Recycled Carbon Fiber Market by Source (Automotive Scrap, Aerospace Scrap), by Type (Milled, Chopped), End-use Industry (Consumer Goods, Automotive & Transportation, Marine, Sporting Goods, Industrial, Defence, and Aerospace), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global recycled carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 10.8 billion by 2027, at a CAGR of 11.0% during the forecast period 2020-2027. Europe dominates the market holding the largest number of shares in the region. European countries like Germany is a major manufacturer of sporting goods and equipments. With the increase in research and development in the aerospace and defence sector, the market in North America is expected to grow. The market in the region is driven by increased demand for commercial aviation on account of globalisation and increased disposable income. The Asia-Pacific market is expected to witness higher growth owing to rising demand for high performance materials at a relatively lower cost in transportation, sporting goods, consumer electronic applications, and aerospace.
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Some of the notable players in the recycled carbon fibre are SGL Carbon, Procotex Corporation SA, Alpha Recyclage Composites, Vartega Inc., Shocker Composites LLC, Carbon Fibre Recycling Inc., Toray Industries Inc., ELG Carbon Fibre Ltd., Carbon Fibre Remanufacturing, and Carbon Conversion Inc. The new designation for the former C-Series aircraft, JetBlue purchased 60 Airbus A220-300s, in 2018.
The source segment includes automotive and aerospace scrap. In terms of value, Aerospace scrap is the highest growing source of recycled carbon fibre market. Aerospace is a major consumer of virgin carbon fibre in producing various composite parts. Aircraft manufacturers are taking many initiatives to maintain the standards of environment-friendly management. The type segment includes chopped and milled recycled carbon fibre. The chopped carbon fibre market is expected to grow significantly. High performance and cost-saving properties are offered by chopped carbon fibre. It has dimensional stability, low thermal expansion, low density, and high strength and modulus. Based on end-user, the market is segmented into consumer goods, automotive & transportation, marine, sporting goods, industrial, defence, and aerospace. The automotive and transportation is expected to dominate the growth of the market. Due to its low weight and high tensile strength properties it is widely used in automotive and transportation. It is used in spare wheel wells, roof panels, chassis panels, floors, bonnet inners, and other automotive parts.
The drivers of the market are increasing demand for lightweight and fuel-efficient vehicles and increasing usage of carbon fiber in the aerospace and defence sector. Factors restraining the growth are high cost of carbon fibre. The availability of cheap substitutes for carbon fibre can hinder the growth of the market. The most significant challenge faced by the industry is developing low cost technologies. This has been a major concern and can hamper the growth of the market due to the higher cost of carbon fibre. The opportunity for the growth of the market can be increasing use in 3D paintings. It offers high strength and rigidity as compared to other metals. Thus, the market is expected to grow due to increased demand of carbon fibre in automotive and transportation sector.
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About the report:
The global recycled carbon fiber market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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