The recycled carbon fiber market was valued at $139.0 million in 2021 and is estimated to reach $432.5 million by 2031, exhibiting a CAGR of 12% from 2021 to 2031.
Recycled carbon fiber is a product obtained from reclamation of fibers from carbon fiber-reinforced composites (CFRC). Recycled carbon is prized for its durability, strength, stiffness, and light-weighing qualities it brings to products. It is especially useful in sports equipment, electronics, automotive, and aerospace end uses.
Growing population has led the building & construction sector to witness a significant growth where recycled carbon fiber is widely used for constructing windows, door systems, exterior trim, decks, columns, fences, and pergolas. For instance, according to a report published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 2022 to 2030. This may propel the demand for recycled carbon fiber in the growing construction sector during the forecast period. In addition, government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where recycled carbon fiber is increasingly used in constructing buildings and structures. For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. This event has fueled the demand for recycled carbon fiber market in building & construction sector.
Furthermore, aerospace & defense sectors are the primary drivers for growth and development in the recycled carbon fiber market. Aerospace industry has strict performance product requirements for end uses in commercial aircrafts, engines, satellites, helicopters, and launchers. Thus, low tow recycled carbon fibers are employed in aerospace end uses. Structural materials in aircrafts such as paneling interiors are made using recycled carbon fiber products. Recycled carbon fiber materials possess mechanical properties such as high tensile strength, impact resistance, reliability, fuel efficiency, and temperature resistance, which make them ideal for use in aerospace industry. High R&D activities are carried out for process improvements in the methods applicable for production of CFRP materials for aerospace industry.
Companies such as Airbus and Boeing and their long-term production schedules, the demand for recycled carbon fiber is further projected to grow in aerospace industry. In addition, new properties of recycled carbon fiber are discovered as a result of heavy R&D activities, which increases the end use of recycled carbon fiber materials in the industry. Flexing property of recycled carbon fiber is now employed for production of wing systems, increasing the use of recycled carbon fiber materials in aerospace end uses.
However, lack of technical knowledge and requirement of skilled workforce in recycling of carbon fiber may restrain the growth of the recycled carbon fiber market during the forecast period. On the contrary, recycling of carbon fiber produces little or no VOCs, which in turn has increased the potential applications of recycled carbon fiber among several end use sectors. This is anticipated to increase the demand for recycled carbon fiber; thus, creating lucrative opportunities for the market.
The recycled carbon fiber market is segmented on the basis of source, end use, and region. On the basis of source, the market is categorized into wind & turbine scrap, aerospace scrap, and others. On the basis of end use, it is divided into automotive & transportation, construction, marine, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global recycled carbon fiber market profiles leading players that include Toray Industries, Inc., SGL Carbon, Carbon Conversions, Shocker Composites, LLC, Bcircular, Procotex, Vartega Inc, Sigmatex, Carbon Fiber Remanufacturing, Gen 2 Carbon Limited. The global recycled carbon fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Recycled carbon fiber is a product obtained from reclamation of fibers from carbon fiber-reinforced composites (CFRC). Recycled carbon is prized for its durability, strength, stiffness, and light-weighing qualities it brings to products. It is especially useful in sports equipment, electronics, automotive, and aerospace end uses.
Growing population has led the building & construction sector to witness a significant growth where recycled carbon fiber is widely used for constructing windows, door systems, exterior trim, decks, columns, fences, and pergolas. For instance, according to a report published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 2022 to 2030. This may propel the demand for recycled carbon fiber in the growing construction sector during the forecast period. In addition, government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where recycled carbon fiber is increasingly used in constructing buildings and structures. For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. This event has fueled the demand for recycled carbon fiber market in building & construction sector.
