The global recycled carbon fiber market size is projected to grow from USD 109 million in 2020 to USD 193 million by 2025, at a CAGR of 12.% during the forecast period.
Recycled carbon fiber has properties similar to virgin carbon fiber. For instance, its modulus is in a similar range as that of virgin carbon fiber. Even if the tensile strength of recycled carbon fiber reduces by 10% to 20% while processing, it still holds high-performance properties similar to virgin carbon fiber.
Some of the key players in the global recycled carbon fiber market are Toray Industries (Japan), ELG Carbon Fibre (UK), SGL Carbon (Germany), Carbon Conversions (US), Carbon Fiber Recycling (US), Shocker Composites (US), Procotex Corporation (Belgium), Alpha Recyclage Composites (France), Carbon Fiber Remanufacturing (US), and Vartega (US). The key strategies adopted by them for expanding their revenue are expansion, partnership, agreement, new product launch, and joint venture.
Automotive & transportation is the fastest-growing end-use industry of recycled carbon fiber in terms of value.
The automotive & transportation end-use industry dominated the global recycled carbon fiber market. Owing to the superior properties, such as high strength-to-weight ratio, flexural strength, tensile strength, and cost-effectiveness, recycled carbon fiber is used in the automotive & transportation industry. It is used in chassis panels, floors, roof panels, spare wheel wells, boot or bonnet inners, and other automotive parts. It is also used in floors, roof panels, walls, and more complex interior or exterior components of trains.
Chopped recycled carbon fiber is the faster-growing segment of the market in terms of value.
The chopped recycled carbon fiber segment dominated the market in terms of value in 2019. Chopped recycled carbon fiber offers high-performance properties. It has high strength and modulus, low density, dimensional stability, and low thermal expansion. It also offers cost-saving benefits.
Aerospace scrap is the fastest-growing source of recycled carbon fiber in terms of value.
Aerospace scrap is the major source of recycled carbon fiber. The aerospace industry consumes a large amount of virgin carbon fiber in manufacturing various composite parts. Aircraft manufacturers have taken several initiatives to strengthen the standards for environment-friendly management in the discarding of end-of-life aircraft parts. For instance, Boeing has made an agreement with ELG Carbon Fibre to supply its composite scrap to the company. They are encouraging the recycling of composite components and re-use of fibers obtained from recycled composite scrap for manufacturing aerospace composite parts.
Europe is the fastest-growing recycled carbon fiber market.
Europe is projected to register the highest CAGR in terms of value in the global recycled carbon fiber market during the forecast period. The region has the presence of prominent recycled carbon fiber manufacturers, such as ELG Carbon Fibre (UK), Procotex Corporation (Belgium), Alpha Recyclage Composites (France), and SGL Carbon (Germany).
The growth of the market in this region is supported by the advancement of composite technology solutions and penetration of composites in aerospace & defense, pipe & tank, construction & infrastructure, automotive & transportation, and wind energy industries. The governments of many countries in the region are focusing on the use of environment-friendly products. This is further supporting the growth of the recycled carbon fiber market in Europe.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Recycled Carbon Fiber Market 4.2 Recycled Carbon Fiber Market, By End-use Industry and Region, 2019 4.3 Recycled Carbon Fiber Market, By Source 4.4 Recycled Carbon Fiber Market, By Type 4.5 Recycled Carbon Fiber Market, By Key Countries
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Increasing Demand for High-Performance and Cost-Efficient Carbon Fiber from the Composite Industry 22.214.171.124 Environmental Safeguarding by Waste Reduction 5.2.2 Restraints 126.96.36.199 Lack of Technical Knowledge 188.8.131.52 Competition With Low-Cost Matured Products 5.2.3 Opportunities 184.108.40.206 Growing Adoption of Environment-Friendly, Recyclable, and Lightweight Materials in the Automotive & Transportation Industry 5.2.4 Challenges 220.127.116.11 Promotion of Recycled Carbon Fiber for Commercial Applications 18.104.22.168 Lack of Composite Waste Availability 5.3 Porter's Five Forces Analysis 5.3.1 Threat of New Entrants 5.3.2 Threat of Substitutes 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry 5.4 Recycled Carbon Fiber Patent Analysis 5.4.1 Methodology 5.4.2 Document Type 5.4.3 Insight 5.4.4 Top Applicants
6 Macroeconomic Overview and Key Trends 6.1 Introduction 6.2 Trends and Forecast of GDP 6.3 Per Capita GDP vs. Per Capita Recycled Carbon Fiber Demand 6.4 Trends in Wind Energy Industry 6.5 Trends in Aerospace Industry 6.6 Trends in Automotive Industry
7 Recycled Carbon Fiber Market, By Type 7.1 Introduction 7.2 Chopped Recycled Carbon Fiber 7.3 Milled Recycled Carbon Fiber