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India Pitch Based Carbon Fiber Market

ID: MRFR/CnM/47121-HCR
200 Pages
Chitranshi Jaiswal
October 2025

India Pitch-Based Carbon Fiber Market Research Report By Type (Composites, Non-Composites) and By Application (Aerospace & Defense, Automotive, Construction, Wind Energy, Sports & Leisure, Others) - Forecast to 2035

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India Pitch Based Carbon Fiber Market Summary

As per analysis, the India pitch based carbon fiber market is projected to grow from USD 27.3 Million in 2024 to USD 55.27 Million by 2035, exhibiting a compound annual growth rate (CAGR) of 6.62% during the forecast period (2025 - 2035).

Key Market Trends & Highlights

The India pitch based carbon fiber market is poised for substantial growth driven by diverse applications and technological advancements.

  • The aerospace sector remains the largest segment, reflecting a robust demand for lightweight materials.
  • The automotive industry is the fastest-growing segment, indicating a shift towards advanced composite materials.
  • Composites dominate the market, while reinforcements are emerging as the fastest-growing category.
  • Key market drivers include rising demand for lightweight materials and government policies promoting advanced materials.

Market Size & Forecast

2024 Market Size 27.3 (USD Million)
2035 Market Size 55.27 (USD Million)
CAGR (2025 - 2035) 6.62%

Major Players

Tencate Advanced Composites (IN), Mitsubishi Chemical Corporation (JP), SGL Carbon SE (DE), Toray Industries, Inc. (JP), Hexcel Corporation (US), Teijin Limited (JP), Cytec Solvay Group (BE), Zoltek Companies, Inc. (US)

India Pitch Based Carbon Fiber Market Trends

The India pitch based carbon fiber market is currently experiencing a notable transformation, driven by increasing demand across various sectors such as aerospace, automotive, and construction. This shift appears to be influenced by the growing emphasis on lightweight materials that enhance fuel efficiency and reduce emissions. Furthermore, the Indian government has been actively promoting initiatives aimed at advancing the development of advanced materials, which may bolster the market's growth trajectory. As industries seek to innovate and improve performance, the adoption of pitch based carbon fiber is likely to gain momentum, reflecting a broader trend towards sustainability and efficiency in manufacturing processes. In addition, the market landscape is characterized by a rising number of domestic manufacturers who are investing in research and development to enhance production capabilities. This trend suggests a potential for increased competition, which could lead to improved product offerings and pricing strategies. Moreover, collaborations between industry players and research institutions may facilitate technological advancements, further propelling the India pitch based carbon fiber market. Overall, the current environment indicates a promising outlook for the sector, with opportunities for growth and innovation on the horizon.

Growing Demand in Aerospace Sector

The aerospace industry in India is increasingly recognizing the advantages of pitch based carbon fiber, particularly for its lightweight and high-strength properties. This trend is likely to enhance aircraft performance and fuel efficiency, aligning with global sustainability goals.

Automotive Industry Adoption

The automotive sector is gradually integrating pitch based carbon fiber into vehicle designs, driven by the need for lighter materials that improve fuel economy. This shift may lead to enhanced vehicle performance and reduced environmental impact.

Government Initiatives and Support

The Indian government is actively promoting the development of advanced materials, including pitch based carbon fiber. This support could foster innovation and investment in the sector, potentially leading to a more robust market presence.

Market Segment Insights

By Application: Aerospace (Largest) vs. Automotive (Fastest-Growing)

The application segment of the India pitch based carbon fiber market is diverse, with aerospace leading the distribution. This sector dominates due to increasing investments in aerospace technology and an emphasis on weight reduction for enhanced fuel efficiency. Automotive follows closely behind as a significant player, driven by the industry's shift towards lighter materials for electric vehicles and fuel-efficient models. Other applications like sports equipment, wind energy, and civil engineering are also present but with comparatively smaller shares within the overall market landscape.

Aerospace: Dominant vs. Automotive: Emerging

The aerospace application segment stands out as the dominant force within the India pitch based carbon fiber market, attributed to the high-performance requirements of aircraft manufacturing. Aerospace benefits from rigorous safety standards and the optimization of lightweight materials, enabling advancements in fuel efficiency and performance. Conversely, the automotive sector is rapidly emerging, particularly with the rise of electric vehicles needing lightweight components for enhanced range and efficiency. This trend is driven by increasing consumer awareness around sustainability and fuel economy, making automotive carbon fiber usage one of the most dynamic growth areas in the sector.