Furthermore, aerospace & defense sectors are the primary drivers for growth and development in the recycled carbon fiber market. Aerospace industry has strict performance product requirements for end uses in commercial aircrafts, engines, satellites, helicopters, and launchers. Thus, low tow recycled carbon fibers are employed in aerospace end uses. Structural materials in aircrafts such as paneling interiors are made using recycled carbon fiber products. Recycled carbon fiber materials possess mechanical properties such as high tensile strength, impact resistance, reliability, fuel efficiency, and temperature resistance, which make them ideal for use in aerospace industry. High R&D activities are carried out for process improvements in the methods applicable for production of CFRP materials for aerospace industry.
Companies such as Airbus and Boeing and their long-term production schedules, the demand for recycled carbon fiber is further projected to grow in aerospace industry. In addition, new properties of recycled carbon fiber are discovered as a result of heavy R&D activities, which increases the end use of recycled carbon fiber materials in the industry. Flexing property of recycled carbon fiber is now employed for production of wing systems, increasing the use of recycled carbon fiber materials in aerospace end uses.
However, lack of technical knowledge and requirement of skilled workforce in recycling of carbon fiber may restrain the growth of the recycled carbon fiber market during the forecast period. On the contrary, recycling of carbon fiber produces little or no VOCs, which in turn has increased the potential applications of recycled carbon fiber among several end use sectors. This is anticipated to increase the demand for recycled carbon fiber; thus, creating lucrative opportunities for the market.
The recycled carbon fiber market is segmented on the basis of source, end use, and region. On the basis of source, the market is categorized into wind & turbine scrap, aerospace scrap, and others. On the basis of end use, it is divided into automotive & transportation, construction, marine, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global recycled carbon fiber market profiles leading players that include Toray Industries, Inc., SGL Carbon, Carbon Conversions, Shocker Composites, LLC, Bcircular, Procotex, Vartega Inc, Sigmatex, Carbon Fiber Remanufacturing, Gen 2 Carbon Limited. The global recycled carbon fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the recycled carbon fiber market analysis from 2021 to 2031 to identify the prevailing recycled carbon fiber market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the recycled carbon fiber market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global recycled carbon fiber market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Source
- Wind and Turbine Scrap
- Aerospace Scrap
- Others
By End Use
- Automotive and Transportation
- Construction
- Marine
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Toray Industries, Inc.
- SGL Carbon
- Carbon Conversions
- Shocker Composites, LLC
- Bcircular
- Procotex
- Vartega Inc
- Sigmatex
- Carbon Fiber Remanufacturing
- Gen 2 Carbon Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RECYCLED CARBON FIBER MARKET, BY SOURCE
CHAPTER 5: RECYCLED CARBON FIBER MARKET, BY END USE
CHAPTER 6: RECYCLED CARBON FIBER MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Recycled Carbon Fiber Market," the recycled carbon fiber market was valued at $139.0 million in 2021, and is estimated to reach $432.5 million by 2031, growing at a CAGR of 12% from 2021 to 2031.Carbon fiber recycling is reclamation of fibers from carbon fiber-reinforced composites (CFRC). Carbon fiber waste are of two types. The first type of waste is virgin carbon fiber offcuts of the product generated from dry fiber and the non-used expired material, which are also called scrap. Recycled carbon fiber is used to manufacture new, high-performance parts in various end use sectors such as building & construction, aerospace & defense, automotive & transportation, and others.
Factors such as increase in disposable income, technological upgrades, and spurring rise in number of original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth. For instance, according to a report published by India Brands Equity Foundation, the domestic automobile production increased by a compound annual growth rate (CAGR) of 2.36% from 2016 to 2020 with 26.36 million vehicles being manufactured in India in 2020. Recycled carbon fiber products are used in hoods, wheels, front gearings, and engines. The use of carbon fiber products is increasing in the automotive industry due to its superior strength-to-weight ratio and corrosion resistance. Carbon fiber materials are increasingly substituting metal in various automotive applications, primarily to reduce fuel consumption. Recycled carbon fiber offers higher weight savings and thus a better fuel economy than traditional materials such as steel and aluminum. Vehicle manufacturers are obliged to reduce the average energy consumption of vehicles, and this goal can be met using lightweight products.
