Recycled Carbon Fiber Market Size & Share to Surpass $0.3 Billion by 2030 | Vantage Market Research
WASHINGTON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, factors such as the growing engagement in corporate social responsibility (CSR) initiatives, a heightened consciousness regarding adopting environmentally friendly products, and the promotion of recycling and reuse endeavors could lead to a substantial rise in the demand for Recycled Carbon Fiber. This increased demand is expected to impact various end-use sectors significantly, including but not limited to building and construction, automotive and transportation, aerospace and defense, power generation, and others.According to Vantage Market Research, the Global Recycled Carbon Fiber Market is estimated to be valued at USD 0.3 Billion by 2030 and is expected to exhibit a CAGR of 10.3% from 2023 to 2030. The global Recycled Carbon Fiber market grew to USD 0.1 Billion in 2022.
One foremost benefit of Recycled Carbon Fiber is its capacity to divert waste away from landfills. Historically, recycling carbon fiber composites posed difficulties due to their intricate composition and the necessity to preserve their mechanical characteristics. Nonetheless, technological progress has enabled the disassembly and reprocessing of carbon fiber waste, transforming it into valuable raw resources suitable for diverse applications.
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*Key Highlights*
· By Type, the Milled segment is anticipated to mention the market’s fastest growth during the forecast period.
· By Source, the Automotive Scrap segment is expected to witness maximum market growth over the projected period.
· By End-Use Industry, the Aerospace & Defense segment will lead the market during the projected period.
· The North American region commanded the market in 2022, accounting for 39.80% of total sales.
· The Asia Pacific area is expected to witness maximum market growth during the forecast period.Influential elements such as a rise in disposable income, technological advancements, and a notable increase in the number of original equipment manufacturers (OEMs) have collectively propelled substantial growth within the automotive and transportation sectors. As an illustration, data from a report released by the India Brands Equity Foundation reveals that domestic automobile production experienced a compounded annual growth rate (CAGR) of 2.36% between 2016 and 2020, culminating in manufacturing 26.36 million vehicles within India in 2020.
*Top Companies in The Global Recycled Carbon Fiber Market*
· 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.)
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*Factors Affecting the Growth of the Recycled Carbon Fiber Industry*
A variety of factors might have an impact on the growth of the Recycled Carbon Fiber sector. Some of these factors include:
· Increasing environmental concerns: The growing awareness about the impact of carbon emissions and the need for sustainable materials is driving the demand for Recycled Carbon Fiber. Recycling carbon fiber reduces the carbon footprint and conserves resources, making it an attractive option for manufacturers.
· Government regulations and policies: Many governments worldwide implement stringent rules and procedures to reduce carbon emissions and promote sustainable practices. This includes encouraging the use of recycled materials in various industries. These regulations are expected to drive the demand for Recycled Carbon Fiber.
· Cost-effectiveness: Recycled Carbon Fiber offers significant cost advantages compared to virgin carbon fiber. Recycling can reduce production costs, making Recycled Carbon Fiber more affordable for manufacturers.
· Increasing demand from various end-use industries: Carbon fiber composites is growing in several sectors, including aerospace, automotive, wind energy, and sports equipment. Recycled Carbon Fiber can be used in these applications, driving market growth.
· Technological advancements: Continuous advancements in recycling technologies and processes have made recycling carbon fiber easier and more efficient. This has increased the availability of Recycled Carbon Fiber in the market and improved its quality, thus boosting demand.*Top Trends in Global Recycled Carbon Fiber Market*
Manufacturers strategically allocate resources to advanced manufacturing technologies as the demand for Recycled Carbon Fiber continues. These technologies aim to elevate the caliber and performance of Recycled Carbon Fiber composites. Through precise control over fiber alignment and dispersion, these innovations result in heightened mechanical prowess. For instance, companies like ELG Carbon Fiber have spearheaded inventive recycling approaches that effectively extract carbon fiber from diverse waste sources—from end-of-life composites to manufacturing excess and automotive scrap. This progressive methodology yields high-quality Recycled Carbon Fiber endowed with attributes comparable to those of pristine carbon fiber.
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*Recent Development of the Global Recycled Carbon Fiber Market*
· *August 2023: *Carbon Conversions and Joby Aviation formed a partnership to help Joby Aviation meet federal aviation rules while remaining environmentally responsible by recycling leftover fiber.
· *April 2022: *Gen 2 Carbon Limited introduced a new product in the G-TEX product line. G-TEX 60 gsm is compatible with any resin system. It benefits the automobile, transportation, aerospace, and wind energy industries.
· *March 2022: *Gen 2 Carbon Limited established an alliance with Deakin University to encourage the growth of carbon fiber recycling in Australia.*Market Drivers*
The surging requirement for lightweight materials in the automotive, aerospace, and defense sectors is driving the escalating adoption of Recycled Carbon Fiber. This uptake is attributed to the material's exceptional advantages, encompassing cost-effectiveness, energy efficiency, reduced weight, and environmental sustainability. These fibers are finding extensive utility in the automotive and aerospace industries, contributing to applications like battery enclosures, pressure containers, and lift gate systems. The rising need for lightweight and environmentally friendly products results from expanding environmental regulations implemented by regulatory organizations such as the United States Environmental Protection Agency (EPA) and the European Union (EU) to reduce carbon emissions. Furthermore, the heightened emission standards witnessed in India and China have generated substantial demand for lightweight materials in the automobile sector.