By End Use: Composites (Largest) vs. Reinforcements (Fastest-Growing)

In the India pitch based carbon fiber market, the Composites sector holds the largest share, driven by its widespread applications across automotive, aerospace, and construction industries. This segment benefits from increasing demand for lightweight and high-strength materials that enhance performance and efficiency. Reinforcements, on the other hand, are witnessing rapid growth as industries seek optimized production processes and improved material characteristics. This shift towards advanced materials is a key factor driving market dynamics.

Composites: Dominant vs. Reinforcements: Emerging

The Composites segment is characterized by its extensive incorporation into various high-performance applications, offering superior strength-to-weight ratios and durability. This segment often leads in market demand due to its versatile usage and the growing trend in the manufacturing sector toward lightweight solutions. In contrast, the Reinforcements segment is emerging rapidly as industries focus on enhancing the properties of traditional materials. Innovations in manufacturing processes and increased investments are driving this growth, positioning Reinforcements as a significant player in the market.

By Raw Material: Pitch (Largest) vs. Polyacrylonitrile (Fastest-Growing)

In the India pitch based carbon fiber market, the raw material segment is dominated by pitch, which commands a significant portion of the market share due to its superior properties and cost-effectiveness. Following pitch, polyacrylonitrile emerges as a noteworthy segment, reflecting a growing acceptance in the manufacturing processes related to carbon fibers. Other materials such as carbon black, resins, and additives contribute to the market, yet they do not hold as substantial a share as the top two materials yet play crucial roles in the final product formulation.

Pitch: (Dominant) vs. Polyacrylonitrile (Emerging)

Pitch is recognized as the dominant raw material in the carbon fiber market due to its excellent mechanical properties and high carbon yield, making it the preferred choice for various applications. In contrast, polyacrylonitrile (PAN) is witnessing rapid innovation and investment, particularly in sustainable manufacturing processes, positioning itself as an emerging competitor. The industry is increasingly adapting to technological advancements that enhance the production efficiency of PAN, expanding its application scope. This juxtaposition highlights a dynamic shift, where pitch maintains its stronghold while PAN carves out a niche, reflecting the evolving landscape of raw materials in the India pitch based carbon fiber sector.

By Manufacturing Process: Spinning (Largest) vs. Carbonization (Fastest-Growing)

In the India pitch based carbon fiber market, the manufacturing process segments showcase distinct distributions of market share. Spinning stands out as the largest segment, driven by its essential role in transforming pitch into fibers, which are vital for various applications. Following Spinning, other processes such as Stabilization and Carbonization contribute significantly to the market, with Carbonization gaining traction due to advancements in technology and increased production capacity that cater to rising demand. The growth trends within these manufacturing processes are promising, spurred by a combination of innovations and increasing investments in research and development. Carbonization, in particular, is emerging as the fastest-growing segment as manufacturers seek to enhance production efficiency and reduce costs. As industries continue to embrace lightweight and high-strength materials, the demand for pitch based carbon fibers will likely foster further advancements in these manufacturing processes, making them central to the industry's evolution.

Spinning (Dominant) vs. Post-Treatment (Emerging)

Spinning is recognized as the dominant manufacturing process in the India pitch based carbon fiber market, characterized by its capability to produce high-quality fibers essential for various applications, including aerospace and automotive. This process involves the continuous extrusion of pitch, which results in significant material efficiency and creates opportunities for scaling production. In contrast, Post-Treatment is viewed as an emerging process, where fibers undergo various treatments to enhance performance characteristics, such as chemical stability and mechanical strength. As the demand for superior carbon fiber products rises, Post-Treatment processes are becoming increasingly relevant, allowing manufacturers to cater to niche markets and meet stringent quality standards. Both processes complement each other, enhancing the overall competitiveness of pitch based carbon fibers in the market.

By Market Type: Primary Carbon Fiber (Largest) vs. Specialty Carbon Fiber (Fastest-Growing)

In the India pitch based carbon fiber market, the distribution of share among the types highlights that primary carbon fiber dominates the segment significantly. Its established applications across various industries, including automotive and aerospace, contribute to its leading position. Conversely, specialty carbon fiber, while representing a smaller share, is gaining traction due to its unique properties tailored for niche applications such as sporting goods and high-performance materials, making it a notable growth segment.

