CHICAGO, March 7, 2022 /PRNewswire/ — 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, EuropeAPAC, MEA and Latin America) – Global forecast to 2026”, published by MarketsandMarkets™, the global recycled carbon fiber market size is expected to grow from $126 million in 2021 for $222 million by 2026 at a CAGR of 12.0% over 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.
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Chopped recycled carbon fiber accounts for a significant market share in terms of value and volume.
Chopped recycled carbon fiber is suitable for various industrial mixing and blending processes, including injection molding. It has low density, low thermal expansion, good electrical conductivity, excellent free flow behavior and is non-corrosive. It can be used in low and high temperature applications and for manufacturing electrically conductive materials. Chopped recycled carbon fiber is easily processed during compounding, improving process and product performance. It ranges in length from 3 to 100 millimeters and is used in the automotive and transportation, aerospace and defense, and wind energy end-use industries. As the demand for lightweight materials increases and automakers strive to provide consumers with attractive, fuel-efficient vehicles that meet regulatory requirements, the use of chopped recycled carbon fiber in the automotive industry is also increasing. Manufacturers aim to develop low-cost chopped recycled carbon fiber for the automotive industry to make lightweight, fuel-efficient vehicles. This should meet OEM demand for materials that comply with government regulations. This has propelled the demand for chopped recycled carbon in the automotive and transportation industry.
Aerospace scrap represents a significant share of the recycled carbon fiber market in terms of value and volume.
Recycled carbon fiber made from aerospace waste is widely used in automotive and transportation, aerospace and defense, marine, consumer goods, industrial, sports, wind power and other end-use industries. CFRP composites are widely used in aerospace components. Therefore, the major source of obtaining recycled carbon fibers is aerospace scrap.
Consumer goods will be the second-largest end-use industry in the global recycled carbon fiber market by value and volume
Automotive OEMs are focused on complying with strict laws implemented by governments around the world regarding restrictions on waste disposal in landfills. They offer their carbon fiber scrap products for recycling. This composite waste is recycled to recover carbon fibers. Carbon fiber waste from consumer goods is used in various end-use industries to manufacture low-cost, high-performance products. Carbon fiber recovered from consumer goods has similar properties to virgin carbon fiber, with the strength of the fiber reduced by small variations. It is used in combination with thermoplastic or thermosetting resins for the manufacture of various composite products based on recycled carbon fibers.
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Asia Pacific to be the second fastest growing region in the recycled carbon fiber market over the forecast period
The growth of the recycled carbon fiber market in the Asia Pacific is driven by growing consumption in wind power, construction and infrastructure, aerospace and defense, consumer goods, automotive and transportation, and industrials. The market for these end-use segments is dominated by China, Japanand 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.
Toray Industries Inc. (Japan), ELG Carbon Fiber Ltd. (UK), SGL Carbon (Germany), Karborek Carbon Fiber Recycling (Italy), Carbon Conversions Inc. (USA), Carbon Fiber Recycling, Inc. (USA), Shocker Composites LLC. (United States), Procotex Corporation SA (Belgium), Alpha Recycling Composites (France), Carbon Fiber Remanufacturing (USA) and Vartega Inc. (USA).
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Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-Composite), End-Use Industry (A&D, Automotive, wind energy) and region – Global forecast to 2031
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