Chicago, May 27, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Recycled Carbon Fiber Market by Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), Source (Aerospace Scrap, Automotive Scrap), End-use Industry and Region (North America, Europe, APAC, MEA and Latin America) - Global Forecast to 2026”, the global Recycled Carbon Fiber Market size is projected to grow from USD 126 million in 2021 to USD 222 million by 2026, at a CAGR of 12.0% during the forecast period. The recycled carbon fiber market is growing due to the rise in the demand for cost-effective and high-performance materials, and stringent government regulations globally.
Recycled carbon fiber is a high-performance fiber that is obtained from manufacturing waste and scraps from composite products. It has properties similar to virgin carbon fiber. For instance, its modulus is in a similar range as that of virgin carbon fiber. Even if the tensile strength of recycled carbon fiber reduces by 10% to 20% while processing, it still offers high-performance properties similar to virgin carbon fiber.
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Developed countries including Germany, the US, and Japan are focusing on increasing the use of environment-friendly products instead of petroleum-based products. Regulatory legislation imposed by the EU and other countries such as the US, India, and Japan are expected to increase the use of recycled carbon fiber, primarily in the automotive & transportation end-use industry. The EU legislation sets mandatory emission reduction targets for new cars for improvements in fuel economy and the reduction of CO2 emissions.
The US has also imposed stricter Corporate Average Fuel Economy (CAFE) and tailpipe emission standards for the automobile sector. The proposed mandate raised CAFÉ standards to 39 mpg for passenger cars by 2016 and 54.5 mpg by 2025. China and Japan have also announced vehicle fuel economy regulations. Brazil, India, Mexico, and South Africa are expected to initiate similar measures in the near future. However, the demand for recycled carbon fiber witnessed declining trend in last one year due to ongoing crisis of COVID-19. With steady economic recovery, growing demand from end-use industries, the demand for recycled carbon fiber will also rise during the forecast period.
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258 - Tables
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Increased demand for recycled carbon fiber from automotive & transportation end-use industry to drive the growth of the market
Recycled carbon fiber is the carbon fiber obtained from manufacturing waste and end-of-life composite components. It is also known as reclaimed carbon fiber, recovered carbon fiber, or upcycled carbon fiber. Pyrolysis and solvolysis manufacturing techniques are used to recover carbon fiber from scrap. This fiber is compatible with both, thermoplastic and thermoset resins. It can be mixed with virgin fiber to form composite structures. Automotive & transportation is among the most prominent end-use industries for obtaining carbon fibers for reuse. Automotive OEMs have taken initiatives to recycle high-grade carbon fiber-based components used in manufacturing automotive components. Lack of technical knowledge and composite availability, interrupted supply chain, and reduced demand from end-use industries due to the COVID-19 pandemic are the major factors inhibiting the market growth. However, the demand for recycled carbon fiberwould show recovery with the recovery in demand from end-use industries. The global recycled carbon fiber market size is expected to grow from USD 126 million in 2021 to USD 222million by 2026, projecting a CAGR of 12.0% during the forecast period between 2021 and 2026.
Companies operating in the recycled carbon fiber market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers& acquisitions from 2015-2020. For instance, ELG Carbon Fibre collaborated with Railway Research and developed the world’s first carbon fiber bogie (CAFIBO), in December 2019.
Scope of the Recycled Carbon Fiber Market:
| Report Metrics | Details |
| Market size available for years | 2017-2020 |
| Base year considered | 2020 |
| Largest Market | Asia Pacific |
| Forecast Period 2022-2026 CAGR | 12.0% |
| Estimated Year Market Size | USD 126 million |
| Forecast Year Market Size | USD 222 million |
| Forecast period | 2021–2026 |
| Segments covered | Type, Source, End-use Industry, and Region |
| Geographies covered | Europe, North America, Asia Pacific, Middle East & Africa, and Latin America |
| Companies covered | Toray Industries, Inc. (Japan), SGL Carbon SE (Germany), ELG Carbon Fibre Ltd. (UK), Procotex Corporation SA (Belgium), Karborek Recycling Carbon Fibers (Italy), Vartega Inc. (US), Carbon Conversions Inc (South Carolina), Carbon Fiber Recycling, Inc. (US), Shocker Composites LLC (US), Alpha Recyclage Composites (France). |
Asia Pacific to be the second-fastest-growing region in the recycled carbon fiber market during the forecast period
The growth of the recycled carbon fiber market in the Asia Pacific is driven by the increasing consumption in the wind energy, construction & infrastructure, aerospace & defense, consumer goods, automotive & transportation, and industrial sectors. The market in these end-use segments is led by China, Japan, and South Korea, and other countries. Due to continuous technological advancements, the demand for lightweight and high-strength materials is increasing. The high economic growth in these countries, along with high urbanization, industrialization, and increased standards of living also play a crucial role in the adoption of fuel-efficient, cost reducing machinery, thus promoting the need for fuel-efficient automobiles as well.
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Key Players covered in Recycled Carbon Fiber Market:
- Toray Industries Inc. (Japan)
- ELG Carbon Fibre Ltd. (UK)
- SGL Carbon (Germany)
- Karborek Recycling Carbon Fibers (Italy)
- Carbon Conversions Inc. (US)
- Carbon Fiber Recycling, Inc. (US)
- Shocker Composites LLC. (US)
- Procotex Corporation SA (Belgium)
- Alpha Recyclage Composites (France)
- Carbon Fiber Remanufacturing (US)
- Vartega Inc. (US)
Toray Industries is a worldwide manufacturing, processing, and sales multinational corporation company specializing in industrial products which have applications in organic synthetic chemistry, polymer chemistry, and biochemistry. The company is one of the prominent producers of carbon fiber in the world and offers carbon fibers, carbon prepregs, carbon fabrics, and molded products. It has manufacturing and research facilities in North America, Latin America, Europe, Africa, and Asia. Toray Industries operates through six business segments, namely, fibers & textiles, performance chemicals, environment & engineering, carbon fiber composite materials, life sciences, and others. The company operates its carbon fiber and CFRP businesses through its carbon fiber composite materials business segment.
SGL Carbon is one of the leading manufacturers of carbon-based products and materials which are utilized in the aerospace, defense, automobile, solar power, and wind energy industries. The company manages its business through the graphite materials & systems and composites, fiber & materials, and corporate units. The company manages its carbon fiber and CFRP businesses through its carbon fiber and composite materials, and aerostructure business units under the composites-fibers & materials segment. It has 31 manufacturing facilities in North America, Europe, and Asia, and operates in more than 100 countries.
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