Recycled Carbon Fiber Market Demand, Application, COVID-19 Analysis, Share, Forecast 2023

Global Recycled Carbon Fiber Market.

Market Synopsis

Global Recycled Carbon Fiber Market is expected to grow at 12% CAGR during the review period.

The increasing demand for carbon fibers in numerous end-use industries, including aerospace & defense, automotive, wind energy, and sports, owing to their superior properties, is the primary factor propelling the growth of the recycled carbon fiber market. Additionally, regulations on landfills have resulted in increased spending on recycling of waste carbon fiber, which is driving the market growth. Furthermore, recycled carbon fibers are cost-effective, energy-efficient, and possess properties similar to virgin carbon fiber, making it suitable for use in numerous applications. However, the preference for virgin carbon fiber in high-end applications due to quality constraints among the end-product manufacturers is likely to hamper the market growth.

Segmentation

By Type: The recycled carbon fiber market can primarily be categorized into non-woven mats, milled carbon fiber, and chopped carbon fiber.

• Non-Woven Mats—The non-woven mats segment growth is likely to be driven by the increasing demand in the automotive industry owing to characteristics such as lightweight and cost-efficiency. It finds use in various processes, including closed/open mold infusion, prepreg, and compression molding. It can also be used in thermoset and thermoplastic matrix systems.

• Milled Carbon Fiber—Milled carbon fibers are used in various applications, including subsea buoyancy for offshore oil and gas exploration, conductive materials, additive manufacturing, and compounding. The milled chopped carbon fibers are used to improve the mechanical properties of polymer compounds for injection molding.

• Chopped Carbon Fiber—Chopped carbon fibers offer superior structural and electrically conductive properties as compared to milled fibers. Chopped carbon fibers are widely being used in bulk moulding compounds, coatings, and reinforced concrete.

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By End-Use Industry: The global recycled carbon fiber market has been segmented into wires & cables, plumbing, medical, chemical, automotive, and others.

• Automotive —The segment accounted for the largest share of the global recycled carbon fiber market in 2019. Recycled carbon fibers find use in numerous automotive applications, which includes battery boxes, pressure vessels, and lift gate systems. The increasing demand for lightweight materials as a result of increasing environmental regulations to reduce carbon emissions is likely to fuel the demand for recycled carbon fibers.

• Aerospace & Defense—Aerospace & defense segment is expected to grow at a significant CAGR during the review period. This segmental growth can be attributed to increasing demand for high strength, cost-efficiency, and lightweight materials to improve fuel efficiency and, thus, reduce carbon footprint. Most of the carbon fiber waste is generated by the aerospace & defense industry. Thus, recycling of this waste is likely to contribute significantly to the growth of the recycled carbon fiber market.

• Wind Energy—Recycled carbon fibers are being increasingly used in the wind energy industry as they provide higher aerodynamic efficiency and stiff & light wind turbine blades, which result in reduced cost of energy and high energy production.

• Sports—The sports segment is projected to register a healthy growth rate by the end of the forecast period. Recycled carbon fibers are used in various sporting goods owing to their superior benefits, which include lightweight, durability, improved performance, and easy to design highly specific applications.

By Region: The global recycled carbon fiber market has been segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.

• Asia-Pacific: The market in Asia-Pacific accounted for the largest market share in 2019 and is expected to grow at a significant CAGR during the review period on account of growth of the end-use industries.

• North America: The established presence of military & defense and automotive industries is likely to drive the growth of the North American recycled carbon fiber market.

• Europe: The rising demand for lightweight materials in automotive, aerospace & defense, and wind energy industries is likely to drive the market growth in the region.

• Latin America and Middle East & Africa: The Latin America and the Middle East & Africa markets are likely to register considerable growth during the review period on account of growing automotive and construction industries.