*Market Restraints*
The glass fiber & glass fiber composites and the carbon fiber & carbon fiber composites industries hold a considerable presence in key regions such as China, Japan, North America, and Europe. Yet, a notable transition towards emerging economies has emerged, notably within the Asia Pacific region. While Recycled Carbon Fiber boasts superior qualities to E-glass and S-glass fiber, its commercial utilization across various applications remains limited due to insufficient awareness of its benefits. A significant realm exists for integrating Recycled Carbon Fiber across sectors like marine, automotive & transportation, aerospace & defense, sporting goods, and wind energy. However, the ascendancy of virgin carbon fiber is propelled by heightened familiarity with its cost-effectiveness and high-performance attributes, thus generating substantial demand in these sectors. The automotive & transportation, aerospace & defense, and wind energy domains specifically exhibit a pronounced need for virgin carbon fiber, driven by end-user awareness and the robust distribution networks of manufacturers.
*Market Opportunities*
Recycled Carbon Fiber emerges as a cost-effective and environmentally conscious alternative to raw carbon fiber. The rising emphasis on recyclability and ecological compatibility, spurred by stringent regulations, drives the preference for recyclable materials. For example, the End-of-Life Vehicles Directive incentivizes recycling. It provides economic benefits for eco-friendly vehicles, addressing the substantial annual production of eight to nine million tons of waste within the European Community due to end-of-life automobiles. Furthermore, the Aircraft Fleet Recycling Association (AFRA) advocates for sustainable practices and aircraft recycling. The escalating scarcity of landfill space for waste disposal has intensified the global demand for recyclable materials. Notably, the versatility of Recycled Carbon Fiber has extended its utilization into diverse sectors, including wind energy, sports, and electronics, thanks to its exceptional properties. With this momentum and the growing integration of recyclable and environmentally friendly materials across major end-user industries, substantial opportunities are anticipated to unfold throughout the forecast period.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Recycled Carbon Fiber Market Forecast Report (2023-2030).
*Report Segmentation of the Global Recycled Carbon Fiber Market*
*Type Analysis*
The milled segment accounted for the most considerable market growth in the projected time frame. This can be attributed to various factors, including the increasing focus on sustainability, the advantages of milled carbon fiber over other carbon fiber forms, and the growing demand from industries such as automotive, aerospace, construction, and sporting goods. As these industries prioritize lightweight, high-performance materials, the need for milled carbon fiber will increase further in the coming years.
*Source Analysis*
The Aerospace Scrap segment accounted for the maximum market growth in 2022. The increasing need for lightweight materials, the aerospace industry's focus on sustainability and cost-effectiveness, government requirements, technological breakthroughs in recycling procedures, and the increased range of end-use applications all contribute to this growth. These factors collectively create a favorable market environment for the aerospace scrap segment in the Recycled Carbon Fiber market.
*End-Use Industry Analysis*
In 2022, the automotive and transportation segments accounted for the majority of market growth. The need for lightweight materials, sustainable manufacturing practices, cost savings, and advancements in recycling technologies drive this growth. With a growing emphasis on lowering environmental impact and enhancing fuel efficiency, Recycled Carbon Fiber will almost certainly play an extremely essential part in the future of automobiles and transportation.
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*Market Segmentation*
*By Type*
· Milled
· Chopped
*By Source*
· Aerospace Scrap
· Automotive Scrap
· Other Scrap*By End-Use Industry*
· Automotive & Transportation
· Consumer Goods
· Sporting Goods
· Industrial
· Aerospace & Defense
· Marine
· Others*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa*Scope of the Report: *
*Report Attributes* *Details*
Market Size in 2022 USD 0.1 Billion
Revenue Forecast by 2030 USD 0.3 Billion
CAGR 10.3% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players Alpha Recyclage Composites, Carbon Conversions, Carbon Fiber Recycling, Carbon Fiber Remanufacturing, Gen 2 Carbon Limited, Karborek RCF, Mitsubishi Chemical Holdings Corp., Procotex, Shocker Composites LLC, Sigmatex LLC, Toray Industries Inc., Vartega Inc.
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*Regional Analysis*
North America led the Recycled Carbon Fiber market growth in 2022. With the United States boasting the largest GDP in the area and the United States and Canada displaying swift economic growth, this region sets a strong foundation for market expansion. Canada's Composite Development Centre of Quebec (CDCQ) actively engages in the comprehensive composite materials value chain, including carbon fibers, and stands out for its significant involvement in carbon fiber recycling. Similarly, the projected increase in the commercial aircraft fleet in the United States, from 5,882 in 2020 to an estimated 8,756 by 2041, showcases an average annual growth rate of 2%. This surge is anticipated to drive heightened demand for carbon fiber across multiple aerospace applications, further fueling the market's growth trajectory.
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