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(Transportation-News.com, June 29, 2024 ) The report "Recycled Carbon Fiber Market by Type (Chopped, Milled), Source (Aerospace Scrap, Automotive Scrap), End-use Industry (Automotive & Transportation, Consumer goods, Sporting Goods, Aerospace & Defense), & Region - Global Forecast to 2028" The recycled carbon fiber market is projected to grow from USD 154 million in 2022 to USD 278 million by 2028, at a CAGR of 10.0% during the forecast period.
Browse in-depth TOC on "Recycled Carbon Fiber Market”
267 - Market Data Tables
60 - Figures
244 - Pages
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Based on source, the global market for recycled carbon fiber was dominated by the aerospace scrap segment in terms of volume and value in 2022. Aerospace scrap-based recycled carbon fiber is widely used in automotive & transportation, aerospace & defense, marine, consumer goods, industrial, sporting goods, wind energy, and other end-use industries. Europe was the largest market for the aerospace scrap segment in 2022 followed by North America. CFRP composites are widely used in aerospace components. Hence, the major source of obtaining recycled carbon fibers is aerospace scrap. Large quantities of composites are discarded in the aerospace industry, leading to the availability of high volumes of scrap composites for recycling. Also, the automotive scrap- and other scrap-based recycled carbon fiber segments of the market are projected to grow significantly in terms of value and volume during the forecast period.
Based on type, the chopped recycled carbon fiber segment dominated the global recycled carbon fiber market in terms of volume and value in 2022. Chopped recycled carbon fiber has more demand due to its higher strength, durability, flexibility, and stability. It is also more lightweight than milled recycled carbon fiber. Europe was the largest market for chopped recycled carbon fiber in 2022 due to the demand from the automotive & transportation, aerospace & defense, and wind energy end-use industries. Also, low cost and ease of processing increase the demand for milled recycled carbon fiber in the construction & infrastructure, automotive & transportation, and other end-use industries.
Based on end-use industry, the global market for recycled carbon fiber was dominated by the automotive & transportation end-use industry in 2022, in terms of value and volume. Recycled carbon fiber is widely used in the automotive & transportation industry due to its lightweight and high tensile strength. Further, the industrial and marine sectors generate demand for recycled carbon fibers as they impart high-performance and corrosion-resistant properties to industrial machinery and marine structural parts. Also, in the aerospace & defense industry, recycled carbon fiber is used in various applications such as UAV airframes, seating, overhead stowage, fairings, and closures.
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Based on Region, Europe dominated the recycled carbon fiber market in 2022, and is expected to hold its market share during the forecast period (2023-2028). Also, Europe is expected to witness the highest growth between 2023-2028 due to the rising demand for recycled carbon fiber from various end-use industries in the region. And Germany is the largest market in the European recycled carbn fiber market. Economies such as Germany and UK make the region a highly promising market for recycled carbon fiber. An increase in demand from various end-use industry including automotive & transportation, sporting goods, consumer goods, aerospace & defense, and other industries in the region are expected to fuel the market growth during the forecast period.
Recycled Carbon Fiber Market Key Players
Top companies active in the recycled carbon fiber market include Toray Industries, Inc. (Japan), Carbon Conversions, Inc. (US), Gen 2 Carbon Limited (UK), Procotex (Belgium), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Carbon Fiber Remanufacturing (US), Mitsubishi Chemical Group (Japan), Alpha Recyclage Composites (France), and CATACK-H (South Korea). These companies have strong distribution networks across major regions, such as Europe, North America, and Asia Pacific. They have a robust market presence and an established portfolio of reputable products and services. Further, they follow strong business strategies to expand their market presence. Furthermore, these players have broader geographical use cases and larger product footprints.
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