Kumar Mangalam Birla is exploring entry into carbon fibre production, a high-strength and light-weight composite material expected to be a $4.7 billion global business by 2022.

The Aditya Birla Group, the $40 billion mining-to-mobile phone carrier conglomerate, might buy the technology to manufacture carbon fibre at one of its existing overseas manufacturing facilities. It was also stated one could buy a carbon fibre plant from another company if the technology is too complex to be adapted at Birla plants

Carbon fibre is finding increased traction among defense manufacturers and automobiles makers that seek strong, high-tensile, heat-resistant and light materials. According to an allied market research report the market for carbon fibre dubbed a ‘wonder material’ it is estimated to be more than double to about $4.7 billion by 2022 from $2.2 billion in 2015,.

Johnson Imode, a London-based analyst with Bloomberg Intelligence points out saying that the main positive is that it’s a much lighter material versus competitors such as steel or aluminum. This can be made for energy and efficiency savings for customers. The demand from the automobile sector is particularly high as designers aim to make cars both lighter, stronger and less polluting

The applications for the material range from aircraft and spacecrafts to racing cars, sailboat masts, wind turbines and even golf clubs. Imode estimates the market could grow as much as 10 per cent annually.