Recycled Carbon Fiber Market Size and Segment by Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), by Source (Aerospace Scrap, Auto Scrap, Other), by End-Use Industry (Automotive & Transportation, Consumer Goods, Sporting Goods, Industrial, Marine, Aerospace & Defense, Other) and by region | Global Market Forecast 2022-2028
This press release was originally distributed by SBWire
PUNE, Maharashtra – (SBWIRE) – 08/13/2022 – The global recycled carbon fiber market size was estimated at US$117.79 billion in 2021 and is projected to reach US$284.28 billion by 2028 at a CAGR of 11.1% above forecast grow period 2022-2028. One of the strongest and lightest elements used to create composites is recycled carbon fiber. It is used to reduce waste going to landfill and costs manufacturers 30% less than buying fresh carbon fiber. Emerging trends include the creation of various processes and methods to reduce energy consumption and costs during the recycling process, which directly affect the dynamics of the recycled carbon fiber business. Chopped recycled carbon fibers are suitable for a variety of industrial blending and compounding processes, including injection molding. It has excellent flow properties, low density, low thermal expansion, good electrical conductivity and is non-corrosive. To create lightweight, fuel-efficient vehicles, manufacturers aim to provide cost-effective chopped recycled carbon fiber to the automotive sector.
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Drivers, limitations, opportunities and challenges
The recycled carbon fiber market is expected to grow due to increasing demand from automotive, transportation, marine, industrial, aerospace and military, and other end-use industries. Governments worldwide are also emphasizing the use of recycled materials, which will increase demand for shredded recycled carbon fiber. Due to increasing consumer safety concerns, automakers are moving away from traditional metal bodies to stronger carbon fiber bodies. Increasing demand for high-performance and affordable composite materials along with strict laws promoting the use of environmentally friendly materials are expected to drive growth in the global market.
Effects of the COVID-19 pandemic
COVID-19 had a negative impact on the recycled carbon fiber market in 2020. Due to supply chain disruptions caused by the COVID-19 epidemic, the recycled carbon fiber market is suffering. Due to the nationwide shutdown, numerous vehicle manufacturers across the country halted production as the virus spread. However, the market is expected to continue to grow in the coming years.
1. Chopped Recycled Carbon Fiber
2. Milled recycled carbon fiber
1. Aerospace junk
2. Automobile scrap
In the end – use industry
1.Automotive & Transportation
2. Consumer good
3. Sporting Goods
6. Aerospace & Defense
According to the source, the value and volume of recycled carbon fiber is led by the aerospace scrap market. One of the most common places to find carbon fiber for reuse is in aerospace scrap. High-quality carbon-fiber-based components used in the manufacture of aircraft components are being recycled thanks to the efforts of aerospace OEMs.
Chopped recycled carbon fiber is the fastest growing area of the market in both value and volume. Chopped recycled carbon fibers are suitable for a variety of industrial blending and compounding processes, including injection molding. It has excellent flow properties, low density, low thermal expansion, good electrical conductivity and is non-corrosive.
The North American region is expected to dominate the recycled carbon fiber market. In terms of GDP, the United States has the largest economy in the region. One of the fastest growing economies in the world are the United States and Canada. The rapidly expanding automotive and aerospace sectors are fueling the expansion of the North American reclaimed carbon fiber market. The presence of established automakers, top producers of recycled carbon fiber and technological improvements related to recycled carbon fiber products are all factors supporting the expansion of the market in this region. The market for recycled carbon fiber in Canada is expected to grow significantly over the next few years due to opportunities in the transportation, aerospace, industrial and sporting goods sectors. Material recycling and reuse regulations and the cheaper price of recycled carbon fiber compared to virgin carbon fiber are the key market drivers.
Outlook on the competitive landscape
Some of the leading companies in the recycled carbon fiber market are Carbon Fiber Recycling, Shocker composites LLC, Teijin Limited, Carbon Conversions, Vartega Inc, ZOLTEK Corporation, ELG Carbon Fiber Ltd and Sigmatex.
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Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Effects of the war between Ukraine and Russia
5. Analysis of the value chain
6. Porter’s 5 forces model
7. PEST Analysis
Head of Business Development & Strategy
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