Carbon Fiber and CFRP

Carbon Fiber and CFRP Market Outlook

The global carbon fiber and CFRP market is projected to reach approximately USD 35 billion by 2035, growing at a compound annual growth rate (CAGR) of around 10.5% from 2025 to 2035. This substantial growth can be attributed to the increasing demand for lightweight and high-strength materials in various industries, such as aerospace and automotive, where performance and fuel efficiency are paramount. Additionally, the expansion of renewable energy applications, particularly in wind turbine manufacturing, is driving the adoption of carbon fiber reinforced plastics (CFRP). Technological advancements in the production and processing of carbon fiber are also pivotal in reducing costs and enhancing product properties, making CFRP more accessible to manufacturers. Furthermore, environmental regulations favoring lightweight materials to reduce carbon footprints are propelling market growth.

Growth Factor of the Market

The growth of the carbon fiber and CFRP market is primarily driven by the increasing demand for high-performance materials in aerospace and automotive applications. The lightweight nature of carbon fibers contributes significantly to fuel efficiency, making them an attractive choice for manufacturers looking to comply with stringent environmental regulations. Additionally, advancements in manufacturing technologies, such as automated fiber placement and continuous fiber-reinforced thermoplastic processes, have significantly lowered production costs while increasing the quality and performance of CFRP products. The growing trend towards sustainable materials in construction and energy sectors is also a substantial factor, as carbon fiber composites offer superior mechanical properties and durability compared to traditional materials. Moreover, increasing investments in research and development activities aimed at expanding the applications of carbon fiber in various industries, including sports and leisure, marine, and wind energy, are set to further stimulate market growth.

Key Highlights of the Market

• Projected global market size of USD 35 billion by 2035.
• CAGR of around 10.5% from 2025 to 2035.
• Growing demand from aerospace and automotive sectors.
• Technological advancements reducing production costs.
• Increased focus on sustainable materials and environmental regulations.

By Product Type

Carbon Fiber Prepreg:

Carbon fiber prepreg is a crucial product type in the CFRP market, characterized by pre-impregnated fibers with a matrix resin system. This product is widely used in applications requiring high strength-to-weight ratios, such as aerospace and automotive components. The prepreg form allows for precise control over the fiber-to-resin ratio, resulting in superior mechanical properties and consistency compared to traditional layup processes. The increasing adoption of automated manufacturing techniques, such as resin transfer molding, is expected to boost the demand for carbon fiber prepregs, particularly in high-performance applications. Moreover, the automotive industry's shift towards electric vehicles (EVs) is propelling the need for lightweight materials, further driving the market for carbon fiber prepreg.

Carbon Fiber Sheet:

Carbon fiber sheets are flat sheets made from woven carbon fibers, often used in structural applications, including automotive and aerospace components. These sheets offer excellent mechanical properties, including high tensile strength and stiffness, making them ideal for load-bearing applications. The versatility of carbon fiber sheets allows them to be easily cut and shaped, which is a significant advantage in custom manufacturing processes. The growing demand for lightweight structural components in the automotive sector, driven by the need for improved fuel efficiency and performance, is contributing to the rising popularity of carbon fiber sheets. Additionally, emerging applications in consumer products, such as sports equipment and electronics, are expected to further enhance the market for carbon fiber sheets.

Carbon Fiber Fabric:

Carbon fiber fabric is utilized extensively in the production of composite materials and offers exceptional strength while maintaining a lightweight profile. It is commonly used in various applications, including aerospace, automotive, and sports equipment. The flexibility of carbon fiber fabric allows manufacturers to create intricate designs and shapes, making it suitable for both structural and aesthetic purposes. As the trend towards customization in product design grows, the demand for carbon fiber fabrics is expected to increase significantly. Moreover, the fabric's compatibility with various resin systems enhances its usability across diverse applications, thus broadening its market reach. The increasing awareness of the benefits of carbon fiber fabrics in enhancing product performance is likely to drive market growth.

