Indian Carbon Fiber Reinforced Plastic Market - Forecast(2024 - 2030)
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.
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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
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
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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:
Recent Development
Relevant Reports
Report Code: CMR 1386
Report Code: CMR 0053
Report Code: CMR 0654
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