Global Recycled Carbon Fiber Market Size is Estimated to Reach USD 572,661 thousand by 2031, Growing at a CAGR of 12.95%: Straits Research
The increased environmental regulations established by regulatory bodies like the European Union and the US Environmental Protection Agency to reduce carbon emissions are driving the demand for recycled carbon fibers. The need for lightweight car materials has also increased due to rising pollution limits in China and India.
New York, United States, Jan. 08, 2024 (GLOBE NEWSWIRE) — Recycled carbon fiber is derived from numerous dry fiber and prepreg scrap sources and carbon fiber waste generated during the production of thermoset carbon fiber-reinforced composites. Approximately 30% of the initial carbon fiber output is lost when manufacturing carbon-based products. Recycled carbon fibers are comparable to virgin carbon fiber in terms of tensile strength, chemical resistance, and thermal expansion; they are also lightweight.
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Increasing Demand for Lightweight Materials in Automotive, Aerospace, and Defense Industries Drives the Global Market
According to Straits Research, “The global recycled carbon fiber market size was valued at USD 191,391 thousand in 2022. It is estimated to reach USD 572,661 thousand by 2031, growing at a CAGR of 12.95% during the forecast period (2023–2031).” Recycled carbon fiber is utilized in the automotive, aerospace, and military industries due to its superior advantages, which include affordability, energy efficiency, lightweight, and environmental sustainability. Increased environmental rules enacted by regulatory agencies such as the European Union and the Environmental Protection Agency of the United States to decrease carbon emissions drive the need for recovered carbon fibers.
In addition, the increased need for lightweight materials in the aerospace and military industry is anticipated to considerably drive market expansion during the research period. In the Asia-Pacific area, the demand for recycled carbon fiber products is projected to increase due to the expanding aviation industry, which will require more airplanes and expanded aviation services due to continued economic expansion and a rising middle-class population. Established aerospace and defense industries in industrialized nations also contribute to market expansion.
Rising Adoption of Recyclable and Eco-Friendly Materials in Diverse End-User Industries Creates Tremendous Opportunities
Recycled carbon fiber is more cost-effective and ecologically friendly than raw carbon fiber. Increased demand for recyclable and environmentally friendly materials is encouraging the use of recyclable materials due to stronger regulations. For instance, the End-of-Life Vehicles Directive supports recycling. It provides financial incentives for eco-friendly automobiles. Annually, eight to nine million tons of waste are generated in the European Community due to discarded autos. In addition, the Aircraft Fleet Recycling Association (AFRA) promotes sustainable practices for aircraft recycling. Additionally, the lack of landfill capacity for waste disposal has raised the global need for recyclable products. The increasing use of recyclable and eco-friendly materials in the key end-user sectors is projected to provide substantial benefits for market growth over the forecast period.
Asia-Pacific is the most significant shareholder in the global recycled carbon fiber market and is anticipated to grow at a CAGR of 13.66% during the forecast period. The growing need for three-dimensional (3D) printed components and parts across all end-use sectors is one of the primary forces driving market growth in this field. The rising demand for sporting items further facilitates this region’s rise. Due to its strength and lightweight, carbon fiber is frequently used in this industry. Additionally, China is the dominant nation in the region. China is expanding its recycling infrastructure and promoting low-carbon, environmentally friendly textile production while maximizing the use of textile waste. Due to an increasing emphasis on reusing product resources, India held the second-largest regional share. Recycling is crucial for a nation to accomplish its environmental objectives. Additionally, aiding in reducing carbon footprint substantially reduces the overall expenses involved with creating and producing materials and goods.
North America is expected to grow at a CAGR of 12.83% over the forecast period. The expansion of the automotive and aerospace industries drives the rise of the North American market. Strategic developments, the presence of well-established automakers, the dominance of recycled carbon fiber producers, and technological advancements in recycled carbon fiber products all contribute to the market expansion in this region. The presence of significant countries, such as the United States and Canada, which are among the fastest-growing emerging economies globally, propels market growth in the area. The United States is the regional leader in consuming recycled carbon fiber, which significant corporations utilize. The automotive and aerospace industries in the region have increased their use of recycled carbon fiber in response to the growing need for lightweight materials to reduce vehicle weight.
- Based on type, the global recycled carbon fiber market is divided into non-woven mats, milled carbon fiber, and chopped carbon fiber. The non-woven mats segment is the highest contributor to the market and is expected to grow at a CAGR of 13.63% during the forecast period.
- Based on the end-user industry, the global recycled carbon fiber market is divided into automotive, consumer goods and electronics, industrial, aerospace and defense, sporting goods, wind energy, and others. The automotive segment owns the highest market share and is estimated to grow at a CAGR of 14.15% over the forecast period.
- Asia-Pacific is the most significant shareholder in the global recycled carbon fiber market and is anticipated to grow at a CAGR of 13.66% during the forecast period.
The key players in the global recycled carbon fiber market are Carbon Conversions Inc., Carbon Fiber Recycling Inc., CFK Valley Stade Recycling GmbH & Co. KG, ELG Carbon Fiber Ltd., Hadeg, Procotex Corporation, SGL Carbon, Shocker Composites LLC, Sigmatex Limited, Teijin Limited, Vartega Inc, and ZOLTEK Corporation.
- In November 2022, Teijin Limited announced that it would form a business partnership with European carbon-management professionals GreenDelta GmbH, Makersite GmbH, Minviro Ltd, and PRè Sustainability B.V. to establish a new system aimed at accelerating Teijin’s reduction of greenhouse gas (GHG) emissions throughout product life cycles.
Global Recycled Carbon Fiber Market: Segmentation
- Non-Woven Mats
- Milled Carbon Fiber
- Chopped Carbon Fiber
- Wind and Turbine Scrap
- Aerospace Scrap
- Automotive Scrap
By End-User Industry
- Consumer Goods and Electronics
- Aerospace and Defense
- Sporting Goods
- Wind Energy
- North America
- Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/recycled-carbon-fiber-market/segmentation
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