India Carbon Fiber Market to reach $908.5 million by 2030; Rising usage in in automotive, growing interest in sports, growing textile industry and increasing installation of windmills are driving the growth of India Carbon Fiber Market.

The Indian Carbon Fiber Market size is estimated to reach $908.5 Billion by 2030, growing at a CAGR of 8.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Indian Carbon Fiber Market – By Type Resin (Thermoset and Thermoplastic), By Raw Material (Polyacrylonitrile Based (PAN), Pitch Based and Others), By Tow Type (Continuous and Chopped), By Application (Composite, Non-Composite, Molding Compound, Woven Fabric and Others), By End Use Industry (Aerospace & Defense, Automotive, Industrial, Sports, Energy, Locomotive, Marine and Others) - Opportunity Analysis & Industry Forecast, 2024-2030.

The rising demand for wind energy is driving the growth of the carbon fiber market, as carbon fibers are increasingly used in the production of wind turbine blades for their lightweight and durable properties. Additionally, the growing textile industry is also fueling market expansion, with carbon fiber being used in advanced fabrics and composites for various applications.

In India, 10% of power is generated by wind energy from total installed utility power generation capacity. As of August 2024, India's total installed wind energy capacity stood at 47.2 GW, making the country the fourth-largest wind market globally in terms of cumulative capacity. India set ambitious goals, including achieving net zero carbon emissions by 2070 and generating 50% of its electricity from renewable sources by 2030. With increased production and heightened awareness about environmental sustainability, India aims to reach 140 GW of wind capacity by 2030, supported by an expected compound annual growth rate (CAGR) of 8% until 2029. India's wind energy growth is a significant driver for the carbon fiber market as carbon fiber is used in blades for the windmill due to its high stiffness ratio and lightweight properties.

The growing textile industry, particularly in technical textiles, is creating significant opportunities for the carbon fiber market. Technical textiles, which include specialized fabrics for industries like aerospace, civil engineering, and defense, are increasingly incorporating carbon fiber due to its superior strength, lightweight properties, and durability. As the demand for advanced materials in these sectors rises, carbon fiber plays a critical role in meeting performance standards while reducing overall weight and enhancing durability.For example, in September 2024, India’s Textiles Minister announced that the country’s technical textile exports are set to exceed the $10 billion target set for 2030. This growth is expected to be further fueled by the introduction of niche carbon fiber production in India, specifically for use in aerospace, civil engineering, and defense sectors. This highlights the rising demand for high-performance materials like carbon fiber in the textile industry, creating new opportunities for manufacturers and driving the market forward.

Key companies profiled in the Indian Carbon Fiber Market are Solvay, Hexcel Corporation, Mitsubishi Chemical Corporation, SABIC, Teijin Limited, Toray Industries Inc., Rochling Group, Nikkiso Co. Ltd, Carbon Light Pvt Ltd, SGL Carbon India Pvt Ltd and others.

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