Recycled Carbon Fiber Market worth $222 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 7, 2022 /PRNewswire/ -- According to the new market research report "Recycled Carbon Fiber Market by Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), Source (Aerospace Scrap, Automotive Scrap), End-use Industry and Region (North America, Europe, APAC, MEA and Latin America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Recycled Carbon Fiber Market size is projected to grow from USD 126 million in 2021 to USD 222 million by 2026, at a CAGR of 12.0% during the forecast period. The recycled carbon fiber market is growing due to the rise in the demand for cost-effective and high-performance materials, and stringent government regulations globally.
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Chopped recycled carbon fiber accounts for a significant market share in terms of value and volume.
Chopped recycled carbon fiber is suitable for various industrial mixing and compounding processes including injection molding. It possesses low density, low thermal expansion, good electrical conductivity, excellent free-flowing behavior, and is non-corrosive. It can be used in low- and high-temperature applications and for the manufacture of electrically conductive materials. Chopped recycled carbon fiber is easily processed during compounding, thereby improving process and product performance. It has a length of 3-100 millimeters and is utilized in the automotive & transportation, aerospace &defense, and wind energy end-use industries. As the demand for lightweight materials is increasing and automakers are undertaking efforts to provide consumers with appealing, fuel-efficient vehicles that meet regulatory requirements, the use of chopped recycled carbon fiber in the automotive industry is also increasing. Manufacturers aim to develop low-cost chopped recycled carbon fiber for the automotive industry to manufacture lightweight and fuel-efficient vehicles. This is expected to fulfil the demand from OEMs for materials that comply with government regulations. This has propelled the demand for chopped recycled carbon in the automotive & transportation industry.
Aerospace scrap accounts for a major share in the recycled carbon fiber market in terms of value and volume.
Aerospace scrap-based recycled carbon fiber is widely used in the automotive & transportation, aerospace &defense, marine, consumer goods, industrial, sporting goods, wind energy, and other end-use industries. CFRP composites are widely used in aerospace components. Hence, the large source for obtaining recycled carbon fibers is aerospace scrap.
Consumer Goods to be the second-largest end-use industry in the global recycled carbon fiber market in terms of value and volume
Automotive OEMs are focusing on complying with the stringent laws implemented by governments across the world regarding restrictions on landfill waste disposal. They offer their carbon fiber-based scrap products for recycling. This composite scrap is recycled to reclaim carbon fibers. Scrap carbon fiber from consumer goods is utilized in various end-use industries to manufacture low-cost and high-performance products. The reclaimed carbon fiber from consumer goods has properties similar to virgin carbon fiber, with the strength of the fiber reduced by small variations. It is used in combination with thermoplastic or thermoset resins for the manufacture of various recycled carbon fiber-based composite products.
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Asia Pacific to be the second-fastest-growing region in the recycled carbon fiber market during the forecast period
The growth of the recycled carbon fiber market in the Asia Pacific is driven by the increasing consumption in the wind energy, construction & infrastructure, aerospace &defense, consumer goods, automotive & transportation, and industrial sectors. The market in these end-use segments is led by China, Japan, and South Korea, and other countries. Due to continuous technological advancements, the demand for lightweight and high-strength materials is increasing. The high economic growth in these countries, along with high urbanization, industrialization, and increased standards of living also play a crucial role in the adoption of fuel-efficient, cost reducing machinery, thus promoting the need for fuel-efficient automobiles as well.
Toray Industries Inc. (Japan), ELG Carbon Fibre Ltd. (UK), SGL Carbon (Germany), Karborek Recycling Carbon Fibers (Italy), Carbon Conversions Inc. (US), Carbon Fiber Recycling, Inc. (US), Shocker Composites LLC. (US), Procotex Corporation SA (Belgium), Alpha Recyclage Composites (France), Carbon Fiber Remanufacturing (US), and Vartega Inc. (US).
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Browse Adjacent Markets: Fibers and Composites Market Research Reports & Consulting
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Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy) and Region - Global Forecast to 2031
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