Indian automotive carbon fiber market is estimated to grow significantly at a CAGR of around 13% during the forecast period owing to the growing adoption of carbon fiber in the automotive sector coupled with an increasing trend towards the electric vehicle. Moreover, the Indian government is focusing on encouraging the adoption of electric vehicles in the country. For instance, in February 2019, the government approved the proposal for the implementation of the “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME Phase II) scheme that reduces the upfront purchase price of hybrid and electric vehicles. The Phase II scheme includes the allocation of a $1.4 billion budget to encourage the uptake of electric vehicles and is implemented over three years from April 2019.
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The Indian automotive carbon fiber market is segmented on the basis of raw material, fiber type, and application. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. PAN is the predominant precursor for carbon fiber due to superior strength and stability, and higher carbon yield. PAN-based carbon fiber is widely used in the automotive industry. Based on the fiber type, the market is classified into virgin automotive carbon fiber and recycled automotive carbon fiber. Based on the application, the market is classified into the interior, exterior, structural assembly, and others.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Indian Automotive Carbon Fiber Market by Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
Indian Automotive Carbon Fiber Market by Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon fiber
Indian Automotive Carbon Fiber Market by Application
- Interior
- Exterior
- Structural Assembly
- Others (Powertrain Components)
Company Profiles
- Formosa Plastics Corp.
- Hyosung Corp.
- Hexcel Corp.
- Jiangsu Hengshen Co. Ltd.
- Nippon Carbon Co. Ltd.
- Taekwang Industrial Co. Ltd.
- Toray Industries, Inc.
- Teijin Ltd.
- Weihai Guangwei Composites Co., Ltd.
- ZHONGFU SHENYING CARBON FIBER CO., LTD.
The Report Covers
- Comprehensive research methodology of the Indian automotive carbon fiber market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Indian automotive carbon fiber market.
- Insights about market determinants which are stimulating the Indian automotive carbon fiber market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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