Chicago, May 27, 2022 (GLOBE NEWSWIRE) — According to the new market research report “Recycled Carbon Fiber Market by type (chopped recycled carbon fiber, shredded recycled carbon fiber), source (aerospace waste, automotive waste), end-use industry and region (North America, Europe, APAC, MEA and Latin America) – Global forecast up to ‘in 2026’, the global recycled carbon fiber market size is expected to grow from USD 126 Million in 2021 to USD 222 Million by 2026, at a CAGR of 12.0% during the forecast period. The recycled carbon fiber market is growing due to increasing demand for cost-effective and high-performance materials, and stringent government regulations globally.
Recycled carbon fiber is a high-performance fiber that is obtained from waste and scrap from the manufacture of composite products. It has properties similar to virgin carbon fiber. For example, its modulus is in a similar range to that of virgin carbon fiber. Even though the tensile strength of recycled carbon fiber decreases by 10-20% during processing, it still offers high performance properties similar to virgin carbon fiber.
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Developed countries, including Germany, the United States and Japan, are focusing on increasing the use of environmentally friendly products instead of petroleum-based products. Regulatory legislation imposed by the EU and other countries such as the United States, India and Japan is expected to increase the use of recycled carbon fiber, primarily in the automotive and transportation industry. EU legislation sets mandatory emission reduction targets for new cars to improve fuel economy and reduce CO2 emissions.
The United States also imposed stricter average enterprise fuel economy (CAFE) and exhaust emission standards for the automotive sector. The proposed mandate raised CAFE standards to 39 mpg for passenger cars by 2016 and 54.5 mpg by 2025. China and Japan have also announced vehicle fuel economy regulations. Brazil, India, Mexico and South Africa are expected to launch similar measures in the near future. However, the demand for recycled carbon fiber has been on a downward trend over the past year due to the current COVID-19 crisis. With steady economic recovery and increasing demand from end-use industries, the demand for recycled carbon fiber will also increase during the forecast period.
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Increase in demand for recycled carbon fiber from automotive and transportation industry to drive market growth
Recycled carbon fiber is carbon fiber obtained from manufacturing waste and end-of-life composite components. It is also known as reclaimed carbon fiber, reclaimed carbon fiber, or recycled carbon fiber. Pyrolysis and solvolysis manufacturing techniques are used to recover carbon fiber from waste. This fiber is compatible with thermoplastic and thermosetting resins. It can be mixed with virgin fiber to form composite structures. Automotive and transportation are among the most important end-use industries for obtaining carbon fibers for reuse. Automotive OEMs have taken initiatives to recycle high quality carbon fiber components used in automotive component manufacturing. Lack of technical knowledge and composite availability, supply chain disruption and reduced demand from end-use industries due to COVID-19 pandemic are the major factors hampering the market growth . However, the demand for recycled carbon fibers would show an upturn as demand from end-use industries picks up. The global recycled carbon fiber market size is expected to grow from USD 126 Million in 2021 to USD 222 Million by 2026, projecting a CAGR of 12.0% during the forecast period between 2021 and 2026.
Companies operating in the recycled carbon fiber market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers and acquisitions from 2015 to 2020. For example, ELG Carbon Fiber collaborated with Railway Research and developed the world’s first carbon fiber bogie (CAFIBO), in December 2019.
Scope of Recycled Carbon Fiber Market:
|Market size available for years||2017-2020|
|Reference year considered||2020|
|The biggest market||Asia Pacific|
|Forecast Period 2022-2026 CAGR||12.0%|
|Estimated annual market size||$126 million|
|Forecast Year Market Size||$222 million|
|Segments Covered||Type, source, end-use industry and region|
|Geographies covered||Europe, North America, Asia-Pacific, Middle East and Africa and Latin America|
|Companies covered||Toray Industries, Inc. (Japan), SGL Carbon SE (Germany), ELG Carbon Fiber Ltd. (UK), Procotex Corporation SA (Belgium), Karborek Recycling Carbon Fibers (Italy), Vartega Inc. (USA), Carbon Conversions Inc. (South Carolina), Carbon Fiber Recycling, Inc. (USA ), Shocker Composites LLC (United States), Alpha Recyclage Composites (France).|
Asia-Pacific will be the second fastest growing region in the recycled carbon fiber market over the forecast period
Asia-Pacific recycled carbon fiber market growth is driven by growing consumption in wind power, construction & infrastructure, aerospace & defense, consumer goods, automotive and transport and industry. The market for these end-use segments is dominated by China, Japan, South Korea and other countries. Due to continuous technological advancements, the demand for lightweight and high-strength materials is increasing. Strong economic growth in these countries, along with high urbanization, industrialization and rising living standards also play a crucial role in the adoption of fuel-efficient and cost-reducing machinery, thus driving the need for fuel-efficient cars.
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Key Players Covered in Recycled Carbon Fiber Market:
- Toray Industries Inc. (Japan)
- ELG Carbon Fiber Ltd. (UK)
- SGL Carbone (Germany)
- Karborek Recycling Carbon Fibers (Italy)
- Carbon Conversions Inc. (USA)
- Carbon Fiber Recycling, Inc. (USA)
- Shocker Composites LLC. (WE)
- Procotex Corporation SA (Belgium)
- Alpha Recycling Composites (France)
- Carbon fiber remanufacturing (USA)
- Vartega Inc. (USA)
Toray Industries is a global multinational manufacturing, processing and sales company specializing in industrial products with applications in synthetic organic chemistry, polymer chemistry and biochemistry. The company is one of the world’s leading carbon fiber producers and offers carbon fibers, carbon prepregs, carbon fabrics and molded products. It has manufacturing and research facilities in North America, Latin America, Europe, Africa and Asia. Toray Industries operates through six business segments, namely Fibers & Textiles, Performance Chemicals, Environment & Engineering, Carbon Fiber Composite Materials, Life Sciences and Others. The Company operates its carbon fiber and CFRP businesses through its carbon fiber composite materials business segment.
SGL Carbon is a leading manufacturer of carbon-based products and materials used in the aerospace, defense, automotive, solar and wind energy industries. The company manages its business through graphite materials and systems and composites, fibers and materials, and corporate units. The Company manages its carbon fiber and CFRP businesses through its carbon fiber and composite materials business units, and aerostructure through the composite fiber and materials segment. It has 31 manufacturing plants in North America, Europe and Asia and operates in over 100 countries.
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