CHICAGO, Feb. 27, 2020 /PRNewswire/ -- According to the new market research report "Recycled Carbon Fiber Market by Type (Chopped, Milled), Source (Aerospace Scrap, Automotive Scrap), End-use Industry (Automotive & Transportation, Consumer Goods, Sporting Goods, Industrial, Marine, Aerospace & Defense), Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Recycled Carbon Fiber Market size is expected to grow from USD 109 million in 2020 to USD 193 million by 2025, at a CAGR of 12.0% during the forecast period. The market is growing due to the increase in the demand for cost-efficient and high-performance materials with high strength to weight ratio, good tensile strength, and electrical conductivity. Strict environmental regulations in Europe and North America are also boosting the market growth.
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Chopped recycled carbon fiber comprises the major share of the market in terms of both value and volume.
Recycled carbon fiber is produced from waste CFRP composite materials. The fiber obtained from composite scrap is made to pass through a chemical process where the fiber is separated from the resin matrix system. The fiber obtained from the chemical process is termed as recycled fiber. Recycled carbon fiber is obtained in chopped and milled types. Chopped type possesses low density, low thermal expansion, good electrical conductivity, and excellent free-flowing behavior, and is non-corrosive. It can be used in low- and high-temperature applications and for making electrically conductive materials.
Aerospace scrap is the largest source of recycled carbon fiber.
Recycled carbon fiber is obtained from composite scrap. The main sources of composite scraps are aerospace and automotive scraps. Other sources, such as tennis racket scarp, trek bike scrap, and manufacturing waste, are used to obtain recycled carbon fiber. The aerospace scrap segment accounted for the largest share in terms of both value and volume of the global recycled carbon fiber market in 2019. A large number of recyclers depend on aerospace scrap for obtaining fibers. Aircraft manufacturers have taken several initiatives to strengthen the standards for environment-friendly management in the discarding of end-of-life aircraft parts.
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The automotive & transportation end-use industry accounted for the largest share in the global recycled carbon fiber market.
Recycled carbon fiber is used in various end-use industries, such as automotive & transportation, consumer goods, sporting goods, industrial, marine, and aerospace & defense. It is widely used in the automotive & transportation industry due to its low weight and high tensile strength. Growing stringent government regulations related to the use of environment-friendly materials and low carbon emissions have further increased the demand for recycled carbon fiber from automotive OEMs.
Europe is the largest recycled carbon fiber market.
The recycled carbon fiber market is segmented on the basis of region into Europe, North America, APAC, MEA, and Latin America. Europe accounted for the largest share in the recycled carbon fiber market. The growth of the market in the region is mainly driven by the demand from the fast-growing automotive & transportation industry. The growth of the market is also attributed to the presence of established car manufacturers and leading recycled carbon fiber manufacturers and technological advancement related to the development of recycled carbon fiber products. Germany is the leading market in the region. Recycled carbon fiber is used by renowned German companies, such as BMW, mostly for upholstery applications. With the growing requirement for lightweight materials for vehicle weight reduction, the use of recycled carbon fiber-based composites in the automotive & transportation end-use industry has increased in the region.
The key players in the Recycled Carbon Fiber Market include Toray Industries Inc. (Japan), ELG Carbon Fibre Ltd. (UK), SGL Carbon (Germany), Carbon Conversions Inc. (US), Carbon Fiber Recycling, Inc. (US), Shocker Composites LLC. (US), Procotex Corporation SA (Belgium), Alpha Recyclage Composites (France), Carbon Fiber Remanufacturing (US), and Vartega Inc. (US). These companies are adopting various inorganic and organic strategies to increase their foothold in the market.
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