Acumen Research and Consulting recently published a report titled, “Recycled Carbon Fiber – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
NEW YORK, March 18, 2022 (GLOBE NEWSWIRE) — The market of global recycled carbon fiber is expected to grow at a CAGR above 11.9% throughout the forecast period and reach a value above USD 291 by 2028.
Over the past decade, the carbon fiber industry has evolved significantly. Carbon fiber had a global market of less than 20,000 MT in 2000. It now exceeds 60,000 MT per year, while its number increased between 100,000 and 140,000 MT per year in the early 2020s. increasing use of carbon fiber in end-user industries such as automotive, aerospace, industrial, sporting goods, etc. is the main driver for the expansion of the global recycled carbon fiber industry. One of the significant trends in the recycled carbon fiber industry is major aerospace companies entering into a partnership to recycle their aerospace materials. Boeing and ELG Carbon Fiber (ELG) of Coseley, UK, have formed a collaboration to recycle surplus aerospace-grade composite materials, which will be used by other companies to make products such as electrical accessories and automotive equipment. The arrangement will cover excess carbon fiber from 11 Boeing aircraft manufacturing plants, resulting in a reduction of nearly one million pounds of solid waste each year.
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Global Recycled Carbon Fiber Market Dynamics
The growing demand for high-performance, cost-effective and environmentally friendly materials is creating a strong demand for the recycled carbon fiber market in the near future. Growing adoption of recycled carbon fibers in automotive applications is driving the market over the forecast period. For example, recycled carbon fibers are commonly used in automotive applications to make floors, chassis panels, spare wheel arches, roof panels and hood interiors. Government laws for the use of recycled materials are becoming more prevalent around the world, which will help the industry grow significantly in the years to come. For example, regulations enforced by regulatory bodies such as the European Union (EU) and the United States Environmental Protection Agency (EPA) to limit carbon emissions have increased the demand for environmentally friendly materials. and light.
Global Recycled Carbon Fiber Market Interconnected Reports
The market of recycled plastic and oil plastic waste is expected to grow at a CAGR of approximately 12.0% from 2020 to 2027 and reach a market value of approximately US$115.9 million by 2027.
the global recycled glass market the value is expected to reach approximately 5,723.6 million by 2026 and will grow at a CAGR of 6.0% over the forecast period of 2019 to 2026.
the global recycled metal market The size is expected to reach around US$800 billion by 2026 and will grow at a remarkable CAGR of around 4.9% throughout the forecast period.
Segmentation of the global recycled carbon fiber market
The recycled carbon fiber market is categorized by type, source, end-user industry, and region. Chopped recycled carbon fiber and shredded recycled carbon fiber are the bifurcations of the type segment. The source segment is further categorized into aerospace waste, automotive waste and others. The end-user industry segment includes automotive and transportation, aerospace and defense, sporting goods, consumer goods, marine, industrial and others.
Large Volume of Scrap Extracted from Aircraft Drives Growth of Aerospace Scrap Segment
The aerospace scrap segment dominated the largest market share in 2020 and is expected to continue its trend throughout the forecast period 2021 – 2028. Today, the aerospace sector is striving to become more environmentally friendly environment. A circular economy replaces the conventional take-use-dispose business model. Closed material use loops are created when products and resources are retained for as long as possible, reused or recycled. Pratt & Whitney, for example, has set a goal of having zero waste in all of its factories by 2025, with 100% of waste recycled. In addition, between 6,000 and 8,000 commercial jets are expected to be dismantled at end of life by 2030, with high-quality carbon fiber components on board being recycled. These aspects are likely to drive the demand from the aerospace scrap industry.
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Recycled Carbon Fiber Market Regional Analysis
Strict regulations imposed by the EU for the use of environmentally friendly products are driving demand for the European recycled carbon fiber market
Among all regions, Europe is expected to dominate the market over the forecast period. Many governments of European countries are focusing on using environmentally friendly products to reduce carbon footprint. Furthermore, strategic developments, existence of large recycled carbon fiber companies associated with established vehicle companies, and technological improvements related to recycled carbon fiber products are all contributing to the growth of the market in this region.
Meanwhile, the Asia-Pacific region is expected to achieve the fastest growth rate over the forecast period owing to the increasing use of composite materials in the interior and exterior parts of the transportation industry. Furthermore, rapid industrialization and urbanization in countries like China, India, Japan, Malaysia, and South Korea are expected to accelerate the growth of the recycled carbon fiber market in Asia-Pacific.
The recycled carbon fiber market involves many key players. Major Players profiled in the report are Alpha Recycling Composites, Carbon Fiber Recycling, Inc., Carbon Conversions Inc, Procotex Corporation SA, ELG Carbon Fiber Ltd, Karborek Recycling Carbon Fibers, Toray Industries, Inc., SGL Carbon SE, Shocker Composites LLC . , and Vartega Inc.
The players in the industry are highly competitive and hence they engage in various development strategies in order to prove their worth to the world.
For example, in December 2019 – ELG Carbon Fiber Ltd. (UK) and the Institute for Railway Research at the University of Huddersfield have announced a partnership to build the world’s first carbon fiber bogie (CAFIBO). The bogie, which is made entirely of surplus and recycled carbon fiber components, was showcased to more than 100 industry attendees at the Railway Industry Association (RIA). The affair called Unlocking Innovation event was organized at the University of Huddersfield.
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Mr. Frank Wilson
Acumen Research and Consulting
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