Thursday, 01 June 2023 04:57 GMT

Recycled Carbon Fiber Market May Cross $278 Million by 2028| MarketsandMarkets™

(MENAFN- Market Research HUB) The report "Recycled Carbon Fiber Market by Type (Chopped, Milled), Source (Aerospace Scrap, Automotive Scrap), End-use Industry (Automotive & Transportation, Consumer goods, Sporting Goods, Aerospace & Defense), & Region - Global Forecast to 2028", is estimated to grow USD 172 million in 2023 and is projected to reach USD 278 million by 2028, at a CAGR of 10.0% from 2023 to 2028. The recycled carbon fiber market is growing due to the rise in the demand for high-performance and lightweight materials, cost-effectiveness, 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.

The chopped recycled carbon fiber segment dominated the market in terms of value in 2022. Chopped recycled carbon fiber offers high-performance properties such as high strength and modulus, low density, dimensional stability, and low thermal expansion. It also offers cost-saving benefits.

Aerospace scrap accounts for a major share of the recycled carbon fiber market in 2022.

Aerospace scrap is the major source for producing recycled carbon fiber. The aerospace industry consumes high volumes of virgin carbon fiber for manufacturing various composite parts. Thus, this industry is the main source of scrap carbon fiber for recycled carbon fiber manufacturers. Aircraft manufacturers have undertaken several initiatives toward eco-friendly management in discarding end-of-life aircraft. For instance, Boeing partnered with Gen 2 Carbon to supply its composite scrap to the company. The company encourages using recycled composite components and reusing fibers from recycled composite scrap to manufacture aerospace composite parts.

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Automotive & transportation to be the largest end-use industry in the global recycled carbon fiber market in terms of value and volume

The automotive & transportation end-use industry dominated the global recycled carbon fiber market in 2022. Recycled carbon fiber is used in chassis panels, floors, roof panels, spare wheel wells, and boot or bonnet inners, among other automotive parts. It is also used in the complex interior or exterior components of trains.

Asia Pacific is witnessing exceptional growth during the forecast period in the recycled carbon fiber market

The growth of the recycled carbon fiber market in the Asia Pacific is driven by the increasing consumption in aerospace & defense, consumer goods, automotive & transportation, construction & infrastructure, and industrial sectors. The market in these end-use segments is led by China, Japan, South Korea, and other countries. Due to continuous technological advancements, the demand for lightweight and high-strength materials is increasing, leading to developments in the Asia Pacific recycled carbon fiber market. The growing electric vehicle market is among the key factors fostering the demand for recycled carbon fiber in transportation applications. The continuous rise in technologically advanced electronic product manufacturing in the region has resulted in high demand for high-strength and lightweight electronic products. The rising demand for technologically advanced electronic products has led to innovations and developments in the Asia Pacific electronics industry.

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The major players in the recycled carbon fiber market are Toray Industries, Inc. (Japan), Alpha Recyclage Composites (France), Mitsubishi Chemical Group (Japan), Gen 2 Carbon Limited (UK), Carbon Conversions, Inc. (US), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Procotex (Belgium), Carbon Fiber Remanufacturing (US), CATACK-H (South Korea) and others.

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