New York, US, June 16, 2021 (GLOBE NEWSWIRE) -- Recycled Carbon Fiber Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Recycled Carbon Fiber Market - Information by Type, End-Use Industry, and Region - Forecast till 2027” the market is anticipated to reach USD 276.0215 Million by 2027 at a 12.75% CAGR.
Recycled carbon fiber is sourced from waste carbon fiber generated as a result of the processing of thermoset carbon fiber-reinforced composites and various dry fiber and prepreg scrap sources. Since the waste derived from carbon fibers can be converted into new items, recycled carbon fiber is viewed as a perfect material for applications in numerous industries. Also, recycled carbon fibers can be processed using energy 10% lower than what is used during the manufacturing of virgin carbon fibers. This helps cater to the sustainability targets of the government bodies everywhere worldwide.
Key Players Locking Horns:
Technological innovations combined with introduction of advanced recycled carbon fibers with multiple applications and enhanced features have led to a higher level of competition among the players in the global market. Mist of the vendors are fixated on strengthening their portfolio, while also employing strategies such as acquisitions, mergers and partnerships, to capture a higher share in the global market.
Affluent vendors in the Global Recycled Carbon Fibers Market are:
- CFK Valley Stade Recycling GmbH & Co. KG (Germany)
- Shocker Composites, LLC (US)
- Vartega Inc (US)
- Teijin Limited, Tenax, (Japan)
- SGL Group (Germany)
- CARBISO (UK)
- ELG Carbon Fibre, Carbon Conversions (US)
- HADEG RECYCLING GMBH (Germany)
- ZOLTEK Corporation (US)
- KARBOREK RCF Srl (Italy)
- Procotex (Belgium)
- Carbon Fiber Recycling, Inc. (CFR)
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Market Drivers and Growth Boosters:
- The market growth is also supported by the surging innovations in the composite technology as well as the rising penetration rate of composites in pipe & tank, aerospace & defense, automotive & transportation, wind energy and construction & infrastructure industries.
- Soaring number of legislations as well as sustainability targets set up by the automotive industry worldwide could work in favor of the recycled carbon fiber market in the years ahead.
- The EU standards mandate that nearly 85% of the total automotive vehicles must be designed using recyclable materials. This has drastically bolstered the use of recycled carbon fibers in Europe and many more legislations like this can boost the market size in various other regions.
- Recycled carbon fibers’ low cost presents attractive opportunities to the established manufacturers of virgin carbon fibers and help push the product demand.
Market Restraints:
- Use of virgin carbon fibers in high-end applications.
- The COVID-19 pandemic has changed the business scenario of the recycled carbon fiber market, with the demand experiencing a sharp decline worldwide.
Market Segmentation:
Type and end-use industry are the major segments highlighted in the MRFR report to offer a comprehensive outline of the global market for recycled carbon fibers.
Types of recycled carbon fibers include milled carbon fiber, chopped carbon fiber and non-woven mats. Non-woven mats can thrive at a robust growth rate in the next few years, on account of the soaring demand for the same in multiple applications, such as prepregs, sheet molding compounds and closed mold processes.
Major end-use industries are wind energy, automotive, sports, aerospace and defense and others. Automotive is the top segment and managed to secure the biggest share in the global market in 2019, mostly because of the heavy demand for lightweight materials for higher fuel efficiency and lower carbon emission. Significant growth in automotive production in Asia Pacific and various other regions worldwide should also bolster the use of recycled carbon fibers over the given period. Aerospace and defense will also emerge as a strong end-use industry since the demand for lightweight and high strength materials in airplanes has been escalating rapidly across the globe.
Browse In-depth Market Research Report (177 Pages) on Recycled Carbon Fibers: https://www.marketresearchfuture.com/reports/recycled-carbon-fiber-market-9646
Regional Analysis:
Europe, MEA or Middle East and Africa, Asia Pacific or APAC and America are the key markets for recycled carbon fibers worldwide.
Asia Pacific should procure a healthy growth rate over the coming years, thanks to the thriving aerospace and automotive sectors in developing countries like India, and China. The stunning expansion rate of the wind power industry in the region due to the escalating preference for renewable energy sources will also be favorable for the recycled carbon fibers industry.
North America is an attractive market for recycled carbon fiber and is majorly bolstered by the presence of flourishing aerospace & defense industry, where the product demand is significantly high. Growth of the construction sector in the United States/US is another key growth rendering factor in the market. Recycled carbon fiber is increasingly being deployed in the automotive and transportation industry owing to its substantial tensile strength and low weight properties. Mounting number of strict government standards encouraging the use of eco-friendly materials that impart reduced carbon emissions will also foster the demand for recycled carbon fibers among automotive & transportation OEMs and several other industries.
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The European market primarily benefitted by the well-developed end-use sectors present across various countries. Additionally, recycled carbon fiber’s expanding application scope in 3D printing materials should propel the growth rate. Governments of numerous countries in the region emphasis on using eco-friendly products, which should boost the adoption rate of recycled carbon fibers in the in subsequent years.
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