Carbon Fiber Tape:

Carbon fiber tape is an essential product in the CFRP market, known for its high strength and lightweight characteristics. It is primarily used for reinforcement in composite applications, providing additional support and structural integrity to various products. The growing trend towards using carbon fiber tape in industries such as automotive and aerospace is driven by the need for lightweight components that can withstand high stress and environmental conditions. Additionally, the ease of application and versatility of carbon fiber tape makes it a preferred choice for manufacturers looking to enhance the durability and performance of their products. As the demand for high-performance materials continues to grow, carbon fiber tape is expected to witness increased adoption in various applications.

Carbon Fiber Roving:

Carbon fiber roving is a form of continuous strands of carbon fibers that are twisted together to enhance strength and durability. It is primarily used in applications requiring high tensile strength and is ideal for the production of composite materials in the aerospace, automotive, and industrial sectors. The lightweight and high-performance properties of carbon fiber roving make it an attractive option for manufacturers looking to produce components with enhanced mechanical properties. With the ongoing developments in composite manufacturing technologies, the usage of carbon fiber roving is likely to increase, particularly in complex geometries and large-scale applications. The growing focus on reducing weight in various industries, including construction and transportation, further supports the expected growth of carbon fiber roving in the market.

By Application

Aerospace:

The aerospace application of carbon fiber and CFRP products is one of the key drivers of the market, as these materials provide significant advantages in terms of weight reduction and performance. The aviation industry is increasingly adopting carbon fiber composites for aircraft structures, components, and interiors to enhance fuel efficiency and reduce operating costs. Carbon fiber's exceptional strength-to-weight ratio allows for lighter aircraft designs, which directly contributes to lower fuel consumption and reduced carbon emissions. The ongoing advancements in aerospace technology and the growing focus on sustainability are expected to further boost the demand for CFRP materials in this sector. Major aircraft manufacturers are investing heavily in carbon fiber components to meet regulatory requirements and to develop next-generation aircraft, thus propelling market growth.

Automotive:

The automotive sector is rapidly embracing carbon fiber and CFRP technologies to improve vehicle performance, safety, and fuel efficiency. With the rising demand for lightweight materials in the automotive industry, carbon fiber is becoming a preferred choice for various applications, including vehicle bodies, chassis, and interior components. The shift towards electric vehicles (EVs) is particularly driving the adoption of CFRP, as manufacturers seek to reduce vehicle weight to extend battery life and enhance overall performance. Furthermore, the introduction of stringent emission regulations globally is pushing automotive manufacturers to explore innovative materials like carbon fiber to achieve their sustainability goals. The automotive application segment is anticipated to witness significant growth as more manufacturers invest in advanced carbon fiber technologies.

Wind Energy:

Carbon fiber and CFRP materials are increasingly utilized in wind energy applications, particularly in the manufacturing of turbine blades. The lightweight and high-strength properties of carbon fiber enable the production of longer and more efficient wind turbine blades, which can capture more wind energy and improve overall energy output. The growing investment in renewable energy sources and the global push for cleaner energy solutions are propelling the demand for carbon fiber in the wind energy sector. As countries worldwide implement aggressive renewable energy targets, the market for carbon fiber and CFRP in wind energy applications is expected to expand significantly. Additionally, the durability and resistance of carbon fiber to environmental degradation make it an ideal choice for long-lasting wind turbine components.

Sports and Leisure:

In the sports and leisure sector, carbon fiber and CFRP materials are widely used to enhance the performance of various sporting goods and equipment. From bicycles and golf clubs to high-performance boats, carbon fiber's lightweight and strong characteristics provide athletes with a competitive edge. The growing trend towards high-performance sports equipment is fueling the demand for carbon fiber products, as athletes increasingly seek gear that can improve performance and reduce fatigue. Additionally, the customization possibilities offered by carbon fiber allow manufacturers to develop tailored solutions for specific sports, thereby enhancing user experience. The continuous innovation in sports technology is likely to drive further adoption of carbon fiber materials in this segment.

