Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Recycled Carbon Fiber Market by Source, End-use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The recycled carbon fiber market was valued at $139.0 million in 2021 and is estimated to reach $432.5 million by 2031, exhibiting a CAGR of 12% from 2021 to 2031.
Recycled carbon fiber is a product obtained from reclamation of fibers from carbon fiber-reinforced composites (CFRC). Recycled carbon is prized for its durability, strength, stiffness, and light-weighing qualities it brings to products. It is especially useful in sports equipment, electronics, automotive, and aerospace end uses.
Growing population has led the building & construction sector to witness a significant growth where recycled carbon fiber is widely used for constructing windows, door systems, exterior trim, decks, columns, fences, and pergolas. For instance, according to a report published by International Trade Administration, China's construction industry is projected to grow at an annual average rate of 8.6% from 2022 to 2030. This may propel the demand for recycled carbon fiber in the growing construction sector during the forecast period.
In addition, government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where recycled carbon fiber is increasingly used in constructing buildings and structures.
For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. This event has fueled the demand for recycled carbon fiber market in building & construction sector.
Furthermore, aerospace & defense sectors are the primary drivers for growth and development in the recycled carbon fiber market. Aerospace industry has strict performance product requirements for end uses in commercial aircrafts, engines, satellites, helicopters, and launchers. Thus, low tow recycled carbon fibers are employed in aerospace end uses.
Structural materials in aircrafts such as paneling interiors are made using recycled carbon fiber products. Recycled carbon fiber materials possess mechanical properties such as high tensile strength, impact resistance, reliability, fuel efficiency, and temperature resistance, which make them ideal for use in aerospace industry. High R&D activities are carried out for process improvements in the methods applicable for production of CFRP materials for aerospace industry.
Companies such as Airbus and Boeing and their long-term production schedules, the demand for recycled carbon fiber is further projected to grow in aerospace industry. In addition, new properties of recycled carbon fiber are discovered as a result of heavy R&D activities, which increases the end use of recycled carbon fiber materials in the industry. Flexing property of recycled carbon fiber is now employed for production of wing systems, increasing the use of recycled carbon fiber materials in aerospace end uses.
However, lack of technical knowledge and requirement of skilled workforce in recycling of carbon fiber may restrain the growth of the recycled carbon fiber market during the forecast period. On the contrary, recycling of carbon fiber produces little or no VOCs, which in turn has increased the potential applications of recycled carbon fiber among several end use sectors. This is anticipated to increase the demand for recycled carbon fiber; thus, creating lucrative opportunities for the market.
The global recycled carbon fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Key Market Insights
- By source, the aerospace scrap segment is the fastest growing segment, registering a CAGR of 12.3% from 2022 to 2031.
- By end use, the automotive and transportation segment is the fastest growing segment, registering a CAGR of 12.5% from 2022 to 2031.
- By region, North America registered the highest share of more than 35.0% in 2021, in terms of revenue, growing at a CAGR of 12.1% during the forecast period.
Market Dynamics
Drivers
- Escalating demand from building & construction sector
- Surge in demand from automotive sector
- Robust demand from aerospace & defense sector
Restraints
- Lack of technical knowledge and skilled professionals
Opportunities
- Favourable government policies for the use of eco-friendly products
The global recycled carbon fiber market profiles leading players that include
- Toray Industries, Inc
- SGL Carbon
- Carbon Conversions
- Shocker Composites, LLC
- Bcircular
- Procotex
- Vartega Inc
- Sigmatex
- Carbon Fiber Remanufacturing
- Gen 2 Carbon Limited
Key Market Segments
By Source
- Wind and Turbine Scrap
- Aerospace Scrap
- Others
By End Use
- Automotive and Transportation
- Construction
- Marine
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/ltxqor
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