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 for worldwide recycled carbon fiber is estimated to grow at a CAGR of over 11.9% during the forecast period and reach a value of over $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 tons in 2000. Today it is over 60,000 tons per year, while in the early 2020s the number increased to between 100,000 and 140,000 tons per year. The growing application of carbon fiber in end-use industries such as automotive, aerospace, industrial, sporting goods, etc. is the main factor driving the expansion of the global 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 Fiber (ELG) of Coseley, UK, have formed a collaboration to recycle surplus aerospace-grade composite material used by other companies to manufacture products such as electrical accessories and automotive equipment. The agreement will cover excess carbon fiber from 11 Boeing aircraft plants, resulting in a reduction of nearly 1 million pounds of solid waste per year.
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Global Recycled Carbon Fiber Market Dynamics
The growing demand for high-performance, cost-effective and environmentally friendly materials creates a high demand for the recycled carbon fiber market in the coming future. The increasing adoption of recycled carbon fiber in automotive applications drives the market during the forecast period. For example, recycled carbon fibers are commonly used in automotive applications to make floors, chassis panels, spare tire wells, roof panels, and hood interiors. Government laws to use recycled materials are becoming more common around the world, which will help the industry to grow significantly in the years to come. For example, regulations being enforced by regulatory organizations such as the European Union (EU) and the United States Environmental Protection Agency (EPA) to limit carbon emissions have increased demand for environmentally friendly and lightweight materials.
The market for recycled plastic and plastic waste into oil is expected to grow at a CAGR of around 12.0% from 2020 to 2027 and reach a market value of around US$115.9 million by 2027.
the global market for recycled glass The value is expected to reach around 5,723.6 million by 2026, growing at a CAGR of 6.0% during the forecast period 2019-2026.
the global market for recycled metal The size is expected to reach around $800 billion by 2026, growing at a remarkable CAGR of around 4.9% throughout the forecast period.
Global Recycled Carbon Fiber Market Segmentation
The recycled carbon fiber market is categorized into Type, Source, End-Use Industry, and Region. Chopped recycled carbon fiber and ground recycled carbon fiber are the bifurcations of the type segment. The source segment is further categorized into aerospace scrap, automotive scrap and others. End User Industry segment includes Automotive & Transportation, Aerospace & Defense, Sporting Goods, Consumer Goods, Marine, Industrial and others.
The large amount of scrap recovered from aircraft is fueling the growth of the aerospace scrap segment
The aerospace scrap segment dominated the largest market share in 2020 and is expected to continue its trend during the forecast period 2021-2028. Today, the aircraft industry is working to become more environmentally friendly. A circular economy replaces the conventional economic take-use-dispose model. Closed material cycles are created when products and resources are preserved, reused or recycled for as long as possible. Pratt & Whitney, for example, has set a goal to be zero-waste in all of its factories by 2025 and to recycle 100 percent of its waste. In addition, between 6,000 and 8,000 commercial aircraft are to be retired by 2030, with the high-quality carbon fiber components on board being recycled. These aspects should drive demand for the aerospace scrap industry.
Regional analysis of the recycled carbon fiber market
Strict EU regulations on the use of green products are driving demand for the European recycled carbon fiber market
Among all regions, Europe is expected to lead the market in the predicted period. Numerous governments in European countries focus on using eco-friendly products to reduce the carbon footprint. Furthermore, strategic developments, the existence of leading recycled carbon fiber companies coupled with established vehicle manufacturers and technological improvements related to recycled carbon fiber products contribute to the growth of the market in this region.
Meanwhile, the Asia-Pacific region is expected to achieve the fastest growth rate during the forecast period due to the increasing use of composite materials in the interior and exterior of the transportation industry. Furthermore, the rapid industrialization and urbanization in countries like China, India, Japan, Malaysia and South Korea are expected to expand the growth of the Asia-Pacific recycled carbon fiber market.
The recycled carbon fiber market encompasses many key players. Top players featured in the report include Alpha Recyclage 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 very competitive and hence engage in a variety of development strategies to prove their worth in the world.
For example in December 2019 – ELG Carbon Fiber Ltd. (UK) and the Institute for Railway Research at the University of Huddersfield announced a partnership to build the world’s leading carbon fiber bogie (CAFIBO). The bogie, made entirely from surplus and recycled carbon fiber components, was shown to over 100 trade visitors at the Railway Industry Association (RIA). The event, called Unlocking Innovation, took place at the University of Huddersfield.
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