Recycled Materials for Mobility Applications Market Estimated to Reach $3.9 Billion by 2027 Globally, at a CAGR of 8.6%, says MarketsandMarkets™

Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Recycled Materials for Mobility Applications Market is projected to grow from USD 2.2 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 8.6% during the forecast period, as per the recent study by MarketsandMarkets™.  Recycled material is defined as material and byproducts recovered or diverted from solid waste and used in place of raw or virgin material in the manufacture of a product. It is made from post-consumer recycled material, manufacturing waste, industrial scrap, agricultural waste, and other waste, but excludes material or byproducts generated from, and commonly reused within, an original manufacturing process.

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Browse in-depth TOC on "Recycled Materials for Mobility Applications Market”

188 - Market Data Tables

59 - Figures

237 - Pages

List of Key Players in Recycled Materials for Mobility Applications Market:

1. Toray Industries, Inc., (Japan)
2. Solvay (Belgium)
3. Faurecia (France)
4. Continental AG (Germany)
5. Neste (Finland)
6. Unifi, Inc. (US)
7. Celanese Corporation (US)
8. Custom Polymers, Inc. (US)
9. Procotex (Belgium)
10. Carbon Fiber Recycling (US)
11. SGL Carbon (Germany)
12. Wellman Advanced Materials (US)
13. Others

Drivers, Restraints, Opportunities and Challenges in Recycled Materials for Mobility Applications Market:

1. Drivers: Growing awareness regarding energy savings and government responses
2. Restraints: Strong competition from virgin materials
3. Opportunity: Government regulations regarding use of environment-friendly products
4. Challenge: High costs of recycled plastics

Key Findings of the Study:

1. In terms of volume, polymer materials to hold the largest market share during the forecast period
2. In terms of value and volume, the OEMs application is expected to hold the largest market share during the forecast period
3. Europe is the second-largest region in terms of value during the forecast period

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In terms of value, the polymer materials segment accounted largest market share in 2021. In the mobility industry, the more commonly used types of polymer materials are polyurethane, polypropylene, and polyvinyl chloride (PVC). The majority of the recycled polymer materials found in vehicles are obtained from plastic bottles and caps. Recycled polymer materials are witnessing a surge in demand from the mobility industry due to the need to reduce vehicle weight and increase fuel efficiency.

The increasing demand for sustainable and environmentally friendly practices has led to a growing interest in the use of recycled materials in mobility applications. Environmental concerns, such as the depletion of natural resources, pollution, and climate change, have led to a greater focus on sustainable practices. The use of recycled materials in mobility applications can help reduce the environmental impact of these products and help mitigate these concerns. overnments and regulatory bodies are increasingly imposing regulations and standards aimed at promoting sustainable practices. These regulations often encourage or require the use of recycled materials in various products, including those used in mobility applications.

The use of recycled materials can also provide cost savings for manufacturers of mobility products. Recycled materials are often less expensive than virgin materials, and their use can reduce the overall cost of production. Many companies are also adopting sustainable practices as part of their corporate social responsibility initiatives. The use of recycled materials in mobility applications can help companies meet their sustainability goals and demonstrate their commitment to the environment. Finally, there is a growing consumer demand for sustainable products. Consumers are increasingly conscious of their impact on the environment and are looking for products that are environmentally friendly. The use of recycled materials in mobility applications can help manufacturers meet this demand and appeal to environmentally conscious consumers.

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Based on application, the OEM segment of the recycled materials for mobility applications market is projected to be the largest, in terms of value or volume, during the forecast period. Recycled materials are being used increasingly in the automotive industry for vehicle body parts. This growing demand is expected to drive the recycled materials for mobility applications market.

North America is the leading recycled materials for mobility applications market. The growing demand from Automotive sector is driving the market in the region. The European region has the presence of recycled materials manufacturers and an advanced automotive and power sector which is boosting the growth of the recycled materials for mobility applications market. 

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