Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Recycled Carbon Fiber Market by Source (Wind and Turbine Scrap, Aerospace Scrap, Others), by End Use (Automotive and Transportation, Construction, Marine, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report states that the global market for recycled carbon fiber is expected to grab $432.5 million by 2031. The market was valued at $139.0 million in 2021 and is anticipated to showcase a notable CAGR of 12.0% during the forecast year of 2022 to 2031.
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Factors influencing the growth of the market:
The global recycled carbon market is gaining momentum due to factors such as a surge in number of OEMs (Original Equipment Manufacturers), technological advancements, rise in disposable income, and an increase in usage of carbon fiber products in the automotive sector. Moreover, shortage of technical knowledge and scarcity of skilled professionals hinder the market growth to some extent. On the contrary, governments of both developed and developing economies are continuously involved in encouraging the use of eco-friendly products in several end use sectors, which offers prolific growth opportunities to the market in the upcoming years.
The aerospace scrap segment to lead the trail during the forecast period
On the basis of source, the aerospace scrap segment gained the highest market share of nearly three-fifths of the global recycled carbon fiber market in 2021 and is expected to continue its supremacy from 2022 to 2031. Also, the same segment would showcase the fastest growth with a 12.3% CAGR during the forecast period. The increasing upgrades in manufacturing latest fighter jets where carbon fiber is largely used due to its high strength and lightweight has relieved the accessibility of used carbon fiber for recycling companies from aerospace scrap. Moreover, recycling of carbon fiber from aerospace scrap has business as well as environmental benefits which is resulting in progress in a preference from pilot scale to industrial processes of recycling of carbon fiber from aerospace scrap.
The automotive and transportation segment to sustain its supremacy throughout the forecast timeframe
In terms of end use, the automotive and transportation segment generated the largest market share of more than one-third of the global recycled carbon fiber market in 2021 and is anticipated to retain its dominance from 2022 to 2031. Also, the same segment is expected to display the fastest CAGR of 12.5% throughout the forecast timeframe. Sustained economic growth has risen the requirement for reliable and faster mode of transportation where recycled carbon fiber is highly utilized in several transportation equipment due to its high-speed operation, low bending, light weight, high stiffness, and other remarkable properties. This factor is expected to accelerate the growth of the recycled carbon fiber market.
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North America to strengthen its lead position during the forecast period
The regional analysis in the report states that North America gained the largest market share in 2021, contributing to nearly two-fifths of the total market revenue and is expected to continue its supremacy throughout the forecast timeframe. The building and construction industry in the U.S. is growing rapidly, which in turn has heightened the demand for recycled carbon fiber utilized for creating pergolas, fences, columns, decks, exterior trim, door systems, and windows. Additionally, the automotive industry in Canada is expanding at a frantic pace, which will improve the performance of the recycled carbon fiber products utilized for manufacturing several automotive parts. On the other hand, Europe is estimated to showcase the fastest growth with 12.6% CAGR during the forecast period of 2022 to 2031. Germany is the favorable national-level market across the region with greater adoption of recycled carbon fiber in the automotive and transportation sector. Furthermore, the region has a robust presence of leading automobile companies like Audi, Bayerische Motoren Werke Aktiengesellschaft (BMW), and Mercedes-Benz which are constantly adding value by manufacturing advanced vehicles. This factor is anticipated to drive the growth of the recycled carbon fiber market.
Key market players:
- Gen 2 Carbon Limited
- Carbon Fiber Remanufacturing
- Sigmatex
- Vartega Inc
- Procotex
- Bcircular
- Shocker Composites, LLC
- Carbon Conversions
- SGL Carbon
- Toray Industries, Inc.
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