance as compared to thermoplastic resins. They are also less affected by heat, water, and other factors as opposed to thermoplastic resins. Moreover, thermoset resins such as epoxy, polyester, and vinyl ester are easier to process, possess high strength, high mechanical properties, with good adhesion to all types of fibers, which makes them ideal for use in carbon fiber reinforced plastic in comparison to thermoplastic resins. Hence, all of these benefits are driving its demand over other types of resins, which in turn, is expected to boost the market growth in India during the forecast period.

Indian Carbon Fiber Reinforced Plastic Market Segment Analysis – By End-Use Industry

The Aerospace industry held the largest share in the Indian carbon fiber reinforced plastic market in 2021 and is expected to grow at a CAGR of 6.6% between 2022 and 2027, owing to the increasing demand for carbon fiber reinforced plastic from the aerospace sector in India. For instance, in November 2021, the Indian government announced its plan to launch its military aviation project that aims at building a fifth-generation fighter or medium combat aircraft incorporated with advanced stealth features and capabilities. The aircraft is scheduled for launch by the end of 2022. Moreover, the Indian Air Force (IAF) announced its plans to deliver 73 Tejas Mark-1A fighter jets which are scheduled to be delivered from 2024 to 2028.

Carbon fiber reinforced plastic is primarily used in the aerospace industry as it allows the aircraft bodies to be built with fewer and lighter parts while making them more fuel-efficient, and aerodynamic. Thus, an increase in aircraft production in India is expected to increase the demand for carbon fiber reinforced plastic for use in aircraft bodies, owing to its range of properties such as high tensile strength, low weight, stiffness along with excellent fire protection capabilities. This is expected to accelerate the growth of the carbon fiber reinforced plastic market in India during the forecast period.

Indian Carbon Fiber Reinforced Plastic Market Drivers

An increase in automobile production is most likely to increase demand for the product

Carbon fiber reinforced plastic is primarily used in automobile bodies, owing to its lightweight, durability, ease of part integration and reduction, toughness, high strength, and aesthetic appeal. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total light commercial vehicle production in India reached 4,86,911 units in 2021, an incline of 26.2% from 3,85,691 units in 2020. Similarly, the total passenger car production in India reached 36,31,095 units in 2021, representing a growth of 28% in comparison to 2020. It further states that the production of heavy trucks in India increased significantly in 2021 and reached up to 2,46,407 units from 1,22,576 units in 2020. Furthermore, in October 2021, Godawari E-mobility Ltd. commenced the development of an electric vehicle plant in Raipur with the aim of increasing the production of electric vehicles in the country. The development of the new facility is scheduled to be completed by 2023. Hence, such surging automobile production in India is expected to increase the demand for carbon fiber reinforced plastic for use in automobile bodies, owing to its above-mentioned benefits. This is expected to drive the growth of the market in India in the upcoming years.

Surging demand from the construction industry is most likely to increase demand for the product

Carbon fiber reinforced plastics are used in the construction industry in order to prevent corrosion and to support the rehabilitation of reinforced concrete columns. They are also used for the construction of earthquake-resistant structures. For instance, in August 2021, the construction of the airport terminal commenced in Rajkot, India. The airport will cover an area of 1,032 hectares, while its new terminals will be capable of handling 1,300 passengers at a time. The new airport is scheduled to be operational in 2023. Furthermore, recent insights from Invest India state that there are around 115 future construction projects that are currently under the planning phase in India in 2022. The total investment in these construction projects is around US$ 11.63 million. It includes the construction of hotels, shopping complexes, office buildings, and more. Thus, such surging developments in the construction sector in India are expected to increase the demand for carbon fiber reinforced plastic sheets, owing to its high strength, excellent flexural moment capacity, and corrosion-resistant properties. This is expected to propel the market growth in India in the upcoming years.

Indian Carbon Fiber Reinforced Plastic Market Challenges

Volatility in raw material prices can cause an obstruction to the market growth

Some of the raw materials for carbon fiber reinforced plastics are obtained from crude oil. As a result, fluctuations in the prices of crude oil in India may hinder the growth of the market. For instance, in April 2020, India’s Crude Oil Basket (COB) reached US$ 19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$ 42.72 per barrel, which decreased by 30% from the average COB price in 2019-20. Furthermore, as per revised estimates for 2020-21, India’s COB has increased by around 35% from its initial budget estimate. In this way, such fluctuating prices of crude oil in India may affect the prices of raw materials that are used in the production of carbon fiber reinforced plastic. This, in turn, may confine the growth of the market in India.

