Fort Collins, Colorado, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The Recycled Carbon Fiber Market size was valued at USD 163.2 Million in 2022 and is anticipated to reach USD 519.7 Million by 2032 at a CAGR of 12.4%.
Carbon fiber recycling involves creating fibers from carbon fiber-reinforced composites. There are two types of carbon fiber waste: virgin offcuts generated from dry fiber and expired material and recycled carbon fiber. The recycled carbon fiber is utilized to manufacture high-performance parts for various sectors such as building & construction, aerospace & defense, and automotive & transportation.
Due to the increasing population in developed and developing economies like the U.S., China, and India, urbanization has risen. This has increased government spending on building and construction to develop various infrastructure projects. Additionally, the growth of water supply, sanitation, urban transport, schools, and healthcare has further aided the building and construction sector.
Carbon fiber products are increasingly used in the automotive industry for their high strength-to-weight ratio and corrosion resistance. This material replaces metal in various automotive end uses, primarily to reduce fuel consumption. Recycled carbon fiber is a better option than traditional materials such as steel and aluminum as it offers higher weight savings, resulting in better fuel economy. Lightweight products are essential for vehicle manufacturers to meet their obligation of reducing the average energy consumption of vehicles.
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Segmentation Overview:
The global recycled carbon fiber market has been segmented into type, recycling method, source, end-use, and region. The aerospace segment dominated the recycled carbon fiber market in 2022 due to using carbon fiber-reinforced composites, which are lighter, stronger, and more durable, in manufacturing aerospace components. The Automotive and transportation segment had a significant market share due to the increased demand for eco-friendly and tougher automotive materials.
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Recycled Carbon Fiber Market Report Highlights:
- The global recycled carbon fiber market growth is anticipated at a CAGR of 12.4% by 2032.
- Carbon fiber recycling involves creating fibers from carbon fiber-reinforced composites, which are used to manufacture high-performance parts for various sectors. Recycled carbon fiber offers higher weight savings than traditional materials such as steel and aluminum, resulting in better fuel economy.
- North America is likely to account for a significant market share in the forthcoming years owing to the high demand for recycled carbon fibers from the construction sector in this region.
- Some prominent players in recycled carbon fiber market report include Toray Industries, Inc., Gen 2 Carbon Limited, Carbon Conversions, Inc., Carbon Fiber Recycling, Teijin Limited, Shocker Composites, LLC., Procotex, Carbon Fiber Remanufacturing, Alpha Recyclage Composites, Vartega Inc., Mitsubishi Chemical Group, Sigmatex and CATACK-H.
Industry Trends and Insights:
- The MANIFICA project, which comprises PAPREC, VESO Concept, Toray CFE, and the University of Bordeaux, has set forth plans to establish a recycling sector for composite materials by 2023.
- Ascendis Pharma has entered into a licensing agreement with Teijin Limited to develop and market TransCon hGH, TransCon PTH, and TransCon CNP, which are intended for rare endocrine diseases in Japan.
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Recycled Carbon Fiber Market Segmentation:
By Type: Chopped and Milled
By Source: Aerospace Scrap, Automotive Scrap, and Others
By End-use: Automotive & Transportation, Construction, Marine, Industrial and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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