Marine:

Carbon fiber and CFRP materials are increasingly being adopted in the marine industry due to their exceptional strength-to-weight ratio and resistance to corrosion. These materials are utilized in various applications, including boat hulls, masts, and other structural components. The marine sector's growing focus on enhancing performance and reducing weight makes carbon fiber an attractive option for manufacturers aiming to produce high-performance vessels. Additionally, the advent of lightweight carbon fiber materials in recreational boating is helping to improve fuel efficiency and speed. As the demand for faster and more efficient marine vessels rises, the adoption of carbon fiber and CFRP in the marine industry is expected to continue growing, driven by both commercial and recreational applications.

By Distribution Channel

Direct Sales:

Direct sales channels are critical in the carbon fiber and CFRP market, as they provide manufacturers with a direct link to their end-users. Through direct sales, companies can establish strong relationships with customers, allowing for better communication and customization of products based on specific needs and requirements. This approach also enables manufacturers to showcase their expertise and enhance brand loyalty among customers. Moreover, direct sales often lead to higher profit margins for manufacturers, as they eliminate intermediate distributors. The trend toward direct-to-consumer sales models is on the rise, particularly in niche markets, where specialized applications of carbon fiber are being developed.

Distributor:

The distribution channel through distributors plays a pivotal role in the carbon fiber and CFRP market by facilitating access to a broader range of customers. Distributors often have established networks and market knowledge, enabling them to effectively reach various industries, including automotive, aerospace, and construction. This channel allows manufacturers to expand their market reach without incurring the logistical costs of direct sales. Distributors can provide value-added services such as inventory management, technical support, and logistics, which can be beneficial for end-users looking for streamlined procurement processes. As the demand for carbon fiber products continues to grow, the distributor channel is expected to play an increasingly important role in market dynamics.

By Ingredient Type

PAN-Based Carbon Fiber:

PAN-based carbon fiber is the most widely used type of carbon fiber, known for its high tensile strength and excellent mechanical properties. Derived from polyacrylonitrile (PAN), this type of carbon fiber is utilized in various applications, including aerospace, automotive, and industrial sectors. Its exceptional resistance to chemical and thermal degradation makes PAN-based carbon fiber highly desirable for applications in harsh environments. The increasing demand for high-performance materials in lightweight applications is expected to drive the growth of PAN-based carbon fiber in the coming years. Furthermore, ongoing innovations in production techniques are likely to enhance the performance and reduce the costs associated with PAN-based carbon fiber, thus broadening its market appeal.

Pitch-Based Carbon Fiber:

Pitch-based carbon fiber is known for its high modulus of elasticity and unique thermal properties. It is primarily used in applications where high thermal conductivity and resistance to extreme temperatures are essential, such as in aerospace and electrical applications. The pitch-based carbon fiber offers superior performance compared to other types of carbon fiber in specialized applications, enabling manufacturers to produce components that can withstand high temperatures and mechanical stresses. The growing industries of electronics and aerospace are expected to drive further demand for pitch-based carbon fiber as manufacturers seek advanced materials to meet stringent performance requirements.

Rayon-Based Carbon Fiber:

Rayon-based carbon fiber is produced from regenerated cellulose and is known for its cost-effectiveness compared to PAN and pitch-based fibers. While its mechanical properties are generally lower than those of PAN and pitch-based fibers, rayon-based carbon fiber is still utilized in various applications, particularly where high strength is not the primary requirement. This type of carbon fiber can be advantageous in applications requiring lower costs, such as in commercial and consumer products. The increasing emphasis on sustainability and recycling in various industries is expected to bolster the demand for rayon-based carbon fibers as manufacturers seek to incorporate more sustainable materials into their production processes.

