Austin, July 22, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report estimates the Recycled Carbon Fiber Market Size at USD 163.3 Million in 2023, with a Projected CAGR of 11.7% to Reach USD 464.02 Million by 2032.
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Market Overview
The rise in the use of sustainable business practices and products, and demand for green materials in industries such as automotive and aerospace, would act as a direct stimulant for the growth of the Recycled Carbon Fiber market. Better technologies for recycling and government pressures for a reduced carbon footprint are forcing innovation and growing applications. The expectation is that closer cooperation between recycling facilities and manufacturing plants will see more products having recycled carbon fiber integrated into them as the market matures and a circular economy takes hold. One such breakthrough was in 2023 when Boeing, the premier aerospace manufacturer, announced a deal with Carbon Conversions, a leading firm in the recycled carbon fiber industry, to use the former in their aircraft manufacturing process. This partnership proves that it is becoming popular among big ventures and high-performance industries. On the other hand, another event that could add weight to its viability and sustainability is BMW's announcement in 2022 of introducing recycled carbon fiber into their new models of electric vehicles.
Recycled Carbon Fiber Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 163.3 million |
| Market Size by 2032 | USD 464.02 million |
| CAGR | 11.7% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Market Dynamics
Drivers:
- Rise in Demand for Lightweight Materials
The need in the automotive and aerospace industries is on the rise for recycled carbon fiber with improved properties in strength-to-weight ratio, better fuel efficiency, and performance.
- Advancing Technologies for Recycling
Better processes make carbon-fiber recycling more cost-effective and efficient, hence pushing up its market applications.
Restraint
- High Cost of Recycling Processes
Even after technological process improvements, the cost of recycling carbon fiber remains exorbitantly high, hence hindering its applicability in cost-conscious industries.
Opportunities:
- Rising Demand for Green Products
Growing level of environmental regulations and consumer preference towards sustainable products give way to a good market in favor of recycled carbon fiber.
- Growing Demand in New Applications
Potential growth in industries such as sports equipment and consumer goods opens new opportunities for the utilization of recycled carbon fiber.
Trend:
- Increased R&D Investments in Recycling
Research and Development in recycling technologies continue to make production methods of recycled carbon fiber more efficient and scalable.
Segment Analysis
By end-use industry, the automotive & transportation segment dominated the recycled carbon fiber market and held more than 39% of the market share of the recycled carbon fiber market. Sustained economic growth surged the need for faster and more reliable modes of transportation. Recycled carbon fiber is often applied in transportation equipment where light weight, high stiffness, low bending, and high speed are required. Hence, it may act as one of the key drivers responsible for the recycled carbon fiber market growth.
Recent Developments
February 2024: Thermolysis introduced at the JEC World a new range of fully recyclable products from recycled carbon fibre. The RCF brand is zero-waste, operating with processed recycled fibres in very strong yet light bicycle accessories, such as fenders, light stands, and seats.
October 2023: Apply Carbon initiated a mass production facility for recycled carbon. With a capacity of 4000 metric tons, Apply Carbon has completed the fully automated task regarding a production plant for recycled carbon fiber.
July 2023: The US Department of Energy opened a wind turbine materials recycling contest. This can economically recycle most of the wind turbine materials, from fiberglass to carbon fiber.
Regional Analysis
In 2023, the Europe region dominated this market with a revenue share of about 40% due to stringent environmental rules and a high sustainability culture. The regulatory framework of the European Union encourages the use of recycled materials in all sectors, particularly in the industries of automotive and aerospace. Germany is making immense headway as the country has large automobile companies like BMW and Audi incorporate recycled carbon fiber into their productions. This, besides contributing to reducing carbon emissions within the region, also significantly increases market expansion through circular economy practices.
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Key Takeaways:
- The automobile sector is one of the large propellers for the recycled carbon fiber market. This industry has a vision for lightweight and sustainability.
- Geographically, the largest market share is held by Europe because of its strict environmental regulations and emphasis on sustainability.
- The advancement in technology regarding recycling processes improves the quality and performance of the obtained recycled carbon fiber.
- Joint ventures and collaborations between key market players accelerate the use of recycled carbon fiber for high-performance applications.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Recycled Carbon Fiber Market Segmentation, By Type
8. Recycled Carbon Fiber Market Segmentation, By Source
9. Recycled Carbon Fiber Market Segmentation, By Recycling Method
10. Recycled Carbon Fiber Market Segmentation, By End Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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