Indian Carbon Fiber Reinforced Plastic Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Indian Carbon Fiber Reinforced Plastic Market. Indian Carbon Fiber Reinforced Plastic top 10 companies are:

  1. Solvay
  2. Hexcel Corporation
  3. Mitsubishi Chemical Corporation
  4. SABIC
  5. Teijin Limited
  6. Toray Industries Inc.
  7. Rochling Group
  8. Nikkiso Co. Ltd
  9. Reinforced Plastic Industries
  10. SGL Carbon India Pvt Ltd

Recent Development

  • In October 2021, Mitsubishi Electric Corporation, which has its subsidiary in India, launched two new CV series models of 3D CO2 laser processing systems that are primarily used for cutting carbon fiber reinforced plastics, which are high strength, and lightweight materials used in the automotive industry.
  • In May 2021, Toray Industries Inc., which has its subsidiary in India, launched its high thermal conductivity technology that is capable of lifting the heat-dissipating properties of carbon fiber reinforced plastic. The use of this technology allows carbon fiber-reinforced plastics to dissipate heat effectively from their sources. This will help in boosting its overall performance in electronic device applications.

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1. Indian Carbon Fiber Reinforced Market- Market Overview
    1.1 Definitions and Scope
2. Indian Carbon Fiber Reinforced Market - Executive Summary
    2.1 Key Trends by Raw Material
    2.2 Key Trends by Manufacturing Process
    2.3 Key Trends by Resin Type
    2.4 Key Trends by End-Use Industry
3. Indian Carbon Fiber Reinforced Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Indian Carbon Fiber Reinforced Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Indian Carbon Fiber Reinforced Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Indian Carbon Fiber Reinforced Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Indian Carbon Fiber Reinforced Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Indian Carbon Fiber Reinforced Market– By Raw Material (Market Size - US$ Million/Billion)
    8.1 Polyacrylonitrile
    8.2 Petroleum Pitch
    8.3 Rayon
9. Indian Carbon Fiber Reinforced Market– By Manufacturing Process (Market Size - US$ Million/Billion)
    9.1 Molding
    9.2 Vacuum Bagging
    9.3 Compression Molding
    9.4 Filament Winding
10. Indian Carbon Fiber Reinforced Market– By Resin Type (Market Size - US$ Million/Billion)
    10.1 Thermoset
        10.1.1 Epoxy
        10.1.2 Polyester
        10.1.3 Vinyl Ester
        10.1.4 Phenolic
        10.1.5 Urethane
        10.1.6 Others
    10.2 Thermoplastic
        10.2.1 Acrylic
        10.2.2 Nylon
        10.2.3 Polyethylene
        10.2.4 Polypropylene
        10.2.5 Polystyrene
        10.2.6 Others
11. Indian Carbon Fiber Reinforced Market– By End-Use Industry (Market Size - US$ Million/Billion)
    11.1 Construction
        11.1.1 Residential
        11.1.2 Commercial
        11.1.3 Industrial
        11.1.4 Infrastructure
    11.2 Aerospace
        11.2.1 Commercial
        11.2.2 Military
        11.2.3 Others
    11.3 Automotive
        11.3.1 Passenger Cars
        11.3.2 Light Commercial Vehicles
        11.3.3 Heavy Commercial Vehicles
    11.4 Sports and Leisure
        11.4.1 Rackets
        11.4.2 Golf ball
        11.4.3 Skis
        11.4.4 Fishing Rods
        11.4.5 Others
    11.5 Wind Energy
    11.6 Medical
    11.7 Others
12. Indian Carbon Fiber Reinforced Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs, and Partnerships
13. Indian Carbon Fiber Reinforced Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Indian Level - Major companies
    13.3 Market Share by Key Geography - Major companies
    13.4 Market Share at Country Level - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Indian Carbon Fiber Reinforced Market – Key Company List by Country Premium Premium
15. Indian Carbon Fiber Reinforced Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"Financials would be provided on a best efforts basis for private companies*"