Global Recycled Carbon Fiber Market is projected to be valued at USD 276,021.5 Thousand by 2027, registering a CAGR of 12.75% during the forecast period.
Extensive use of recycled carbon fiber in the automotive and aerospace and defense industries due to its superior benefits such as cost-effectiveness, energy-efficiency, lightweight, and environmental sustainability is a key driver of the global market. These fibers find use in numerous automotive applications, which include battery boxes, pressure vessels, and lift gate systems.
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The market's growth is driven by the implementation of various environmental regulations by regulatory agencies such as the European Union (EU) and the US Environmental Protection Agency (EPA).
Global Recycled Carbon Fiber Market has been segmented based on Type, End-Use Industry, and Region.
Based on type, the global Recycled Carbon Fiber Market has been segmented into non-woven mats, milled carbon fiber, and chopped carbon fiber. Among these, the rubber segment accounted for over 40% of the market share in 2019; it is projected to exhibit a CAGR of 13.43%. The non-woven mats are majorly used in composite manufacturing processes such as liquid compression molding and sheet molding compounding. The demand for this material is expected to increase significantly, owing to the rising need for cost-effective alternatives to virgin carbon fiber for vehicle light-weighting by OEMs in the transportation sector.
By end-use industry, the Recycled Carbon Fiber Market is classified into automotive, electronics, oil & gas, aerospace, sporting goods, wind energy, and others. The automotive segment is anticipated to be the largest and fastest-growing segment with a 13.95% CAGR during the review period. In the automotive industry, recycled carbon fiber is used in battery boxes, compression molding processes for interior and exterior parts of automobiles. The increasing demand for electric vehicles and autonomous vehicles promotes the demand for lightweight materials, thereby driving the demand for Recycled Carbon Fiber Market.
MRFR recognizes the following companies as the Key Players in the Global Recycled Carbon Fiber Market — SGL Carbon (Germany), Sigmatex (UK), Teijin Limited (Japan), ZOLTEK Corporation (US), ELG Carbon Fibre Ltd (UK), Carbon Conversions (US), Carbon Fiber Recycling (US), CFK Valley Stade Recycling GmbH & Co. KG (Germany), Hadeg (Germany), PROCOTEX CORPORATION (Belgium), Shocker composites LLC (US), and Vartega Inc (US).
Key Findings of the Study
• Global Recycled Carbon Fiber Market is projected to reach a value of USD 276,021.5 thousand by 2027 with a CAGR of around 12.75% during the forecast period of 2020–2027.
• Asia-Pacific emerged as the leading and the fastest-growing region for this market on account of the rapid growth of end-use industries in countries such as India, South Korea, and others.
• Rising adoption of recyclable and eco-friendly materials in diverse end-use industries is a key opportunity for the players in this market
• Technological challenges in developing the recycling process for carbon fibers remain a major challenge for the players in this market.
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