Recycled Carbon Fiber Market Size

Recycled Carbon Fiber Market Growth Projections and Opportunities

Rephrase this content in 500 to 800 simple words: The global recycled carbon fiber market is projected to register healthy growth during the forecast period, 2021–2028. The market was valued at USD 130,892.4 thousand in 2020 and is expected to register an 12.29% CAGR and reach USD 305,780.9 thousand by the end of 2028. The global recycled carbon fiber market is projected to register a significant growth rate during the review period. This growth is attributed to its growing demand in the automotive and aerospace & defense industries, owing to its superior benefits such as cost-effectiveness, energy efficiency, lightweight, and environmental sustainability. The demand for high-performance and cost-efficient carbon fiber is increasing considerably in the major end-use industries, including automotive, wind energy, industrial, sporting goods, and electronics. Additionally, the growing emphasis on waste management and the hazardous impact associated with carbon-bearing waste has resulted in an increased need for the recycling of carbon fiber and thus, driving the global market growth. Increasing adoption of recyclable and eco-friendly materials in the end-use industries on account of increasing regulations are promoting the use of recyclable materials to reduce landfills, which is likely to offer significant growth opportunities to the market players. However, technological challenges associated with recycling processes and the lack of availability of composite waste are expected to pose a challenge to the market players. Furthermore, the preference for virgin carbon fiber over original carbon fiber in high-end applications is likely to hamper the market growth. According to MRFR analysis, the global recycled carbon fiber market has been segmented based on type, application, and region. Based on type, the global market has been categorized into non-woven mats, chopped carbon fiber, and milled carbon fiber. The non-woven mats segment accounted for the largest market share in 2020 and is expected to register a CAGR of 13.17% during the review period. The segment growth can be attributed to its increasing demand in the end-use industries. Based on end-use industry, the global recycled carbon fiber market has been segmented into automotive, aerospace & defense, wind energy, industrial, consumer goods & electronics, sporting goods, and others. The automotive segment accounted for the largest market share in 2020 and is expected to register a CAGR of 12.62% during the review period. The growing demand for lightweight and recyclable materials in the industry as a result of increasing environmental regulations is expected to drive the growth of the segment in the global market. However, aerospace and defense segment is expected to register fastest growth with CAGR 13.04% throughout the forecast period. The recycled carbon fiber market is studied in five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia-Pacific accounted for the largest market share of 38.62% in 2020 and is expected to register an 12.70% CAGR during the review period. The regional market's growth can be attributed to the expanding industrialization in the region, particularly in China and India. China held the largest share in the Asia-Pacific recycled carbon fiber market. The market in North America accounted for the second-largest share and is expected to register an 28.29% CAGR during the review period. The European region followed North America with a market share of 24.27% in 2020.
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The global market for recycled carbon fiber is poised for substantial growth from 2021 to 2028. In 2020, the market's value was USD 130,892.4 thousand, and it is anticipated to achieve a Compound Annual Growth Rate (CAGR) of 12.29%, reaching USD 305,780.9 thousand by the end of 2028.
This growth is primarily attributed to the increasing demand for recycled carbon fiber in industries such as automotive and aerospace & defense. The material is gaining popularity due to its various advantages, including cost-effectiveness, energy efficiency, lightweight properties, and environmental sustainability. The demand for high-performance and cost-efficient carbon fiber is notably rising in key sectors such as automotive, wind energy, industrial, sporting goods, and electronics. Additionally, a growing focus on waste management and the environmental impact associated with carbon-bearing waste is propelling the need for carbon fiber recycling, thus contributing to the overall growth of the global market.
The adoption of recyclable and eco-friendly materials is on the rise across industries, driven by increasing regulations aimed at reducing landfills. This trend is expected to offer significant growth opportunities for market players. However, challenges related to the technology of recycling processes and the limited availability of composite waste may pose hurdles for industry participants. Moreover, a preference for virgin carbon fiber over recycled carbon fiber in high-end applications is anticipated to restrain market growth.
The global recycled carbon fiber market has been analyzed based on type, application, and region. In terms of type, the market includes non-woven mats, chopped carbon fiber, and milled carbon fiber. The non-woven mats segment dominated the market in 2020 and is projected to grow at a CAGR of 13.17% during the review period, driven by increasing demand in end-use industries.
The market has been further segmented based on end-use industries, including automotive, aerospace & defense, wind energy, industrial, consumer goods & electronics, sporting goods, and others. The automotive segment held the largest market share in 2020 and is expected to exhibit a CAGR of 12.62% during the review period. The emphasis on lightweight and recyclable materials in response to environmental regulations is a key factor driving the growth of this segment. Meanwhile, the aerospace and defense segment is anticipated to witness the fastest growth, with a CAGR of 13.04% throughout the forecast period.
The global recycled carbon fiber market is geographically divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest market share (38.62%) in 2020 and is expected to register a CAGR of 12.70% during the review period. The growth in this region is attributed to expanding industrialization, particularly in countries like China and India, with China holding the largest share in the Asia-Pacific recycled carbon fiber market. North America held the second-largest share and is expected to register a CAGR of 28.29% during the review period, while Europe followed with a market share of 24.27% in 2020.