New York , Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global recycled carbon market size is projected to grow at a CAGR of over 15% from 2024 to 2036. The market is expected to garner a revenue of USD 552 million by the end of 2036, up from a revenue of USD 140 million in the year 2023. The major factor influencing the growth of the market is growing emission of carbon dioxide. In 2021, globally, carbon dioxide emissions from industry and fossil fuels amounted to over 36 billion metric tonnes (GtCO₂). In 2022, emissions are expected to have increased by approximately 0.8 percent to above 36 GtCO₂, the highest amount ever recorded.
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However, studies indicate that cutting emissions of greenhouse gases alone is unlikely to be enough to stabilize the climate by 2050. Massive volumes of carbon dioxide from the environment will also need to be eliminated. Although some carbon dioxide is naturally stored by trees, soils, and oceans, human activity produces around 4 times as much as the environment can handle. Therefore, there is an increasing need for technology that either locks carbon dioxide away in long-lasting products or reuses it to reduce the need for fossil fuels. As a result, the market demand for recycled carbon is growing.
Recycled Carbon Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Chopped segment to garner the highest growth
- Market in North America region to grow at a highest rate
Growing Use of Plastic to Boost the Growth of Global Recycled Carbon Market
The use of plastic is growing rigorously hence plastic pollution. Approximately 7 to 10 million metric tons of plastic waste enter the ocean annually, accounting for about 79% of all marine pollutants. Hence, there is a growing urge to adopt recycled carbon to produce plastic. Fossil fuels are employed to make plastics. However, using fossil fuels to produce plastics is a carbon disaster. Massive volumes of greenhouse gases, primarily CO2, are released during the extraction, transportation, manufacturing, and disposal phases of the plastics life cycle. However, Bio-based plastics are carbon neutral since over its lifetime, each plant takes in the same amount of CO2 as it releases during combustion or decomposition. Hence, the demand for recycled carbon process in plastic industry is surging.
Recycled Carbon Industry: Regional Overview
The global recycled carbon market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Urban Population to Drive the Growth of the Market in Asia Pacific
The Asia Pacific market for recycled carbon is projected to capture the largest market share of about 38% over the forecast period. The major factor to drive the market expansion in this region is rising urban population. Nearly 2.2 billion people, or 54% of the world's metropolitan population, living in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents. Therefore, the construction activities is also projected to rise. However, the construction industry uses large amount of plastic. Hence, the deployment of recycled carbon is rising over the coming.
Growing Production of Aerospace to Drive the Market Expansion in North America
The recycled carbon market in North America is estimated to capture the significant share of about 32% over the coming years. The growth of the market in this region could be on account of growing production of aircraft. According to expectations, there were additionally aircraft in the US in 2021 of about 204,404 total aircraft were in the general aviation fleet. The adoption of carbon fiber with the production of aircraft is also poised to grow. Therefore, the use of recycled carbon is surging in order to reduce carbon footprint in this region.
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Recycled Carbon Segmentation by Type
- Milled
- Chopped
The chopped segment is expected to gather the largest market share of about 53% over the coming years. This growth of the segment is set to be dominated by growing production of automotive. Global automobile production climbed to approximately 84 million in 2022 from 2021, an about 4% rise.
Recycled Carbon Segmentation by End-User
- Automotive & Transportation
- Consumer Goods
- Sporting Goods
- Industrial
- Marine
- Aerospace & Defense
The automotive & transportation segment is projected to capture the largest market share of about 36% over the forecast period. The growth of this segment is poised to rise on account of rising demand for automotive. The total amount of automobiles sold worldwide increased from roughly 64 million in 2021 to roughly 65 million in 2022.
A few of the well-known market leaders in the global recycled carbon market that are profiled by Research Nester are Vartegalnc, Gen 2 Carbon Limited, Unilever plc, Novels Inc, Carbon Conversions Inc., and others.
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Recent Development in the Market
- On August 22, Vartega Inc. unveiled a new composites recycling plant that should enable ten times as much processing and recycling of composite materials.
- On September 2022, major cleaner and laundry product manufacturer Unilever said that it will use only recycled or renewable carbon in place of all the carbon derived from fossil fuels in the formulation of its cleaning and laundry products.
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