Primary Carbon Fiber (Dominant) vs. Specialty Carbon Fiber (Emerging)

Primary carbon fiber holds a dominant position in the India pitch based carbon fiber market, often utilized due to its superior strength-to-weight ratio and high tensile strength, making it a preferred choice in critical applications. Its broad adoption across industries ensures robust demand, fostering its market leadership. In contrast, specialty carbon fiber is an emerging segment characterized by its tailored formulations designed for specific applications, catering to innovative sectors. As industries seek lightweight and high-performance materials, the growing focus on sustainability and advanced properties positions specialty carbon fiber for rapid expansion, appealing to manufacturers looking for specialized solutions.

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Key Players and Competitive Insights

The pitch based carbon fiber market in India is currently characterized by a dynamic competitive landscape, driven by increasing demand across various sectors such as aerospace, automotive, and sports equipment. Key players are actively pursuing strategies that emphasize innovation, regional expansion, and sustainability. For instance, Tencate Advanced Composites (IN) has focused on enhancing its product offerings through advanced manufacturing techniques, while Mitsubishi Chemical Corporation (JP) is leveraging its extensive R&D capabilities to develop high-performance materials tailored for specific applications. These strategic initiatives collectively contribute to a competitive environment that is increasingly oriented towards technological advancement and customer-centric solutions.

In terms of business tactics, companies are localizing manufacturing to reduce lead times and optimize supply chains, which appears to be a critical factor in maintaining competitiveness. The market structure is moderately fragmented, with several players vying for market share. However, the influence of major companies like SGL Carbon SE (DE) and Toray Industries, Inc. (JP) is substantial, as they continue to set benchmarks in quality and innovation, thereby shaping the overall market dynamics.

In November 2025, SGL Carbon SE (DE) announced a strategic partnership with a leading Indian aerospace manufacturer to co-develop lightweight components for aircraft. This collaboration is expected to enhance SGL's market presence in the aerospace sector while providing the Indian manufacturer with access to advanced carbon fiber technologies. Such partnerships are indicative of a broader trend towards collaborative innovation, which is likely to accelerate the adoption of pitch based carbon fibers in high-performance applications.

Similarly, in October 2025, Toray Industries, Inc. (JP) unveiled a new production facility in India aimed at increasing its output of pitch based carbon fibers. This facility is expected to significantly bolster Toray's capacity to meet the growing demand in the region, particularly in the automotive sector, where lightweight materials are increasingly sought after for fuel efficiency. The establishment of this facility underscores Toray's commitment to regional expansion and its strategic focus on sustainability through the use of advanced manufacturing processes.

Moreover, in September 2025, Hexcel Corporation (US) launched a new line of eco-friendly pitch based carbon fibers, which are designed to meet stringent environmental standards. This initiative not only aligns with global sustainability trends but also positions Hexcel as a leader in the development of green materials. The introduction of such products reflects a shift in consumer preferences towards sustainable solutions, which is likely to influence competitive strategies across the market.

As of December 2025, the competitive trends in the pitch based carbon fiber market are increasingly defined by digitalization, sustainability, and the integration of AI technologies. Strategic alliances are becoming more prevalent, as companies recognize the value of collaboration in driving innovation and enhancing supply chain reliability. Looking ahead, it is anticipated that competitive differentiation will evolve from traditional price-based competition to a focus on technological innovation and sustainable practices, thereby reshaping the market landscape.

Key Companies in the India Pitch Based Carbon Fiber Market market include

Industry Developments

The India Pitch-Based Carbon Fiber Market has seen significant developments recently, with companies such as Hyosung Corporation and Mitsubishi Chemical focusing on expanding their production capacities to meet increasing demand in sectors like aerospace and automotive. Current affairs indicate a robust growth trajectory driven by advancements in composite materials technology and the push for lightweight structures. In January 2023, ZOLTEK announced an expansion of their facilities in India to bolster their portfolio in pitch-based products, reflecting a strategic shift towards enhancing local manufacturing capabilities.

Additionally, in March 2023, Toray Industries revealed plans for a research collaboration with Indian institutes to develop next-generation carbon fibers, tapping into local innovations. However, as of October 2023, no notable mergers or acquisitions involving the specified companies have been publicly reported within the India Pitch-Based Carbon Fiber Market. Market valuation for companies is on an upward trend, attributed to the growing adoption of carbon fiber composites in renewable energy projects and high-performance applications. This evolution is supported by government initiatives aimed at promoting sustainable materials, which have been crucial for India’s evolving industrial landscape over the past few years.

Future Outlook

India Pitch Based Carbon Fiber Market Future Outlook

The India pitch based carbon fiber market is projected to grow at a 6.62% CAGR from 2024 to 2035, driven by advancements in aerospace, automotive, and renewable energy sectors.

