|Fastest Growing Market:||North America|
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The Global Recycled Carbon Fiber Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic is affecting the Recycled Carbon Fiber market because of disruption in the supply chain. As the pandemic spread, many auto companies across the country shut down their manufacturing activities due to the nationwide shutdown. In contrast, the market is expected to expand further in 2022.
- The growing demand for recycled carbon fiber obtained from aerospace and automotive scrap is used in the production of cost-effective and lightweight materials in various end-use industries.
- High costs of production implementation are hindering the market’s growth.
- Shifting focus towards the development of low-cost products and technologies is likely to act as an opportunity in the future.
- North America region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Recycled Carbon Fiber is one of the strongest and lightest materials that is used to produce a composite material. It is used to reduce the amount of material entering landfills and saves manufacturers 30% of the cost of new carbon fiber. The waste generated from carbon fibers during the processing of dry fibers, prepreg scrap sources, and thermoset carbon fiber-reinforced composites is used to make recycled carbon fibers. The Recycled Carbon Fiber market is segmented by type, source, end-user industry, and geography. By Type, the market is segmented into Milled Recycled Carbon Fiber, Chopped Recycled Carbon Fiber, and Others. By Source, the market is segmented into Automotive Scrap, Aerospace Scrap, and Others. By End-User Industry, the market is segmented into Automotive, Aerospace and Defense, Wind Energy, Sporting Goods, and Other End-user Industries. The report also covers the market size and forecasts for the Recycled Carbon Fiber market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).
|Chopped Recycled Carbon Fiber|
|Milled Recycled Carbon Fiber|
|End- User Industry|
|Aerospace and Defense|
|Other End- user Industries|
Key Market Trends
Rising Demand for Light- weight materials in Aerospace Industry
- The increasing use of carbon fibers in aerospace industries, as well as the increased production of scrap materials containing carbon fibers, generally requires the development of new safe, and sustainable methods for recovering similar materials.
- Recycled Carbon-fiber has replaced aluminum in aircraft to improve fuel economy. Lightweight materials and structures allow military aircraft to carry more fuel and payload while in commercial aircraft, these advancements would primarily benefit lower operating costs through improved fuel efficiency.
- Lightweight materials are used to reduce greenhouse gas emissions, and the amount of waste sent to landfills. For example, The Boeing 787 was made 20% lighter and increased the fuel economy by 10-12%. In the case of the Boeing 787-9, which consumes approximately 5,400 liters of fuel per hour, and a 10% improvement in fuel economy.
- Furthermore, in June 2021, United Airlines ordered 270 narrow-body aircraft from Airbus and Boeing. The order includes 200 Boeing 737 MAX and 70 Airbus A321neo aircraft to increase domestic capacity by approximately 30%. According to Boeing, 32,270 single-aisle (narrow-body) aircraft will be delivered globally over the next 20 years.
- Airbus has set a target of recycling 95%of its carbon fiber waste by 2020-2025, with 5% recycled back into the aerospace sector.
- The fiber price is typically 40% less than the price of industrial grades of virgin fiber. Recycled fiber can thus provide comparable weight-saving benefits to virgin fiber at significantly lower part cost, making it appealing for automotive light weighting applications.
- Owing to all these factors, the market for Recycled Carbon Fiber is likely to grow globally during the forecast period.
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North America Region to Dominate the Market
- The North American region is expected to dominate the market. In the region, the United States is the largest economy, in terms of GDP. The United States and Canada are among the fastest emerging economies in the world.
- The fast-growing automotive and aerospace industries are driving the growth of the North American recycled carbon fiber market. Strategic developments, the presence of established car manufacturers, leading recycled carbon fiber manufacturers, and technological advancements related to recycled carbon fiber products all contribute to the market's growth in this region.
- The United States is the region's leader in the consumption of recycled carbon fiber, which is used by major corporations. Due to the growing demand for lightweight materials to reduce vehicle weight, the use of recycled carbon fiber in the automotive and aerospace end-use industries has increased in the region.
- In the fiscal year 2021, the United states’ automobile industry contributed around 3- 3.5% to the United States’ GDP. Since carbon fiber waste can be recovered and transformed into new products, recycled carbon fiber is an ideal material for use in a variety of industries.
- The use of recycled carbon fiber in automotive parts reduces their cost. In FY21, the total passenger vehicles production reached 9,167,214 units vehicles.
- In terms of infrastructure and manufacturing activities, the US aerospace sector is one of the largest in the world. The market is primarily driven by investments in the aerospace sector, which is supported by rising demand for aerospace sector products from both commercial and military end-users. The presence of leading industry incumbents in the US, whose manufacturing and R&D capabilities support the industry's growth, also helps the market.
- With opportunities in transportation, aerospace, industrial, and sporting goods, the future of the recycled carbon fiber market in Canada will grow significantly. The major factors driving the market are material reuse and recycling regulations, as well as the cost advantage of recycled carbon fiber over virgin carbon fiber.
- Due to all such factors, the market for Recycled Carbon Fiber in the region is expected to have a steady growth during the forecast period.
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The Recycled Carbon Fiber market is partially consolidated in nature. Some of the major players in the market include KARBOREK RCF., Procotex Corporation SA, Vartega Inc., ELG Carbon Fiber Ltd., and Shocker Composites LLC among others (not in any particular order).
- In December 2021, Apply Carbon (a subsidiary of Procotex Corp) expanded its production of recycled carbon fibers, and facilitated the integration of the recent asset deal of ELG Carbon Fiber’s (recently rebranded as Gen 2 Carbon, Coseley, U.K.) short carbon fiber business.
- In June 2020, Mitsubishi Chemical Corporation acquired two German carbon fiber recycling companies, CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT GmbH (carboNXT), through its subsidiary Mitsubishi Chemical Advanced Materials AG
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising Demand From Automotive Industry
4.1.2 Growing Demand from Wind Energy Sector in Turbine Blades
4.2.1 High Costs of Production Implementation
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.1 Chopped Recycled Carbon Fiber
5.1.2 Milled Recycled Carbon Fiber
5.2.1 Automotive Scrap
5.2.2 Aerospace Scrap
5.3 End- User Industry
5.3.2 Aerospace and Defense
5.3.3 Wind Energy
5.3.4 Sporting Goods
5.3.5 Other End- user Industries
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alpha Recyclage Composites
6.4.2 Carbon Conversions
6.4.3 Carbon Fiber Recycling
6.4.4 Carbon Fiber Remanufacturing
6.4.5 ELG Carbon Fibre Ltd.
6.4.6 KARBOREK RCF
6.4.7 Mitsubishi Chemical Holdings Corporation.
6.4.8 Procotex Corporation SA
6.4.9 SGL Carbon SE
6.4.10 Shocker Composites
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Lightweight and Cost Effective Recycled Carbon Fiber
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Frequently Asked Questions
What is the study period of this market?
The Recycled Carbon Fiber Market market is studied from 2017 - 2027.
What is the growth rate of Recycled Carbon Fiber Market?
The Recycled Carbon Fiber Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Recycled Carbon Fiber Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Recycled Carbon Fiber Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Recycled Carbon Fiber Market?
KARBOREK RCF, Procotex Corporation SA, Vartega Inc, ELG Carbon Fibre Ltd, Shocker Composites LLC are the major companies operating in Recycled Carbon Fiber Market.