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Recycled Carbon Fiber Market

Recycled Carbon Fiber Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad


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Global Recycled Carbon Fiber Market to Pick up with Tightening Regulatory Grip Around Environment-friendly Products

Developed countries like Germany, the United States, and Japan are emphasizing the usage of environmentally friendly elements rather than petroleum-based products. Recycled carbon fiber is increasingly being used by automobile makers in a variety of models. Regulatory legislation enacted by the EU and other nations such as the India, United States, and Japan are projected to boost the usage of recycled carbon fiber, particularly in the automotive and transportation end-use industries. The EU legislation establishes required emission reduction targets for new cars to increase fuel economy, and CO2 emissions.

Despite the existing demand for new fiber composites, a staggering 62,000 metric tonnes (68,000 tonnes) of unused end-of-life and CFRP production waste is accumulating every year. After a decade of strong expansion, the worldwide electric car stock reached ten million units in 2020, a 43 percent increase over 2019 and a 1% stock share. In 2020, 2/3 of new electric car registrations have been done. According to iea.org China had the largest fleet, with 4.5 million electric vehicles, but Europe had the largest annual rise, reaching 3.2 million in 2020. Recycled carbon fiber is widely used in automotive and transportation industries.

An increasing number of legislations and environmental sustainability criteria in the worldwide automobile sector are projected to drive the global recycled carbon fiber market. The European Union requires that 85 percent of automobiles be made of recyclable materials. This has resulted in the development of recycled carbon fibres in Europe. Carbon fiber garbage can also be recovered and recycled into new products, making recycled carbon fiber a desirable material for a range of applications. Furthermore, the processing of recycled carbon fibers consumes around 10% less energy than virgin carbon fiber production. This contributes to the achievement of legislation and sustainability goals.

Increased Demand for Recycled Carbon Fiber in Automotive Industry to Support the Growth of Market

Automotive and transportation is expected to be the fastest-growing segment for end-user of the recycled carbon fiber market over the forecast period. For fibers, a considerable number of recyclers rely on the automotive and transportation industries. Automobile manufacturers have taken steps to recycle high-grade carbon fiber-based components used in the production of automobile parts. due to its superior strength-to-weight ratio and lower cost than basic materials. The European Union has stipulated that 85% of the materials used in automobiles be recyclable. Carbon fiber is an attractive material for use in a wide range of industries since the trash generated by carbon fibers may be reclaimed and turned into new goods. Automotive parts made of recycled carbon fiber are more cost-effective. The cost of recycled carbon fiber for use in automobile components, according to a managing director of a renowned recycled carbon fiber production company, ranges from USD 20/kg to USD 27/kg.

Growing Automotive and Transportation Industry in Europe to drive Recycled Carbon Fiber Market Growth

The fast-growing automotive and transportation industries are driving the expansion of the recycled carbon fiber market in Europe. Strategic developments, the presence of established vehicle manufacturers, leading recycled carbon fiber manufacturers, and technological advancements related to recycled carbon fiber products all help to drive market expansion in this region. The innovation of composite technology solutions and the penetration of composites in the aerospace & military, construction & infrastructure, automotive & transportation, and wind energy industries are driving the expansion of recycled carbon fiber market in this area. Many governments in the region are emphasising the adoption of environment-friendly products.

Germany leads the region in terms of recycled carbon fiber use, which is mostly used for upholstery applications by prominent German businesses like as BMW. The use of recycled carbon fiber-based composites in the automotive and transportation end-use industries has expanded in the region as the demand for lightweight materials to reduce vehicle weight has increased. Strategic developments, the presence of established vehicle manufacturers, leading recycled carbon fiber manufacturers, and technological advancements related to recycled carbon fiber products all help to drive market expansion in this region.

Global Recycled Carbon Fiber Market: Competitive Landscape

In November 2021, FAIRMAT by expliseat is a new company focused on developing cutting-edge carbon fiber recycling solutions. So far, USD 9.7 million has been raised to market a proprietary technique that saves 4,000 tonnes of recyclable waste each year and reprocesses it into value-added commodities. Singular spearheaded the initial round of funding, which comprised technology entrepreneurs and industry specialists who would assist FAIRMAT at this critical stage of its growth. On the other hand, in May 2021, ELG Carbon Fiber Ltd. (ECF, Coseley, United Kingdom) stated that it has sold its short fiber business to Procotex Corp. SA, a recycled Fibers company (Belgium). ECF's management has also created Gen 2 Carbon, a new growth platform that will focus on the company's recycled long carbon Fiber business, which primarily supplies carbon Fiber and thermoplastic nonwovens to the composites industry.

Few of the players in the recycled carbon fiber market include Toray Industries, Inc. (Japan), ELG Carbon Fiber Ltd. (UK), Karborek Recycling Carbon Fibers (Italy), Vartega Inc. (US), Procotex Corporation SA (Belgium), Expliseat (Paris), Carbon Conversions Inc (South Carolina), Carbon Fiber Recycling, Inc. (US), SGL Carbon SE (Germany), Shocker Composites LLC (US), Alpha Recyclage Composites (France).

Global Recycled Carbon Fiber Market is Segmented as Below:

By Type

  • Chopped Recycled Carbon Fiber
  • Milled Recycled Carbon Fiber

By Source

  • Aerospace scrap
  • Automotive scrap
  • Others

By End-Use Industry

  • Automotive & Transportation
  • Consumer Goods
  • Sporting Goods
  • Industrial
  • Marine
  • Aerospace & Defence
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Recycled Carbon Fiber Market

  • Recycled Carbon Fiber Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Disclaimer:

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