Carbon fiber has a bright future with the development of wind power and other new energy

1.The "king of materials" carbon fiber has significant performance advantages and is suitable for many fields

Carbon fiber has excellent mechanical properties and chemical stability, high strength (about 10 times stronger than steel), high modulus and low density (1/5 of steel and 1/2 of aluminum alloy), which makes it lightweight. In addition, carbon fiber also has the characteristics of corrosion resistance, fatigue resistance, low coefficient of thermal expansion, high temperature resistance, high electrical and thermal conductivity. Because of its superior overall performance, carbon fiber is known as the "king of materials". As a new high-tech material indispensable in modern industry, carbon fiber is widely used in aerospace, new energy equipment, automobiles, sporting goods, transportation, engineering equipment, medical equipment, construction and structural reinforcement and other fields.

2. "double carbon" background, wind power, hydrogen storage bottles and photovoltaic high-speed development drive carbon fiber demand high growth

From the demand structure, in 2020, China's carbon fiber downstream demand mainly comes from wind power blades and sports and leisure, the demand is 2, 14,600 tons respectively. From the viewpoint of demand growth rate, carbon carbon composite, wind power blades and pressure vessels of the three areas of demand growth rate in the forefront, year-on-year growth rate of 150%, 44.93%, 33.33%. The "carbon neutral" top-level design policy has been implemented, and the development of clean energy has been intensified, wind power, hydrogen energy and photovoltaic have been ushering in development opportunities, which will be the main driving force for the high-speed growth of China's carbon fiber demand. Wind power blade: the global offshore wind power installation scale continues to grow at a high speed, plus Vestas pultrusion carbon plate process will expire in July 2022, the process will be rapidly popularized, the double good open carbon fiber demand growth space. According to the "2020 Global Carbon Fiber Composites Market Report", the global demand for carbon fiber for wind power blades is expected to reach 93,000 tons in 2025, with a CAGR of 25% from 2021 to 2025. Hydrogen storage bottle: Various local governments have successively issued policies to support the development of hydrogen energy industry, and hydrogen fuel cell vehicle is the most important demonstration application in the downstream of hydrogen energy industry. With the breakthrough of domestic IV bottle technology, it will be widely used in hydrogen fuel cell vehicles. Driven by the policy of demonstration application of fuel cell vehicles, the ownership of hydrogen fuel cell vehicles in China will gradually increase, which will lead to a significant increase in the demand for carbon fiber. According to the "2020 Global Carbon Fiber Composites Market Report", the global pressure vessel carbon fiber demand is expected to reach 21,900 tons in 2025, with a CAGR of 20% from 2021 to 2025. Carbon-carbon composite material: with the growth of new installed scale of photovoltaic, the demand for silicon wafers is rising year by year, and the feeding volume of single crystal furnace as of 2020 has doubled compared to 2016, and the crucible size has increased from 16-20 inches to 32-36 inches now. The increase in crucible capacity also requires higher bearing capacity of the material. Carbon based composite materials have a flexural strength of over 150 MPa, which can carry more weight and ensure production safety, and are more suitable for the development trend of large-scale hot field. According to the "2020 Global Carbon Fiber Composites Market Report", it is expected that the demand for carbon fiber of carbon-carbon composite will reach 18,600 tons in 2025, with a CAGR of 30% from 2021 to 2025.

3. domestic enterprises in the technology breakthrough, carbon fiber domestic replacement future is expected

European, American and Japanese enterprises began to develop carbon fiber technology early, and integrate technology with industrial development, with first-mover advantage, occupying a large part of the market share, the market for high-end carbon fiber is a monopoly. As carbon fiber has strategic attributes, coupled with geopolitical tensions, foreign countries have certain restrictions on carbon fiber blockade, with domestic carbon fiber enterprises in the production process to achieve breakthroughs, while the downstream demand for high-speed growth, domestic replacement with a broad space. 

Beneficiaries: 

(1) with a full set of large filament technology: Shanghai Petrochemical; 

(2) the domestic carbon fiber raw silk leader: Jilin Carbon Valley, Jilin Chemical Fiber;

(3) the domestic carbon fiber production line supply and the whole line solution companies: Jing Gong Technology; 

(4) the domestic carbon fiber leader: Zhongfu Shenying, light Wei compound material, in Jane Technology.