With12% CAGR, Recycled Carbon Fiber Market Size to Worth Around USD 124.9 Million by 2028, Says Brandessence Market Research

LONDON, Aug. 1, 2022 /PRNewswire/ -- Recycled Carbon Fiber Market is valued at USD 124.9 Million in 2021 and expected to reach USD 277.8 Million by 2028 with a CAGR of 12% over the forecast period. Increasing demand for recycled carbon fiber in automotive and aerospace industries, rising adoption of recyclable and lightweight materials in automotive & transportation, and growing technological advancements are some of the major factors driving the growth of the Global Recycled Carbon Fiber Market.

Recycled Carbon Fiber Market Size, Share & Trends Analysis Report By Type (Milled Recycled Carbon Fiber, Non-Woven Mats, Chopped Recycled Carbon Fiber), By Source (Automotive Scrap, Aerospace Scrap), By End-User (Automotive & Transportation, Industrial, Consumer Goods, Aerospace & Defense, Sporting Goods), Based On Region, And Segment Forecasts, 2022 – 2028.

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Recycled Carbon Fiber Market: Market Scope  

The global recycled carbon fiber market is expected to witness tremendous growth in the coming few years at an exceedingly high rate. The reason behind this growth is the increase in demand from the composites industry for the cost-efficient and high-performance carbon fibers and that will drive the growth for the coming years. A restraining factor though in the recent past was the coronavirus induced pandemic which led to the factories being shut down and the supply chains being interrupted. This further reduced the demand from the industries which were the end-users because of the pandemic and this has affected the global recycled carbon fiber market negatively.

Recycled Carbon Fiber Market: Segmentation Analysis 

The milled recycled carbon fiber is the segment which dominates the market in terms of type. This is available in the form of a powder and also has very short strands. It also offers the mechanical properties like the tensile strength and the modulus. Milled recycled carbon fiber also offers the dimensional stability and the electrical conductivity. The type of fiber is also compatible with both the thermoset and thermoplastic resin systems. It also has applications in the different end-use industries which include the construction and infrastructure as well as automotive and transportation. 

In terms of the end user, the aerospace scrap segment will show the highest growth rate both in value and volume terms in the coming years. The aerospace scrap is one of the most prominent sources of the carbon fibers for reuse. Automotive and transportation is also among the most prominent application for obtaining the carbon fibers for the reuse. The recycled carbon fiber which is obtained from the transportation and automotive is compatible with the thermoset and the thermoplastic resin matrix. It also gets used in the transportation and automotive, aerospace and defense, industrial sporting goods, marine and other industries.  

By Type

• Milled Recycled Carbon Fiber 
• Non-woven Mats 

• Chopped Recycled Carbon Fiber 

By Source

• Automotive Scrap 
• Aerospace Scrap 
• Others 

By End-User 

• Automotive & Transportation 
• Industrial 
• Consumer Goods 
• Aerospace & Defense 
• Sporting Goods 
• Others

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Recycled Carbon Fiber Market: Competitive Analysis  

Some of the major recycled carbon fiber companies 2021 are Toray Industries Inc., ELG Carbon Fibre Ltd., SGL Carbon, Karborek Recycling Carbon Fibers, Carbon Conversions Inc., Carbon Fiber Recycling, Inc, Shocker Composites LLC, Procotex Corporation SA, Alpha Recyclage Composites, Carbon Fiber Remanufacturing, and Vartega Inc. The global recycled carbon fiber key players are working to build a workforce which can appropriately handle this market. this is the biggest task for them to create a capable workforce and work on the education of their employees.  

• Toray Industries Inc.
• Carbon Conversions Inc.
• Carbon Fiber Remanufacturing
• ELG Carbon Fibre Ltd.
• SGL Carbon
• Karborek
• Recycling Carbon Fibers
• Carbon Fiber Recycling, Inc
• Shocker Composites LLC.
• Procotex
• Corporation SA
• Alpha Recyclage Composites
• Vartega Inc.
• Others

Recycled Carbon Fiber Market: Key Drivers 

Recycled carbon fiber growth has been driven by the initiatives taken by the government particularly in the developed countries. Countries like the US, Japan, Germany have been focusing on the increase in usage of the products which are environment friendly instead of the use of products which are based on the petroleum products. The automotive manufacturers have been using the recycled carbon fiber increasingly in the various models of automobiles. The regulatory legislations which are imposed by the European Union as well as the other countries like Japan and the US are expected to see the market increase most prominently in the automotive and the transportation industry.  

The legislations have set a mandate about the emission reduction targets for the new cars for improving fuel economy and reducing the emissions of CO2. Demand for the environment-friendly and easy recyclable fiber and the fiber-reinforced composite products has increased due to the stringent rules of the government and regulations. The developed countries include the US, Germany as well as Japan are now focusing on the use of the environment friendly products. There are mandates in Europe which demand that 85% of the materials used in the vehicles are needed to be recyclable. Since the waste which is generated from the carbon fibers may be recovered and also transformed into the new products, the recycled carbon fiber is one of the ideal materials for being used in many different industries. 

The recycled carbon fiber use in the automotive parts can make them cost-effective. However, it is the lack of the technical knowledge which is related to the manufacturing of the recycled carbon fiber that is restricting the growth of the market. The recycled carbon fiber requires an intense knowledge of the manufacturing techniques which retain the mechanical properties of the virgin carbon fiber even after the processing is done. There is a lack of knowledge regarding mechanical characters and the processing properties of the recycled carbon fiber. The quality of the recycled carbon fiber should match the quality of the virgin carbon fiber and therefore the processing technology needs to be appropriate. However, there isn't much technical knowledge therefore the market gets hampered. 

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Recycled Carbon Fiber Market: Key Trends  

Recycled carbon fiber trends suggest that the market witnessed slower growth in the past two years due to the covid pandemic. The virus affected the countries all over the world and it was particularly severe on the countries where the market was growing. This meant that the companies would shut their operations down and the manufacturing facilities too had to take a hit all over the world. This caused a reduction in the production capacities of the carbon fiber. The end-users like the aerospace, automotives and others had to halt the production activities. Many companies witnessed a massive decrease in their market shares because of the impact of the pandemic. The virus outbreak also affected the aerospace market which caused a sharp decline in this market too. Recycled carbon fiber 2022 however looks good for the market as the vaccination drives have helped in the recovery from the pandemic and the future looks better for the global recycled carbon fiber market. 

Recent Development:

News: Extracthive Presented an Innovative Recycling Technology for Carbon Fiber-Reinforced Polymers at JEC World 2022 

On January 17th, 2022; Extracthive developed an innovative recycling technology called PHYre based on solvolysis for carbon fiber-reinforced polymers. In this method, the unique combination of solvent and catalyst allows depolymerization of the resin at moderate temperatures and pressures, leaving clean and damaged fibers. PHYre recycling technology offers a great alternative to existing recycling solutions. In addition, recovered carbon fibers had high mechanical and surface properties, so they can be used as an alternative to virgin carbon fiber. 

Recycled Carbon Fiber Market: Regional Analysis 

Recycled carbon fiber statistics suggest that the European region is going to be the fastest growing one in the market. The reason for this is the rise in the demand from economies like the UK, Germany and Russia which make the region one which is a highly promising market for the recycled carbon fiber. The increase in demand from the automotive and transportation, sporting goods, aerospace and defense among the other industries in the region is going to drive the market in the coming years.  

On Special Requirement Recycled Carbon Fiber Market Report is also available for below region:

North America

• U.S., Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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