Dublin, May 26, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The recycled carbon fiber market 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. These material features excellent properties such as high strength and modulus, low density, dimensional stability, and low thermal expansion.
The demand for high-performance, cost-efficient, and eco-friendly materials drives the market for recycled carbon fiber. However, a lack of technical knowledge related to the manufacturing of recycled carbon fiber is a major factor inhibiting market growth. This fiber faces tough competition from E-glass and S-glass fibers, among other low-cost mature products, further restraining market growth.
Chopped type is the dominated segment in the recycled carbon fiber market in terms of both value and volume in 2022.
Chopped recycled carbon fiber is suitable for various compounding processes and industrial mixing such as injection molding. It exhibits good electrical conductivity, low density, less thermal expansion, no corrosiveness, and excellent free-flowing characteristics. It can be used in low- and high-temperature applications and for manufacturing electrically conductive materials. It is 3-100 millimeters long and has applications in the aerospace & defense, automotive & transportation, and wind energy end-use industries.
Automotive scrap source is the second highest segment in recycle carbon fiber market in terms of both value and volume.
Automotive OEMs focus on stringent laws implemented by governments worldwide, placing restrictions on waste disposal in landfills. Developed countries, including Germany, the US, and Japan, are widely using eco-friendly products. The EU has mandated that 85% of the materials used in vehicles need to be recycled. They offer their carbon fiber-based scrap products for recycling. Recycled automotive scrap is used in various end-use industries to manufacture low-cost and high-performance products. The reclaimed carbon fiber from automotive scrap has properties similar to virgin carbon fiber, with the strength of the fiber reduced by small variations.
Consumer goods end-use industry to be the second largest in recycled carbon fiber in terms of both value and volume.
Consumer goods were the second-largest market in 2022 and are anticipated to grow significantly during the forecast period with a CAGR of 10.4% (in terms of value). Recycled carbon fiber provides electrical conductivity and antistatic characteristics to polymer compositions and coatings used in microelectronics products. Due to their improved mechanical properties, carbon fiber resin additions of 10-60% can assist in reducing the weight or thickness of plastic components.
In addition, the electric conductivity of carbon fiber provides additional performance to plastic material to prevent static load and offer a shield from electromagnetic interference. Due to its performance advantages, recycled carbon fiber is more frequently used in plastic composites for electronics, including notebook PCs, LCD projectors, camera bodies, and lenses. For instance, Dell Computers buys products from Gen 2 Carbon (previously ELG Carbon Fiber) to make its laptop cases.
North America is the second-highest dominating region in recycled carbon fiber market in terms of both value and volume.
North America is a prominent market for recycled carbon fiber due to the demand from the aerospace & defense sector. This demand from aerospace & defense, automotive & transportation, consumer goods, and other end-use industries is expected to increase due to product innovations and technological advancements.
The presence of established market players such as Carbon Conversions (US), Automotive & Transportation Recycling, Inc. (US), and Shocker Composites LLC. (US), contributes to market growth. These players have undertaken numerous agreements and expansions to cater to the increasing demand for recycled carbon fiber from various end-use industries.
For instance, the automotive & transportation recycling (US) has built a facility in Tazewell, Tennessee, with a capacity to recycle up to 2,000 tons of automotive & transportation scrap per annum.
Market Dynamics
Drivers
- Regulations on Eco-Friendly Products
- Increasing Demand for Carbon Fibers from the Composites Industry
- Waste Reduction to Protect the Environment
- Developing Eco-Friendly Carbon Fibers from Composites
Restraints
- Lack of Technical Knowledge
- Use of Economic Products
- Test Procedures for Recycled Carbon Fiber Composites
Opportunities
- Use of Recyclable and Lightweight Materials in Automotive & Transportation Sectors
- Rising Demand for Recycled Carbon from Emerging Markets
- Increased Use of Recycled Carbon Fiber in the Aerospace Sector
Challenges
- Promoting Recycled Carbon Fiber for Commercial Applications
- Low Availability of Composite Waste
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $172 Million |
| Forecasted Market Value (USD) by 2028 | $278 Million |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Recycled Carbon Fiber Market, by Type
6.1 Introduction
6.2 Chopped Recycled Carbon Fiber
6.2.1 Used in Industrial Mixing and Compounding
6.3 Milled Recycled Carbon Fiber
6.3.1 Offers Good Dimensional Stability and Electrical Conductivity
7 Recycled Carbon Fiber Market, by Source
7.1 Introduction
7.2 Aerospace Scrap
7.2.1 Recycling Initiatives by Aircraft Manufacturers to Drive Market
7.3 Automotive Scrap
7.3.1 Stringent Regulations to Fuel Demand for Recycling Scrap
7.4 Other Scrap
8 Recycled Carbon Fiber Market, by End-use Industry
8.1 Introduction
8.2 Automotive & Transportation
8.2.1 Use of Recycled Carbon Fiber in Automotive Parts to Propel Market
8.3 Consumer Goods
8.3.1 Use of Recycled Carbon Fiber in Plastic Composites to Drive Market
8.4 Sporting Goods
8.4.1 Resistance to Corrosion to Fuel Demand for Recycled Carbon Fiber in Sporting Goods
8.5 Industrial
8.5.1 Use of Recycled Carbon Fiber in Industrial Applications to Fuel Market Growth
8.6 Aerospace & Defense
8.6.1 Increased Use of Recycled Carbon Composites in Commercial Aircraft to Drive Market
8.7 Marine
8.7.1 Resistance to Environmental Conditions to Fuel Demand for Recycled Carbon Fiber
8.8 Other End-use Industries
9 Recycled Carbon Fiber, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Alpha Recyclage Composites
- Asahi Kasei
- Bcircular
- Carbon Conversions
- Carbon Fiber Recycle Industry Co. Ltd.
- Carbon Fiber Recycling
- Carbon Fiber Remanufacturing
- Catack-H
- Fairmat
- Gen 2 Carbon Limited
- Mallinda Inc.
- Mitsubishi Chemical Group Corporation
- Procotex
- Rymyc S.R.L.
- Shocker Composites, LLC.
- Sigmatex
- Teijin Carbon Europe GmbH
- Thermolysis Co. Ltd.
- Toray Industries, Inc.
- Vartega Inc.
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