In February 2023, the domestic carbon fiber apparent consumption will increase by 15.57%, and the demand will increase steadily. In 2023, the carbon fiber downstream wind power and other industries are expected to usher in recovery, and the demand for photovoltaics, hydrogen energy, and other industries is in the ascendant. In addition, domestic carbon fiber companies are weaker in the early stage under the sluggish demand, and the valuation is digested. The industry is expected to usher in a new round of reshaping. The carbon fiber industry has entered a period of rapid growth: [Fireworks] The domestic carbon fiber industry is proliferating. It is estimated that by 2025, the total domestic carbon fiber demand will reach 159,000 tons, and the market space will be around 25 billion yuan. Benefiting from the high technical threshold, the demand for carbon fiber will continue to grow rapidly. It is estimated that the total domestic carbon fiber demand will reach 159,000 tons in 2025, and the CAGR will reach 26.4% from 2021 to 2025.
In the field of wind power, we predict that the total amount of carbon fiber used in domestic wind power (excluding Vestas) will reach 52,000 tons in 2025, the CAGR will reach 84.3% from 2021 to 2025, and the long-term theoretical space is expected to reach 131,000 tons; in the photovoltaic thermal field The demand in the area will reach 13,000 tons, and the CAGR will reach 38.4% from 2021 to 2025; at the same time, hydrogen energy, aerospace, domestic large aircraft, and new energy vehicles will also drive high demand growth. [Fireworks] The localization of carbon fiber is accelerating. The current domestic production capacity is 63,000 tons, accounting for 31% of the global total production capacity. Domestic leading enterprises have mastered the core technology, driven by technological breakthroughs to expand production capacity, drive the industry to reduce costs and increase efficiency, and accelerate localization. We expect domestic carbon fiber production capacity to increase from 63,000 tons in 2021 to 299,000 tons in 2025, with a CAGR of 47.4% from 2021 to 2025.