Recycled Carbon Fiber Market Report | Size, Growth, Demand, Scope, Opportunities and Forecast 2022-2032
According to a recent study done by FMI, the recycled carbon fiber market is expected to reach US$ 3.91 billion by 2032, up from US$ 1.26 billion in 2021, expanding at a high CAGR of 11.8%. This study explains how recycled carbon fiber price is directly proportional to increasing concerns over climate change and awareness around the use of biodegradable products.
As the demand for pro-performance, eco-friendly and
energy-efficient products increases, the consumption of recycled carbon fiber
is higher than ever. Countries like US, Germany and Japan are investing more in
the research and development projects for recycled carbon fiber.
Factory shutdown, closed supply chains, and brutally damaged
end-use industries restrict the recycled carbon fiber market. The damage done
by covid-19 to the aerospace market has led to a steep decline in recycled
carbon fiber.
Not enough awareness about the use of recycled carbon fibers
in manufacturing units of multiple products. The number of manufacturing skills
one requires to retain the mechanical traits of virgin carbon fiber and produce
recycled carbon fiber is very crucial.
European Union has allocated 85% of the materials used in
manufacturing vehicles to be recyclable, as this recycled carbon fiber is the
ideal material for transforming industries. This way, these industries produce
eco-friendly, biodegradable and green products.
“The major challenge with the recycled carbon fiber
market is the lack of composite waste and other scrap material availability.
The ability to decrease erosion and increase the durability of products.
Gaining higher volumes for the recycling processes of carbon fiber.”
Key Takeaway
- The
increasing demand for lightweight materials to reduce the weight of the
vehicle is also augmenting the demand for recycled carbon fiber
applications.
- Europe
holds the biggest portion in the global recycled carbon fiber market.
The excessive growth in this region is attributed to the continued
strategic development of the new-gen vehicle. The countries in Europe are
initiating plats to transform the carbon fiber waste into
products.
- On
the basis of type, the chopped recycled carbon is in the highest demand in
terms of value and volume, as it is used in multiple industrial mixing,
injection modeling and other compounding processes. Recycled
carbon fiber ltd and other companies like this do the work for
you.
- Based
on source, the aerospace scrap holds and supplies the most significant
amount of scrape to the recycled carbon fiber industries that further
produce products formed through these materials. E.g., the
Pyrolysis carbon fiber global recycled carbon fiber market is
segmented by type, source and end-use industries and further divided into
small segments.
Competitive Landscape
The major carbon fiber recycling companies are
dominated by SGL Carbon SE, ELG Carbon Fibre Ltd, Procotex Corporation SA,
Vartega Inc, Carbon Conversions Inc, Carbon Fiber Recycling Inc, Shocker
Composites LLC, Alpha Recyclage Composites, HEXCEL CORP, CFK VALLEY STADE
RECYCLINGGMBH & CO KG, Elevated Materials and Sigmatex (UK) Limited. These
companies are adopting new organic and inorganic plans to increase their
recycled carbon fiber market stronghold.
- In
2021, Procotex Corporation tied up with ELG Carbon Fibre, which allows the
company to produce higher amounts of carbon fiber and feedstocks.
- ELG
Carbon Fiber has developed the world’s first carbon fiber bogie(CAFIBO)
by partnering with Railway Research.
What impact did COVID-19 have on the Recycled Carbon
Fiber Market?
Due to the novel coronavirus (COVID-19) pandemic, the recycled
carbon fiber industry is predicted to increase slowly in 2021. This
deadly virus has caused havoc all across the world, especially in North America
and Europe. Companies have shut down activities and industrial facilities
across countries to prevent the virus from spreading further. As a result, the
capacity for producing recycled carbon fiber has been reduced.
End-use industries such as automotive and aerospace, among
others, have ceased production. As a result of the pandemic’s influence on the global
economy, several automotive manufacturers, notably Volkswagen, BMW, and Ford,
have declined their market shares.
Due to the lack of personnel and transportation, the global
pandemic has had an impact on production, demand, suppliers, investors, and a
variety of other factors. Overall, it can be concluded that the recycled
carbon fiber industry is growing at a slower pace.
However, essential firms’ continued efforts have aided the
worldwide market’s delayed recovery from the pandemic. The worldwide market is
forecasting a more significant percentage of recycled carbon fiber in
the current context.
Key segments
By Type:
- Chopped
- Milled
By Source:
- Autospace
Scrap
- Aerospace
Scrap
- Others
By End Use:
- Automotive
& Transportation
- Consumer
Goods
- Sporting
Goods
- Marine
- Industrial
By Region:
- North
America
- Latin
America
- Europe
- Middle
East & Africa
- Asia
Pacific
For More Info - https://www.futuremarketinsights.com/reports/recycled-carbon-fiber-market
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