Others:

The "Others" segment encompasses various emerging types of carbon fiber materials and composites that do not fall under the traditional categories of PAN, pitch, or rayon-based fibers. This includes innovative carbon fiber materials developed through advanced manufacturing processes that may offer unique properties such as increased flexibility, enhanced durability, or improved resistance to environmental factors. As research and development continue to advance in the field of carbon fiber technology, new materials may emerge that further expand the application range of carbon fiber and CFRP products. This segment will likely gain traction as industries seek specialized solutions for specific challenges, thus fostering innovation and growth in the market.

By Region

The North American carbon fiber and CFRP market is projected to maintain a significant share, driven primarily by the aerospace and automotive sectors. The U.S. is a major player in the aerospace industry, housing several leading aircraft manufacturers that increasingly incorporate CFRP materials to meet performance and fuel efficiency standards. The region's focus on technological advancements and innovations in carbon fiber production is expected to foster growth, with a projected CAGR of around 11% during the forecast period. Additionally, the increasing emphasis on renewable energy solutions, particularly in wind energy, is anticipated to drive further demand for carbon fiber products in North America.

In Europe, the carbon fiber and CFRP market is also expected to exhibit robust growth, attributed to the region's strong automotive and aerospace industries. Countries such as Germany and the U.K. are investing heavily in carbon fiber technology to enhance vehicle performance and comply with stringent regulations aimed at reducing carbon emissions. The European market is projected to experience a CAGR of approximately 10% from 2025 to 2035, bolstered by ongoing research and development efforts focused on innovating carbon fiber manufacturing processes. The demand for lightweight materials in construction and consumer goods is expected to further contribute to the growth of the carbon fiber market in Europe.

Opportunities

The carbon fiber and CFRP market presents numerous opportunities for growth, particularly in emerging applications and technologies. One of the most significant opportunities lies in the expansion of the renewable energy sector, where carbon fiber materials can be utilized to create more efficient wind turbine blades and other renewable energy components. As countries worldwide strive to meet ambitious renewable energy targets, the demand for lightweight and durable materials like carbon fiber is expected to surge. Additionally, the ongoing advancements in carbon fiber production technologies, such as 3D printing and improved resin systems, are likely to open new avenues for applications across various industries, including aerospace, automotive, and construction.

Furthermore, the increasing focus on sustainability and environmental responsibility is set to create additional opportunities for the carbon fiber market. As industries seek to reduce their carbon footprints, the adoption of lightweight materials that enhance fuel efficiency and performance will become more prevalent. Carbon fiber's recyclability and potential for use in sustainable manufacturing processes position it as a favorable choice for businesses aiming to align with green initiatives. As the market evolves, companies that prioritize innovation and sustainability are likely to benefit from emerging trends and new market segments, thus paving the way for continued growth in the carbon fiber and CFRP market.

Threats

Despite the promising growth prospects, the carbon fiber and CFRP market faces several threats that could hinder its expansion. One of the primary challenges is the high production costs associated with carbon fiber manufacturing, which can limit its adoption in cost-sensitive industries. While technological advancements are gradually reducing costs, the price of carbon fiber remains significantly higher than traditional materials, making it less accessible for some manufacturers. Additionally, the competitive landscape is intensifying as new entrants and alternative materials seek to capture market share. The rise of substitutes such as fiberglass and other composite materials may pose a threat to the growth of carbon fiber, particularly in applications where high performance is not critical.

Another major threat to the market is the potential for regulatory changes that could impact the production or use of carbon fiber materials. Stricter environmental regulations surrounding raw material sourcing and manufacturing processes may introduce challenges for carbon fiber producers, necessitating investments in cleaner production technologies. Furthermore, fluctuations in the supply chain, particularly concerning raw materials like PAN or pitch, could disrupt production schedules and lead to increased costs. Manufacturers must remain agile and adaptable to navigate these threats effectively while continuing to innovate and enhance the performance of carbon fiber products.

