In terms of revenue, the Global Recycled Carbon Fiber Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 10.3% from 2023 to 2030.
Recycled Carbon Fiber is one of the most durable and lightweight composite materials. Recycled Carbon Fiber has advantages over new carbon fiber, such as a 30% cost savings and less trash going to landfills. Recycling carbon fibers entails reusing scrap materials, dry fiber waste, and thermoset carbon fiber-reinforced composites created during the processing of these materials. Recycled Carbon Fibers are made by recovering carbon fibers from carbon-reinforced composites and trash. Recycled Carbon Fiber often has better mechanical qualities than new carbon fiber. Recycling techniques, according to stiffness measures, provide recycled fibers with equivalent stiffness to pure fiber.
Factors such as rising disposable income, technical advancements, and an increase in original equipment manufacturers (OEMs) have resulted in considerable expansion in the automotive and transportation sectors. According to the India Brands Equity Foundation, domestic automobile production expanded at a compound annual growth rate (CAGR) of 2.36% from 2016 to 2020, with 26.36 million vehicles built in India in 2020.
Key Highlights from the Report
- Based on Type, the Chopped segment dominates the Recycled Carbon Fiber market in 2022 owing to the increasing demand for lightweight and sustainable materials in various industries.
- Based on Source, the Aerospace Scrap segment accounted for the substantial growth of the market in 2022 owing to the increase in aircraft production, cost-effectiveness, and sustainability concerns.
- Based on the End-Use Industry, the Automotive & Transportation segment is going to account for the vast majority of market growth in 2022, owing to the growing need for sustainability, cost-effectiveness, light-weighting, and technological developments.
- Based on Region, North America holds the significant market share within the Recycled Carbon Fiber market in 2022 owing to the increasing environmental concerns, rising demand for sustainable materials, and the growing emphasis on reducing carbon emissions.
The Recycled Carbon Fiber market has grown significantly in recent years, owing to increased demand for sustainable and lightweight materials in a variety of industries. Recycled Carbon Fiber is a cost-effective alternative to virgin carbon fiber, which is obtained by reclaiming carbon fiber composites from waste streams and then processing them into usable materials.
Furthermore, the advancements in recycling technologies have significantly contributed to the market's growth. Innovative processes such as pyrolysis and solvent extraction have emerged, enabling the recovery of high-quality carbon fiber from waste composites. These technologies not only allow the recovery of carbon fiber but also help to extract other valuable materials, such as resins and metals, making the recycling process even more economically viable.
North America led the innovative coatings market in 2022. In terms of GDP, the United States leads the region. The United States and Canada are among the world's fastest-growing economies. The rapidly expanding automotive and aerospace industries are propelling the North American market to new heights. Strategic advancements, the presence of established vehicle manufacturers, leading Recycled Carbon Fiber manufacturers, and technological advances connected to Recycled Carbon Fiber products all contribute to market growth in the region. The United States leads the region in using Recycled Carbon Fiber by large enterprises. In response to the increasing need for lightweight components to decrease vehicle weight, the utilization of Recycled Carbon Fiber within the aerospace and automobile applications has risen.
The Global Recycled Carbon Fiber Market is Segmented as follows
- Aerospace Scrap
- Automotive Scrap
- Other Scrap
- End User Industry
- Automotive & Transportation
- Consumer Goods
- Sporting Goods
- Aerospace & Defense
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Recycled Carbon Fiber Market is
Alpha Recyclage Composites (France), Carbon Conversions (U.S.), Carbon Fiber Recycling (Japan), Carbon Fiber Remanufacturing (U.S.), Gen 2 Carbon Limited (UK), Karborek RCF (Italy), Mitsubishi Chemical Holdings Corp. (Japan), Procotex (Belgium), Shocker Composites LLC (U.S.), Sigmatex LLC (U.S.), Toray Industries Inc. (Japan), Vartega Inc. (U.S.)
The Global Recycled Carbon Fiber Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|