Global Recycled Carbon Fiber Market (2021 to 2026) - Increasing Use of Recycled Carbon Fiber in the Growing Aerospace Industry Presents Opportunities - ResearchAndMarkets.com
The "Global Recycled Carbon Fiber Market by Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), Source (Aerospace Scrap, Automotive Scrap), End-use Industry and Region (North America, Europe, APAC, MEA and Latin America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The "Global Recycled Carbon Fiber Market by Type (Chopped Recycled Carbon Fiber, Milled Recycled Carbon Fiber), Source (Aerospace Scrap, Automotive Scrap), End-use Industry and Region (North America, Europe, APAC, MEA and Latin America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global recycled carbon fiber market size is projected to grow from USD 126 million in 2021 to USD 222 million by 2026, at a CAGR of 12.0% during the forecast period.
Chopped type is the fastest-growing segment in the recycle carbon fiber market in terms of both value and volume
Chopped recycled carbon fiber is suitable for various industrial mixing and compounding processes including injection molding. It possesses low density, low thermal expansion, good electrical conductivity, excellent free-flowing behavior, and is non-corrosive. It can be used in low- and high-temperature applications and for the manufacture of electrically conductive materials.
The high demand from the automotive & transportation, marine, industrial, aerospace & defense, and other end-use industries is expected to augment the demand for chopped fibers. Additionally, governments in various countries are focusing on the use of recycled material which will further lead to the demand for chopped recycled carbon fiber.
Aerospace scrap source to lead the recycle carbon fiber in terms of both value and volume
Aerospace scrap is among the most prominent sources for obtaining carbon fibers for reuse. Aerospace OEMs have taken initiatives to recycle high-grade carbon fiber-based components used in the manufacture of aircraft components. Aircraft manufacturers have taken several initiatives to strengthen the standards for environment-friendly management for discarding end-of-life aircraft. For instance, Boeing entered into an agreement with ELG Carbon Fibre to supply its composite scrap to the company. Leading manufacturers such as Toray Industries Inc. (Japan), ELG Carbon Fibre Ltd. (UK), Carbon Conversions Inc. (US), Shocker Composites LLC. (US), and Vartega Inc. (US) are sourcing fibers from aerospace scrap.
Automotive & Transportation end-use industry to be the largest in the recycle carbon fiber in terms of both value and volume
Developed countries including Germany, the US, and Japan are focusing on the use of environment-friendly products. The EU has mandated that 85% of the materials used in vehicles are required to be recyclable. As the waste generated from carbon fibers can be recovered and transformed into new products, recycled carbon fiber is an ideal material for use in a wide range of industries. The use of recycled carbon fiber in automotive parts makes them cost-effective. According to a managing director of a leading recycled carbon fiber manufacturing company, the cost of recycled carbon fiber for use in automotive components ranges between USD 20/kg to USD 27/kg.
SGL Group (Germany) and BMW (Germany) have established a joint venture named SGL Automotive Carbon Fibers GmbH & Co. KG (Germany). The company utilizes recycled carbon fiber in various automotive components. It has utilized recycled carbon fiber for the roof of the i3 electric drive and i8 plug-in hybrid cars. Of the total CFRP parts used in the BMW i series, 10% are recycled carbon fiber. The company uses a closed-loop process for recycling dry carbon fibers.
Europe is the leading recycle carbon fiber market in terms of both value and volume
Europe accounted for the major share in the recycle carbon fiber market, Europe dominated the recycled carbon fiber market in terms of value in 2020 The region has the presence of prominent recycled carbon fiber manufacturers, such as ELG Carbon Fibre Ltd. (UK), Procotex Corporation SA (Belgium), Alpha Recyclage Composites (France), and SGL Carbon (Germany).
Market Dynamics
Drivers
- Government Regulations Regarding Use of Environment-Friendly Products
- Increasing Demand from Composites Industry for High-Performance and Cost-Efficient Carbon Fibers
- Safeguarding Environment Through Waste Reduction
Restraints
- Lack of Technical Knowledge
- Competition with Low-Cost Mature Products
- Lower Demand, Low-Capacity Utilization, and Liquidity Crisis due to COVID-19
Opportunities
- Increasing Adoption of Recyclable and Lightweight Materials in Automotive & Transportation Industry
- Rising Demand from Emerging Markets
- Increasing Use of Recycled Carbon Fiber in Growing Aerospace Industry
Challenges
- Promotion of Recycled Carbon Fiber for Commercial Applications
- Lack of Availability of Composite Waste
Companies Mentioned
- Alpha Recyclage Composites
- Carbon Conversions Inc
- Carbon Fiber Recycle Industry Co., Ltd.
- Carbon Fiber Recycling, Inc.
- Carbon Fiber Remanufacturing
- Catech
- Cfk Valley Stade Recycling GmbH & Co Kg
- Elevated Materials
- Elg Carbon Fibre Ltd.
- Hadeg Recycling GmbH
- Hexcel Corp.
- Karborek Recycling Carbon Fibers
- Mitsubishi Chemical Corporation
- Procotex Corporation Sa
- Rymyc S.R.L.
- Sgl Carbon
- Shocker Composites LLC
- Showa Denko Materials Co., Ltd.
- Sigmatex (Uk) Limited
- Teijin Ltd.
- Toray Industries, Inc.
- Vartega Inc.
- V-Carbon
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