Recently, Lanhai New Materials (Tongzhou Bay) Limited Liability Company, through China Petroleum Material Company Limited, has invited the China National Petroleum Corporation Planning General Institute to purchase a feasibility study on the equity investment of the "Shenshan Cooperation Zone High-Performance Carbon Fiber Joint Venture Project", with the service period extending to December 31, 2024 (subject to the specific contract terms).

It is reported that PetroChina Group Company plans to rapidly enter the carbon fiber industry through joint ventures. Following preliminary research, the company intends to establish a joint venture with Changsheng (Langfang) Technology Co., Ltd. (hereinafter referred to as "Changsheng (Langfang) Technology") and achieve strategic goals through a three-stage cooperation process.

Data indicates that Changsheng (Langfang) Technology is the first domestic company to achieve scaled and stable production of T700 and T800 dry-jet wet-spinning high-performance carbon fibers with a yield rate of over 98%. It is also the first to achieve industrial-scale production of T1000 and T1100 grade carbon fibers and has mastered the engineering technology for scaled production of M40X grade carbon fibers.

In recent years, China's carbon fiber industry has seen rapid capacity expansion, with a domestic production rate of approximately 77% in 2023. Over the next few years, the total expansion plan of domestic companies is expected to reach nearly 300,000 tons.

At present, China's high-performance carbon fiber material industry is developing towards high performance, multifunctionality, and low cost. It is also vigorously entering the aerospace market, while targeting the wind power and automotive lightweight material markets.

Among these, the low-altitude economy represents an emerging and popular track for carbon fiber. It is estimated that the demand for carbon fiber per electric vertical take-off and landing (eVTOL) vehicle is between 100 to 400 kg, with global eVTOL orders rapidly increasing.

However, judging from the financial reports disclosed by major companies for the first three quarters of 2024, the current carbon fiber industry is not optimistic, with severe polarization. With PetroChina's significant entry, the carbon fiber landscape may undergo further changes.