Pune, India., April 19, 2023 (GLOBE NEWSWIRE) -- According to our new research study titled "Green Carbon Fiber Market Share Report, Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Source, Application, and Geography," the market was valued at US$ 138.87 million in 2022 and is projected to reach US$ 268.01 million by 2028; it is expected to register a CAGR of 11.6% from 2022 to 2028.
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Global Green Carbon Fiber Market Growth Drivers:
- Environmental concerns: With increasing concerns about climate change and the need to reduce carbon emissions, there is a growing demand for sustainable materials. Green carbon fiber, which is made from renewable resources and has a lower carbon footprint than traditional carbon fiber, is an attractive option for many industries.
- Government regulations: Many governments around the world are implementing regulations to promote the use of sustainable materials and reduce carbon emissions. This is creating a favorable environment for the green carbon fiber market growth, as companies seek to comply with these regulations.
- Increased demand from end-use industries: The use of carbon fiber is expanding across a range of industries, including automotive, aerospace, wind energy, and sports equipment. As the demand for these products grows, there is a corresponding increase in demand for green carbon fiber market.
- Advancements in technology: As technology advances, the production of green carbon fiber is becoming more efficient and cost-effective. This is making it easier for companies to incorporate the material into their products and driving the green carbon fiber market growth.
- Investment and funding: With the growing demand for sustainable materials and the potential for significant growth in the market, there is a significant amount of investment and funding flowing into the green carbon fiber industry. This is supporting the development of new products and technologies and helping to drive the green carbon fiber market growth.
Global Green Carbon Fiber Market Recent Developments:
- New product launches: Several companies have launched new green carbon fiber products in recent years. For example, in 2020, Mitsubishi Chemical Corporation introduced a new green carbon fiber material made from bio-based feedstocks. This material has a lower carbon footprint than traditional carbon fiber and is expected to be used in a range of industries.
- Collaborations and partnerships: To accelerate the development and adoption of green carbon fiber, many companies are partnering with each other. In 2021, for example, Teijin Limited and Applied Electric Vehicles (Applied EV) announced a partnership to develop lightweight automotive components made from green carbon fiber.
- Investments and funding: The green carbon fiber market is attracting significant investment and funding. In 2020, for example, Carbon Clean Solutions, a company that produces green carbon fiber from captured carbon dioxide, raised $22.7 million in a funding round led by Chevron Technology Ventures.
- Government initiatives: Governments around the world are introducing initiatives to support the development and adoption of green carbon fiber. In 2021, the European Union launched a program to support the development of sustainable aviation fuels and materials, including green carbon fiber.
- Advancements in technology: Advancements in technology are making it easier and more cost-effective to produce green carbon fiber. For example, in 2021, researchers at MIT developed a new process for producing carbon fiber from lignin, a waste product from the paper and pulp industry. This process has the potential to significantly reduce the cost and environmental impact of producing green carbon fiber.
The green carbon fiber market in Europe is expected to register the highest CAGR during the forecast period. The automotive industry is growing significantly across various countries in Europe. According to the report by European Commission, turnover generated by the automotive industry in Europe represents 7% of the region’s total GDP. According to the 2022 report by International Energy Agency, the number of electric vehicles sold in Europe was 2.3 million in 2021 (up from 1.4 million in 2020). Additionally, the European Union mandated that 85% of vehicle materials be recyclable. Thus, the growing automotive industry, along with government regulations regarding the usage of environment-friendly products, is propelling the green carbon fiber market growth.
Moreover, manufacturers are launching vehicles with recycled carbon fiber. SGL Group and BMW, two Germany-based companies, have established a joint venture named SGL Automotive Carbon Fibers GmbH & Co. KG. The company utilizes recycled carbon fiber in various automotive components. It has utilized recycled carbon fiber for the roof of the i3 electric drive and i8 plug-in hybrid cars. Furthermore, of the total CFRP parts used in the BMW I series, 10% are recycled carbon fiber.
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Key Strategic Developments by Green Carbon Fiber Manufacturers to Provide Lucrative Growth Opportunities to Green Carbon Fiber Market Players:
The growing focus of market players on strategic activities such as collaborations and acquisitions is supporting the growth of the green carbon fibers market. For instance, in 2021, Procotex Corporation acquired ELG Carbon Fiber. With this acquisition, the company aims to produce improved carbon fiber and feedstock capacities. In December 2019, The Institute for Railway Research at the University of Huddersfield and ELG Carbon Fiber Ltd. (UK) collaborated to produce the world's first CAFIBO (carbon fiber bogie).
Green carbon fiber manufacturers use strategies such as collaborations, mergers and acquisitions, and expansions to stay competitive in the market. In 2020, Mitsubishi Chemical Corporation acquired two Germany-based carbon fiber recycling companies, CFK Valley Stade Recycling GmbH & Co. K.G. (CFK) and carboNXT GmbH (carboNXT), through its subsidiary Mitsubishi Chemical Advanced Materials AG. Hence, such strategic initiatives are expected to generate new opportunities for the green carbon fiber market growth over the forecast period.
Global Green Carbon Fiber Market: Segmental Overview
Based on type, the green carbon fiber market is bifurcated into chopper recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held a larger share of the market in 2022. Milled recycled carbon fiber is made by grinding chopped fiber into a powder (milled) form. The usual length of milled recycled carbon fiber is 80–100 micrometers. These fibers offer electrostatic dissipation and strength. It has short strands of recycled carbon fiber and is commonly available in powdered form.
Based on source, the green carbon fiber market is segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment is expected to register the highest CAGR during the forecast period. Recycled carbon fibers can be obtained from ~40–60% scrap volume from manufacturing automotive carbon fiber-reinforced plastic (CFRP). Using recycled carbon fiber can help automotive manufacturers achieve more mileage from the vehicle. The demand for molding smaller automotive parts that can be made from fiber-reinforced polymers (FRP), natural fiber composites, and hybrids is expected to increase in the coming years. Further, carbon fiber reclaimed from automotive scrapped parts creates advanced materials. These materials are used to manufacture new, high-performance parts for aircraft and automobiles.
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Based on application, the green carbon fiber market is segmented into aerospace, automotive, wind energy, sporting goods, and others. The wind energy segment is expected to register the highest CAGR during the forecast period. The installations of wind turbines are growing due to the rising demand for utilizing renewable resources. Wind turbine manufacturers are now targeting to produce longer and more efficient blades. Polymers reinforced with virgin carbon fibers (VCF) are being used to make spar caps of wind turbine (WT) blades, and polymers reinforced with glass fibers (GF) is used to make skins of the blade components.
Impact of COVID-19 Pandemic on Green Carbon Fiber Market:
The COVID-19 pandemic adversely impacted the global economy and slowed down the growth of various industries. The shutdown of multiple manufacturing plants and factories in leading regions such as North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa hindered the global supply chain and disrupted the manufacturing, delivery schedules, and sales of various goods. Further, many companies announced possible delays in product deliveries and a slump in future sales of their products during the pandemic. In addition, the global travel bans imposed by countries in Europe, Asia Pacific, and North America adversely affected business collaborations and partnership opportunities.
Global Green Carbon Fiber Market: Competitive Landscape:
Procotex Corp SA, Vartega Inc, Sigmatex (UK) Ltd, Shocker Composites LLC, Carbon Conversions Co, SGL Carbon SE, Toray Industries Inc, Gen 2 Carbon Ltd, Catack-H Co Ltd, and Innovative Recycling are among the players operating in the green carbon fiber market. These players are focusing on new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies in the world helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.
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