NEW YORK, March 18, 2022 (GLOBE NEWSWIRE) — The market for global recycled carbon fiber is estimated to grow at a CAGR of above 11.9% throughout the predicted period and touch a value of over US$ 291 by 2028.
In the last decade, the carbon fiber sector 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 to number rose between 100,000-140,000 MT per year in the early 2020s. The growing application of carbon fiber in end-user industries such as automotive, aerospace, industrial, sporting goods, etc. is the primary factor driving the expansion of the worldwide recycled carbon fiber industry. Major aerospace companies entering into a partnership to recycle their aerospace materials is one of the significant trends in the recycled carbon fiber industry. Boeing and ELG Carbon Fibre (ELG) of Coseley, United Kingdom, have formed a collaboration to recycle surplus aerospace-grade composite material, which will be used by other companies to produce products like electrical accessories and automobile equipment. The arrangement will cover surplus carbon fiber from 11 Boeing aircraft manufacturing plants, resulting in a reduction of nearly 1 million pounds of solid waste each year.
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Global Recycled Carbon Fiber Market Dynamics
The growing demand for high-performance, cost-efficient, and eco-friendly materials is creating a high demand for the recycled carbon fiber market in the coming future. The rising adoption of recycled carbon fibers in automotive applications drives the market during the forecast period. For example, recycled carbon fibers are commonly utilized within automotive applications to make floors, chassis panels, spare wheel wells, roof panels, and bonnet inners. Government laws for the use of recycled materials are becoming more prevalent around the world, which will help the industry grow significantly in the coming years. For instance, regulations enforced by regulatory organizations such as the European Union (EU) and the Environmental Protection Agency (EPA) of the United States to limit carbon emissions have increased demand for ecologically friendly and lightweight materials.
The market for recycled plastic and plastic waste to oil is expected to grow at a CAGR of around 12.0% from 2020 to 2027 and expected to reach the market value of around US$ 115.9 Mn by 2027.
The global recycled glass market value is expected to reach around 5,723.6 million by 2026 and will grow at a CAGR of 6.0% over forecast period 2019 to 2026.
The global recycled metal market size is expected to reach around US$ 800 billion by 2026 and will grow at noteworthy CAGR around 4.9% throughout the forecast period.
Global Recycled Carbon Fiber Market Segmentation
The recycled carbon fiber market is categorized into type, source, end-user industry, and region. Chopped recycled carbon fiber and milled recycled carbon fiber are the bifurcations of the type segment. The source segment is further categorized into aerospace scraps, automotive scraps, and others. The end-user industry segment comprises automotive & transportation, aerospace & defense, sporting goods, consumer goods, marine, industrial, and others.
The heavy volume of scrap extracted from airplanes boost the aerospace scrap segment growth
The aerospace scrap segment dominated the largest market share in 2020 and is likely to continue its trend throughout the forecast period 2021 – 2028. Today, the aircraft sector is working to become more environmentally friendly. A circular economy is replacing the conventional economic take-use-dispose model. Closed loops of material usage are created when products and resources are preserved as long as possible, reused, or recycled. Pratt & Whitney, for example, has established a goal of having zero waste in all of its factories by 2025, with 100 percent of waste recycled. Furthermore, between 6000 and 8000 commercial jets are expected to undergo end-of-life dismantlement by 2030, with the high-grade carbon fiber components onboard being recycled. These aspects are likely to drive the demand for the aerospace scrap industry.
Recycled Carbon Fiber Market Regional Analysis
Stringent regulations imposed by the EU for the use of eco-friendly products drive the demand for Europe recycled carbon fiber market
Among all the regions, Europe is projected to lead the market during the predicted period. Numerous governments in European countries are focusing on the use of environmentally-friendly products to reduce carbon footprints. Furthermore, strategic developments, the existence of top recycled carbon fiber companies coupled with established vehicle companies, and technological improvements linked to recycled carbon fiber products all contribute to the market’s growth in this region.
Meanwhile, the Asia-Pacific region is likely to attain the fastest growth rate during the forecast period owing to the increasing use of composite materials in the interior and exterior parts of the transportation industry. In addition, rapid industrialization and urbanization in countries such as China, India, Japan, Malaysia, and South Korea are likely to expand the growth of the Asia-Pacific recycled carbon fiber market.
The recycled carbon fiber market involves many key players. The top players presented in the report include Alpha Recyclage Composites, Carbon Fiber Recycling, Inc., Carbon Conversions Inc, Procotex Corporation SA, ELG Carbon Fibre Ltd, Karborek Recycling Carbon Fibers, Toray Industries, Inc., SGL Carbon SE, Shocker Composites LLC, and Vartega Inc.
Players in the industry are highly competitive, and as a result, they participate in a variety of development strategies in order to prove their worth in the world.
For example, in December 2019 – ELG Carbon Fibre Ltd. (UK) and the Institute for Railway Research at the University of Huddersfield announced a partnership work to build up the world’s foremost carbon fiber bogie (CAFIBO). The bogie, which is entirely composed of excess and recycled carbon fibre components, was shown to over 100 industry attendees at the Railway Industry Association’s (RIA). The affair called Unlocking Innovation event was hosted at the University of Huddersfield.
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