Recycled Carbon Fiber Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Carbon fiber is frequently utilized in a variety of industries due to its excellent mechanical properties, including aerospace, automotive, sports equipment, and wind energy. Carbon fiber is a strong, light material. Carbon fiber that has been reclaimed or recovered from used or waste products and processed for reuse is referred to as recycled carbon fiber. Reusing carbon fiber aids in addressing two crucial aspects: waste reduction and resource conservation. Recycling allows for the recovery of valuable material and reduces the carbon footprint of producing new carbon fiber, as opposed to disposing of waste carbon fiber, which can be costly and harmful to the environment.

Recycled Carbon Fiber Market

The market for recycled carbon fiber has been growing steadily in recent years, driven by increasing environmental concerns, stricter regulations on waste management, and the demand for sustainable materials in various industries. In 2022, the size of the global recycled carbon fiber market was valued at USD 172.5 million. It is anticipated to grow at a CAGR of 11.5% from 2023 to 2030, going from USD 194.1 million in 2023 to USD 442.6 million in 2030. Continued technological advancements, regulatory support, and collaborations across the value chain are key drivers for developing and adopting recycled carbon fiber materials in various applications. North America is the largest and major commercial center for recycled carbon fibers because of the presence of key players in the region. The Asia-Pacific region is expected to develop at the absolute best CAGR during the forecast period because of expanding markets and interest in innovation by nations like China, Japan, and South Korea.

Recycled Carbon Fiber Market Growth Drivers

Industries are increasingly focused on sustainable practices and materials that minimize waste generation, conserve resources, and reduce greenhouse gas emissions. Recycled carbon fiber offers a more environmentally friendly alternative to virgin carbon fiber by utilizing waste or discarded carbon fiber materials.

Governments around the world are implementing measures to scale back landfill waste, promote recycling infrastructure development, and encourage the utilization of recycled materials. These regulations create a positive environment for the adoption of recycled carbon fiber in industries.

Industries can enjoy cost savings without compromising on the performance and mechanical properties of carbon fiber-reinforced products especially in the automotive, aerospace, and sports equipment sectors.

Researchers and corporations are developing innovative techniques to enhance the standard and performance of recycled carbon fiber. Advanced pyrolysis, chemical treatments, and mechanical processing methods contribute to obtaining high-quality fibers from waste carbon fiber sources. As industries recognize the advantages of using recycled carbon fiber, the demand for these materials continues to grow in components, structural parts, casings, and reinforcements, among others.

Recycled Carbon Fiber Market Segmentation:

·        By Fiber Type: Chopped Fibers, Milled Fibers, Continuous Fibers

·        By Fiber Source: Automotive Scrap, Aerospace Scrap, Other Sources

·        By Recycling Technology: Mechanical Recycling, Chemical Recycling, Hybrid Recycling

·        By End-Use Industry: Automotive & Transportation, Aerospace & Defense, Energy Industry, Consumer Goods, Sporting Goods, Marine Industry, Other End-user Industries

·        By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa

Recycled Carbon Fiber Market Fiber Type Segment Review

Chopped carbon fiber is appropriate for different intensifying cycles and modern blending, for example, infusion shaping. It shows great electrical conductivity, low thickness, less warm development, no destructiveness, and phenomenal free-streaming qualities. It is in many cases utilized in the transportation and aviation businesses since it is solid and lightweight. A type of recycled carbon fiber known as milled carbon fiber is produced by powdering waste carbon fiber. After that, new products like sporting goods, aerospace components, and transportation parts can be made from this powder.

Recycled Carbon Fiber Market Fiber Source Segment Review

Aerospace scrap source is the largest segment expected to grow at a CAGR of 11.6% during the forecast period in the recycled carbon fiber market in terms of both value and volume followed by automotive scrap source. This includes excess or leftover carbon fiber materials, such as prepregs, tapes, or cured parts, that are not utilized in the final assembly. Automotive OEMs focus on stringent laws implemented by governments worldwide, placing restrictions on waste disposal in landfills. The EU has mandated that 85% of the materials used in vehicles need to be recycled. Recycled automotive scrap is used in various end-use industries to manufacture low-cost and high-performance products having properties similar to virgin carbon fiber, with the strength of the fiber reduced by small variations.

Recycled Carbon Fiber Market Recycling Technology Segment Review

Physical processes are used in mechanical recycling to extract carbon fiber from waste materials. The carbon fiber is separated from the other components and the composite structures are broken down using methods like shredding, grinding, and milling. Solvents are used in the chemical process to dissolve the matrix or resin in waste carbon fiber composites. This interaction takes into consideration the partition of the carbon fiber from the pitch. To recover carbon fiber in an effective and efficient manner, some recycling processes make use of a number of different technologies in conjunction with one another. To maintain fiber properties and maximize fiber recovery rates, these hybrid strategies may use a combination of mechanical, chemical, and thermal processes.

Recycled Carbon Fiber Market End-Use Industry Segment Review

The automotive segment had the highest market share in 2022 in the recycled carbon fiber market. Compression molding and battery boxes for exterior and interior car parts are two examples of applications for recycled carbon fibers in this industry. Consumer goods were the second-largest market in 2022 and are anticipated to grow significantly during the forecast period with a CAGR of 10.4%. These fibers offer a sustainable alternative to virgin carbon fiber, reducing the environmental impact of aircraft and defense equipment production. It finds applications in aircraft structures, interior components, rotor blades, unmanned aerial vehicles (UAVs), and other defense systems. Recycled carbon fiber offers a sustainable option for sporting goods manufacturers to produce equipment like bicycles, skis, snowboards, hockey sticks, and tennis rackets. The renewable energy sector, particularly wind energy, utilizes carbon fiber materials in turbine blades.  

