Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Global Recycled Materials for Mobility Applications Market by Material Type (Polymer Materials, Composites), Vehicle Type (Passenger Cars, Commercial Vehicles), Component, Application (OEMs, Aftermarkets), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global recycled materials for mobility applications market is projected to grow from USD 2.5 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 8.6% during the forecasted period.
The recycled materials for mobility applications market is primarily driven by factors such as growing awareness regarding energy savings and government responses and increasing adoption of lightweight and sustainable materials by the automotive industry.
End-of-life materials are viewed as valuable raw materials to recycle rather than something to be discarded in this closed-loop approach. The use of recycled materials as raw material in new vehicles is one way to reduce a car's carbon footprint across its entire lifecycle, from raw material and component production to active use, disposal, and recycling. However, the preference for virgin plastics in many applications is a major concern for the market. Companies are focusing on improving the quality of recycled materials, and with the introduction of favorable regulations regarding the use of recycled plastics, the market is expected to grow significantly during the forecast period.
In terms of value, interior components accounted for the largest share of the overall recycled materials for mobility applications market
Interior component leads the market as recycled plastics are increasingly used in these components to provide impact resistance and dimensional stability. The use of plastics in interiors provides high durability, color, and esthetic appeal to automobiles. Opting for recycled plastics over virgin plastics increase waste consumption and improves the sustainability aspect of vehicles. The interiors segment includes interior door panels, interior door handles, window motors, door control modules, interior trims, seats, seat belts, car upholstery, instrument panels, hoods, and floor components and parts (carpet and other floor material).
During the forecast period, the recycled materials for mobility applications market in the passenger cars is expected to register the second-highest CAGR
The production of passenger cars has been steadily growing over the past few decades, driven by increasing demand from consumers in many countries around the world. According to data from the International Organization of Motor Vehicle Manufacturers (OICA), global passenger car production reached a total of 74.8 million units in 2020, despite the challenges posed by the COVID-19 pandemic. The growth of passenger car production can be attributed to several factors, including population growth, rising incomes, urbanization, and increased availability of financing options for consumers. Technological advances have made cars more reliable, efficient, and affordable, further contributing to the growth in production.
During the forecast period, the recycled materials for mobility applications market in North America is projected to register the highest CAGR
The automotive industry is the largest and projected to be the fastest-growing end-user of recycled materials in North America. Various companies in this region, such as Unifi, Inc., Celanese Corporation, Custom Polymers, Inc., Carbon Conversions, Carbon Fiber Recycling, SGL Carbon, and Vartega Inc., are focusing on making use of recycled materials in their products. This is expected to help the region avoid pollution caused by plastics. The uses of recycled materials for mobility applications in North America boosts the circular economy. Growing green initiatives and strict government regulations compel top automakers of this region to shift to recycled-enabled materials in car panels and their associated parts. Hence the overall recycle materials market in North America is expected to see highest growth rate during the forecast period.
Research Coverage
This report covers the global recycled materials for mobility applications market and forecasts the market size until 2027. It includes the following market segmentation - By Material Type (Polymer Materials, Composites, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component (Interiors, Exteriors, and Others), By Application (OEMs, Aftermarkets), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America) - Global Forecast to 2027.
Market Dynamics
Drivers
- Growing Awareness of Energy Savings
- Increasing Adoption of Recyclable and Lightweight Materials in Automotive & Transportation Sector
Restraints
- Strong Competition from Virgin Materials
- Lack of Technical Knowledge
Opportunities
- Favorable Initiatives to Promote Recycled Plastics in Developed Countries
- Government Regulations Regarding Use of Environment-Friendly Products
Challenges
- High Costs of Recycled Plastics
- Difficulty in Raw Material Collection
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $2.5 Billion |
| Forecasted Market Value (USD) by 2027 | $3.9 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Recycled Materials for Mobility Applications Market, by Material Type
7 Recycled Materials for Mobility Applications Market, by Vehicle Type
8 Recycled Materials for Mobility Applications Market, by Component
9 Recycled Materials for Mobility Applications Market, by Application
10 Recycled Materials for Mobility Applications Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Aries Gasification, LLC
- Autoneum Holding AG
- Carbon Conversions
- Carbon Fiber Recycle Industry Co. Ltd.
- Carbon Fiber Recycling
- Carbon Fiber Remanufacturing
- Catack-H
- Celanese Corporation
- Continental AG
- Custom Polymers, Inc.
- Domo Chemicals
- Eastman Chemical Company
- Econyl
- Faurecia
- Fresh Pak Corporation
- Gen 2 Carbon Limited
- Global Fiberglass Solutions
- Mallinda Inc.
- Miko Srl
- Neocomp GmbH
- Neste
- Procotex
- SGL Carbon
- Solvay
- Toray Industries, Inc.
- Unifi, Inc.
- Vartega Inc.
- Wellman Advanced Materials
For more information about this report visit https://www.researchandmarkets.com/r/mgi880
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