According to a recent study done by FMI, the recycled carbon fiber market is expected to reach US$ 3.91 billion by 2032, up from US$ 1.26 billion in 2021, expanding at a high CAGR of 11.8%. This study explains how recycled carbon fiber price is directly proportional to increasing concerns over climate change and awareness around the use of biodegradable products.
As the demand for pro-performance, eco-friendly and energy-efficient products increases, the consumption of recycled carbon fiber is higher than ever. Countries like US, Germany and Japan are investing more in the research and development projects for recycled carbon fiber.
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Factory shutdown, closed supply chains, and brutally damaged end-use industries restrict the recycled carbon fiber market. The damage done by covid-19 to the aerospace market has led to a steep decline in recycled carbon fiber.
Not enough awareness about the use of recycled carbon fibers in manufacturing units of multiple products. The number of manufacturing skills one requires to retain the mechanical traits of virgin carbon fiber and produce recycled carbon fiber is very crucial.
European Union has allocated 85% of the materials used in manufacturing vehicles to be recyclable, as this recycled carbon fiber is the ideal material for transforming industries. This way, these industries produce eco-friendly, biodegradable and green products.
“The major challenge with the recycled carbon fiber market is the lack of composite waste and other scrap material availability. The ability to decrease erosion and increase the durability of products. Gaining higher volumes for the recycling processes of carbon fiber.”
Key Takeaway
- The increasing demand for lightweight materials to reduce the weight of the vehicle is also augmenting the demand for recycled carbon fiber applications.
- Europe holds the biggest portion in the global recycled carbon fiber market. The excessive growth in this region is attributed to the continued strategic development of the new-gen vehicle. The countries in Europe are initiating plats to transform the carbon fiber waste into products.
- On the basis of type, the chopped recycled carbon is in the highest demand in terms of value and volume, as it is used in multiple industrial mixing, injection modeling and other compounding processes. Recycled carbon fiber ltd and other companies like this do the work for you.
- Based on source, the aerospace scrap holds and supplies the most significant amount of scrape to the recycled carbon fiber industries that further produce products formed through these materials. E.g., the Pyrolysis carbon fiber global recycled carbon fiber market is segmented by type, source and end-use industries and further divided into small segments.
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Competitive Landscape
The major carbon fiber recycling companies are dominated by SGL Carbon SE, ELG Carbon Fibre Ltd, Procotex Corporation SA, Vartega Inc, Carbon Conversions Inc, Carbon Fiber Recycling Inc, Shocker Composites LLC, Alpha Recyclage Composites, HEXCEL CORP, CFK VALLEY STADE RECYCLINGGMBH & CO KG, Elevated Materials and Sigmatex (UK) Limited. These companies are adopting new organic and inorganic plans to increase their recycled carbon fiber market stronghold.
- In 2021, Procotex Corporation tied up with ELG Carbon Fibre, which allows the company to produce higher amounts of carbon fiber and feedstocks.
- ELG Carbon Fiber has developed the world’s first carbon fiber bogie(CAFIBO) by partnering with Railway Research.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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