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Analysis Summary: Low-Altitude Economy and New Material Applications

Introduction

On February 6, 2025, Chongqing Development and Reform Commission Party member and deputy director Zhu Jiang announced that the city would promote a low-altitude economy, aiming to build a Chengdu-Chongqing low-altitude economy development belt to increase cross-provincial low-altitude flight activities by 20% annually. Part of this push includes institutionalizing new material applications, particularly carbon fiber, aramid paper, PEEK, and adhesives.

Key Findings

1. Carbon Fiber

Carbon fiber composites, valued for their high strength-to-weight ratio, corrosion resistance, and thermal stability, are critical lightweight materials in low-altitude flight vehicles. Exemplified by models like the "Global Hawk" drone from the U.S., the "Liu Deng TDJ-6" unmanned test aircraft from China, and the "X2 Xiaoxing" electric vertical takeoff and landing (eVTOL) vehicle, carbon fiber composites now account for 60-80% of drone structure by weight. A simple calculation for the "X2" model suggests about 392 kg of carbon fiber per unit, with pure carbon fiber making up approximately 204 kg if carbon represents 52% of the composite. By 2030, China’s projected eVTOL fleet is expected to reach 100,000 units, representing a 204,000-ton carbon fiber market opportunity. With a 2024 national demand of 603,000 tons, carbon fiber is poised for significant growth.

2. Aramid Paper

Aramid paper honeycomb cores offer benefits such as light weight, high stiffness and strength, superior stability, noise reduction, and fire resistance. Applications include civilian aviation and fixed-wing drones. Per unit eVTOL models, usage typically ranges between 40 - 60 kg. Estimation points towards 4,000 - 6,000 metric tons of aramid paper demand by 2030.

3. Other Materials (PEEK, Adhesives, Glass Fiber)

• PEEK: Known for lightweight, high strength, and temperature resistance, PEEK is starting to replace materials in drone rotors.
• Adhesives: Used in thermally conductive materials, magnet assembly, circuit board encapsulation, and screen bonding.
• Glass Fiber: Applied as part of hybrid composites (carbon/glass fiber).

4. Planning and Design

Infrastructure planning—including airport networks and air routes—is essential for low-altitude economic development.

Investment Recommendations

Strong recommendations target carbon fiber and aramid companies such as China Avic Advanced Composites, Changchun Fine Fiber Group, and Mintech Materials. Other emerging materials like PEEK and adhesives appear promising for investment. Design companies in early-stage zones of low-altitude development are also noted.

Risk Factors

Potential delays in policy implementation, slower adoption of domestic alternatives for materials like carbon fiber and aramid, and fluctuations in raw material prices pose risks.

Conclusion

The low-altitude economy represents a significant opportunity, leveraging advanced materials and design capabilities. It promises substantial economic growth, though risks related to policy, supply chain, and material innovation remain factors to monitor.