New opportunities lie in:

  • Development of high-performance pitch-based carbon fiber composites for aerospace applications.
  • Expansion into renewable energy sectors with lightweight materials for wind turbine blades.
  • Investment in R&D for innovative manufacturing processes to reduce production costs.

By 2035, the market is expected to achieve substantial growth, positioning itself as a leader in advanced materials.

Market Segmentation

India Pitch Based Carbon Fiber Market End Use Outlook

  • Composites
  • Reinforcements
  • Thermal Conductors
  • Electrical Conductors
  • Filtration

India Pitch Based Carbon Fiber Market Application Outlook

  • Aerospace
  • Automotive
  • Sports Equipment
  • Wind Energy
  • Civil Engineering

India Pitch Based Carbon Fiber Market Market Type Outlook

  • Primary Carbon Fiber
  • Secondary Carbon Fiber
  • Recycled Carbon Fiber
  • Specialty Carbon Fiber

India Pitch Based Carbon Fiber Market Raw Material Outlook

  • Pitch
  • Polyacrylonitrile
  • Carbon Black
  • Resins
  • Additives

India Pitch Based Carbon Fiber Market Manufacturing Process Outlook

  • Spinning
  • Stabilization
  • Carbonization
  • Surface Treatment
  • Post-Treatment

Report Scope

MARKET SIZE 202427.3(USD Million)
MARKET SIZE 202529.11(USD Million)
MARKET SIZE 203555.27(USD Million)
COMPOUND ANNUAL GROWTH RATE (CAGR)6.62% (2024 - 2035)
REPORT COVERAGERevenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR2024
Market Forecast Period2025 - 2035
Historical Data2019 - 2024
Market Forecast UnitsUSD Million
Key Companies ProfiledTencate Advanced Composites (IN), Mitsubishi Chemical Corporation (JP), SGL Carbon SE (DE), Toray Industries, Inc. (JP), Hexcel Corporation (US), Teijin Limited (JP), Cytec Solvay Group (BE), Zoltek Companies, Inc. (US)
Segments CoveredApplication, End Use, Raw Material, Manufacturing Process, Market Type
Key Market OpportunitiesGrowing demand for lightweight materials in automotive and aerospace sectors drives India pitch based carbon fiber market expansion.
Key Market DynamicsRising demand for lightweight materials in automotive and aerospace sectors drives growth in India's pitch based carbon fiber market.
Countries CoveredIndia

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FAQs

What is the projected market size of the India Pitch-Based Carbon Fiber Market in 2024?

The projected market size of the India Pitch-Based Carbon Fiber Market in 2024 is expected to be valued at 36.4 million USD.

How much is the India Pitch-Based Carbon Fiber Market expected to be worth by 2035?

By 2035, the India Pitch-Based Carbon Fiber Market is expected to be valued at 65.7 million USD.

What is the expected compound annual growth rate (CAGR) for the Indian Pitch-Based Carbon Fiber Market from 2025 to 2035?

The expected CAGR for the India Pitch-Based Carbon Fiber Market from 2025 to 2035 is 5.515%.

What are the expected market values for composites and non-composites in 2024?

In 2024, the market value for composites is expected to be 21.0 million USD, while for non-composites, it is expected to be 15.4 million USD.

What will the market size for composites and non-composites be in 2035?

By 2035, the market size for composites is expected to reach 38.1 million USD, while non-composites are expected to reach 27.6 million USD.

Who are the major players in the India Pitch-Based Carbon Fiber Market?

Some of the major players in the India Pitch-Based Carbon Fiber Market include Hyosung Corporation, Showa Denko, Hexcel Corporation, and SABIC.

What key applications are driving the growth in the India Pitch-Based Carbon Fiber Market?

The growth in the India Pitch-Based Carbon Fiber Market is primarily driven by applications in the automotive, aerospace, and construction industries.

What are the potential challenges facing the India Pitch-Based Carbon Fiber Market?

Potential challenges for the India Pitch-Based Carbon Fiber Market include high production costs and competition from alternative materials.

How does the current global economic scenario impact the India Pitch-Based Carbon Fiber Market?

The current global economic scenario may lead to fluctuations in raw material costs, thereby impacting the India Pitch-Based Carbon Fiber Market.

Which segment is expected to grow faster in the India Pitch-Based Carbon Fiber Market?

The composites segment is expected to grow faster compared to the non-composites segment in the India Pitch-Based Carbon Fiber Market.

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