Moreover, ultra-expensive vehicle manufacturers such as BMW, Mercedes Benz, and Lamborghini plan to increase the use of recycled carbon fiber in their super vehicles. The increased demand for eco-friendly and low-volatile organic products (VOCs) in vehicles enhance the need for recycled carbon fiber in the automotive industry. The number of models manufactured using recycled carbon fiber has witnessed huge rise as vehicles are nowadays electrified and manufacturers constantly look for solutions that increase fuel efficiency. The rise in use of electric vehicles and stringent regulatory norms for maintaining fuel economy standards are major factors that are expected to further boost the demand for recycled carbon fiber in the automotive industry.
Moreover, growing population has led the building & construction sector to witness a significant growth where recycled carbon fiber is widely used for constructing windows, door systems, exterior trim, decks, columns, fences, and pergolas. For instance, according to a report published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 2022 to 2030. This may propel the demand for recycled carbon fiber in the growing construction sector during the forecast period. In addition, government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where recycled carbon fiber is increasingly used in constructing buildings and structures. For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. This event has fueled the demand for recycled carbon fiber market in building & construction sector.
However, there are several methods involved in recycling carbon fiber such as mechanical-based recycling process, chemical-based recycling process, and thermal-based recycling process. These processes consist of several intermediate steps that need to be carried out for recycling carbon fiber scrap and composites, which in turn require highly skilled professionals with good technical knowledge of equipment handling and recycling. Thus, the lack in number of skilled professionals and dearth of technical knowledge may restrain the growth of the recycled carbon fiber market during the forecast period.
On the contrary, governments of both developed and developing economies are constantly engaged in promoting the utilization of environment-friendly products among various end use sectors. Countries such as the U.S., Japan, Germany, and others are focusing on the use of sustainable products instead of petroleum-derived products. This factor has led end use sectors such as building & construction, automotive, aerospace & defense, and others to use recycled carbon fiber for various end uses.
Moreover, volatile Organic compounds (VOCs) are compounds having low water solubility and high vapor pressure. They are emitted as gases from certain solids or liquids and include a variety of chemicals that may have short- and long-term adverse health effects. Furthermore, several government agencies such as the United States Environmental Protection Agency (U.S. EPA), European Union, Central Pollution Control Board, and others have laid down laws and regulations for the emission limits of VOCs. For instance, the United States Environmental Protection Agency (U.S. EPA) regulates VOCs at Federal level in 40 CFR 59, which is the National Volatile Organic Compound Emission Standard for consumer and commercial products.
Recycling of carbon fiber produces little or no VOCs, which in turn has surged the potential end uses of recycled carbon fiber among several end use sectors. This is anticipated to increase the demand for recycled carbon fiber; thus, creating lucrative opportunities for the market.
The recycled carbon fiber market is segmented on the basis of source, end use, and region. On the basis of source, the market is categorized into wind & turbine scrap, aerospace scrap, and others. On the basis of end use, it is divided into automotive & transportation, construction, marine, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global recycled carbon fiber market profiles leading players that include Toray Industries, Inc., SGL Carbon, Carbon Conversions, Shocker Composites, LLC, Bcircular, Procotex, Vartega Inc, Sigmatex, Carbon Fiber Remanufacturing, Gen 2 Carbon Limited. The global recycled carbon fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Key Market Insights
- By source, the aerospace scrap segment is the fastest growing segment, registering a CAGR of 12.3% from 2022 to 2031.
- By end use, the automotive and transportation segment is the fastest growing segment, registering a CAGR of 12.5% from 2022 to 2031.
- By region, North America registered the highest share of more than 35.0% in 2021, in terms of revenue, growing at a CAGR of 12.1% during the forecast period.
Companies Mentioned
- Toray Industries, Inc.
- SGL Carbon
- Carbon Conversions
- Shocker Composites, LLC
- Bcircular
- Procotex
- Vartega Inc
- Sigmatex
- Carbon Fiber Remanufacturing
- Gen 2 Carbon Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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