Competitor Outlook

• Toray Industries, Inc.
• Teijin Limited
• Hexcel Corporation
• Solvay S.A.
• mTEX CO., LTD.
• SGL Carbon SE
• Fibre Glast Developments Corporation
• Cytec Solvay Group
• DowAksa Advanced Composites Holdings B.V.
• Zoltek Companies, Inc.
• UMATEX
• Composite Holdings Inc.
• Formosa Plastics Corporation
• Jushi Group Co., Ltd.
• Toray Advanced Composites

The competitive landscape of the carbon fiber and CFRP market is characterized by the presence of several key players investing heavily in research and development to advance their product offerings. Companies such as Toray Industries and Teijin Limited are recognized leaders in the field, consistently innovating to enhance their carbon fiber production capabilities and expand their market reach. These firms are leveraging advanced manufacturing techniques and exploring new applications in various sectors, including aerospace, automotive, and renewable energy. Their commitment to sustainability and environmental responsibility is also driving them to develop more efficient production methods and recycling technologies, positioning them favorably in a market increasingly focused on eco-friendly solutions.

Additionally, Hexcel Corporation and Solvay S.A. are notable competitors in the market, known for their extensive product portfolios and strong presence in the aerospace and automotive industries. These companies are focusing on strategic partnerships and collaborations to enhance their market penetration and customer base. For instance, collaborative efforts with leading aircraft manufacturers to supply advanced composite materials for next-generation aircraft are expected to strengthen their market positions. Furthermore, the increasing trend of lightweight materials in the automotive sector is opening up new opportunities for these players, as they aim to provide innovative solutions that meet evolving regulatory and performance standards.

New entrants are also making their mark in the carbon fiber and CFRP market, such as Jushi Group and Zoltek Companies, which are introducing competitive pricing strategies and product innovations to disrupt the established market dynamics. These companies are capitalizing on emerging trends and niche applications within the carbon fiber space, aiming to cater to specific industry needs. As the market continues to evolve, the competitive landscape is expected to become more dynamic, with ongoing developments in product innovation, sustainability initiatives, and collaboration strategies defining the future of the carbon fiber and CFRP market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 UMATEX
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Solvay S.A.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 SGL Carbon SE
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Teijin Limited
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 mTEX CO., LTD.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Cytec Solvay Group
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Hexcel Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Jushi Group Co., Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Toray Industries, Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Zoltek Companies, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Composite Holdings Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Toray Advanced Composites
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Formosa Plastics Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Fibre Glast Developments Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 DowAksa Advanced Composites Holdings B.V.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Carbon Fiber and CFRP Market, By Application
    • 6.1.1 Aerospace
    • 6.1.2 Automotive
    • 6.1.3 Wind Energy
    • 6.1.4 Sports and Leisure
    • 6.1.5 Marine
  • 6.2 Carbon Fiber and CFRP Market, By Product Type
    • 6.2.1 Carbon Fiber Prepreg
    • 6.2.2 Carbon Fiber Sheet
    • 6.2.3 Carbon Fiber Fabric
    • 6.2.4 Carbon Fiber Tape
    • 6.2.5 Carbon Fiber Roving
  • 6.3 Carbon Fiber and CFRP Market, By Distribution Channel
    • 6.3.1 Direct Sales
    • 6.3.2 Distributor

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Carbon Fiber and CFRP Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Carbon Fiber and CFRP market is categorized based on

By Product Type

• Carbon Fiber Prepreg
• Carbon Fiber Sheet
• Carbon Fiber Fabric
• Carbon Fiber Tape
• Carbon Fiber Roving

By Application

• Aerospace
• Automotive
• Wind Energy
• Sports and Leisure
• Marine

By Distribution Channel

• Direct Sales
• Distributor

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Toray Industries, Inc.
• Teijin Limited
• Hexcel Corporation
• Solvay S.A.
• mTEX CO., LTD.
• SGL Carbon SE
• Fibre Glast Developments Corporation
• Cytec Solvay Group
• DowAksa Advanced Composites Holdings B.V.
• Zoltek Companies, Inc.
• UMATEX
• Composite Holdings Inc.
• Formosa Plastics Corporation
• Jushi Group Co., Ltd.
• Toray Advanced Composites