According to a new market report published by Lucintel, the future of the Chinese carbon fiber market looks good, with opportunities sporting goods, aerospace, and industrial applications. The Chinese carbon fiber market is forecast to grow at a CAGR of 6.1% by value from 2016 to 2021. The major drivers of growth for this market are a growing demand for high strength, stiffness, and lightweight material in end uses industries, the company said.
In this market, sporting goods, aerospace, and industrial applications are the end use applications of carbon fiber. Lucintel predicts that the demand for industrial application is expected to experience the highest growth in the forecast period, supported by growing wind energy market and increase demand of light weight material in automotive and CNG tank.
Within the Chinese carbon fiber market, sporting goods is expected to remain as the largest market by value and volume consumption. The country’s active involvement in sports leads increased used in ice hockey stick, tennis racquets, and golf clubs.
In China, only PAN (polyacrylonitrile)-based carbon fiber is used. Based on tow size, small tow carbon fiber usage is higher in value and volume, whereas based on modulus type, intermediate modulus carbon fiber is higher in value and volume.