Recycled Carbon Fiber Market Regional Synopsis

North America is the leading market with a global revenue share of around 42.0% of expected to show significant growth at a CAGR of around 9.6% (2023-2030). The fast-growing automotive and aerospace industries are driving the growth of the market studied in the North American region. Strategic developments, the presence of established car manufacturers, leading recycled carbon fiber manufacturers, and technological advancements related to recycled carbon fiber products all contribute to the market's growth in this region.

The European region also holds a significant position in the global revenue share and is expected to show significant growth at a CAGR of around 8.7% (2023-2030) in the recycled carbon fiber market. The European Union's stringent regulations on recycling and waste management, coupled with the region's strong emphasis on sustainability, drive the adoption of recycled carbon fiber materials. Countries like Germany, France, and the UK have well-established recycling infrastructures and a growing number of recycling facilities. Companies like SGL Carbon, EconCore, and Carbon Conversions Europe are active players in the European recycled carbon fiber market.

The Asia-Pacific region is expected to show the highest growth rate i.e., a CAGR of 12.0% in the market during the forecast period (2023-2030). Countries like Japan, China, South Korea, and India have robust aerospace and automotive industry that demands lightweight and sustainable materials alongside a large manufacturing base for consumer electronics and sporting goods. Some of the key players in this region include Teijin Ltd., Toray Industries, Inc., Hyosung Advanced Materials Corporation, ELG Carbon Fibre Ltd., and Jiangsu Hengshen Fiber Material Co., Ltd.

The Latin American region is expected to show moderate growth during the forecast period with Brazil, and Argentina being the major contributors due to increasing investments in technological advancements and the presence of a large end-user consumer base. The Middle East and African region are expected to grow very steadily with UAE, Israel, and South Africa being the major contributors.

Recycled Carbon Fiber Market Key Challenges

The recycling process may introduce variations in the mechanical properties of the fibers, making it difficult to ensure uniformity across batches. Optimizing recycling processes to achieve high fiber recovery rates while minimizing degradation or contamination is critical. Maintaining consistent quality is crucial for industries that require specific performance characteristics in their products which can be a major restraint for industry growth.

Even though recycled carbon fiber is cheaper than virgin carbon fiber, it may still struggle to compete with cheaper materials like glass fiber and other composites. To further reduce expenses and make recycled carbon fiber more cost-competitive, the economics of recycling collecting, sorting, processing, and refining must be optimized.

In order to advance recycling technologies and enhance the properties of recycled carbon fiber, ongoing research, and development efforts are required. Advancements in recycling processes, fiber recuperation procedures, and quality control strategies are significant to address the difficulties connected with fiber quality, consistency, and cost competitiveness.

Standardization ensures consistent quality, performance, and safety of recycled carbon fiber materials. Building trust and facilitating market acceptance can be made easier by developing recognized certification procedures and working with industry associations.

Recycled Carbon Fiber Market Key Global Players

The competitive landscape of the recycled carbon fiber market is shaped by several factors, including:

·        Developing advanced recycling processes, fiber recovery techniques, and quality control methods enables companies to produce high-quality recycled carbon fiber materials allowing them to stay ahead in terms of efficiency, fiber properties, and cost-effectiveness.

·        Companies that have control over the entire value chain, from waste collection to recycled fiber production and distribution, can ensure a consistent and reliable supply of recycled carbon fiber materials.

·        Collaborations with industry partners, including manufacturers, researchers, and end-users which can facilitate access to waste carbon fiber sources, market knowledge, and expertise in specific applications.

·        Companies that can achieve and maintain the desired mechanical properties, such as strength, stiffness, and durability, in their recycled fibers gain a competitive edge.

Brands that effectively communicate the benefits of recycled carbon fiber, differentiate themselves from competitors and demonstrate the value proposition of their products gain a competitive edge. Having a strong presence with robust branding in key regions and target markets allows companies to serve customers effectively and efficiently.

Numerous players are vying for market share and investing in new technologies and product development to stay ahead of the curve in the market. Several key global players in the recycled carbon fiber market include:

·        Toray Industries Inc.

·        Alpha Recyclage Composites

·        ELG Carbon Fibre Ltd.

·        Carbon Conversions Inc.

·        Carbon Fiber Recycling

·        SGL Carbon

·        Carbon Fiber Remanufacturing

·        Gen 2 Carbon Limited

·        Karborek RCF

·        Mitsubishi Chemical Holdings Corporation.

·        Procotex

·        Shocker Composites LLC

·        Sigmatex

·        Vartega Inc.

·        Other Players

The organization has been putting vigorously in innovative work to further develop the recycled carbon fiber experience and grow its piece of the pie. they have partnerships with several major businesses and significant funding.

The report on the recycled carbon fiber market covers the following aspects:

·        Market Overview: A general overview of the global recycled carbon fiber market, including its current size and growth projections for the future.

·        Market Segmentation: A breakdown of the market by the fiber type, fiber source, recycling technology, end-use industry, and geographic region.

·        Market Dynamics: An analysis of the key drivers, challenges, and trends affecting the growth of the recycled carbon fiber market.

·        Competitive Landscape: A comprehensive analysis of the leading players in recycled carbon fiber, including their market share, product offerings, and key strategies.

·        Regional Analysis: A detailed analysis of the recycled carbon fiber by geographic region, including market size, growth projections, and key trends for each region.

·        Company Profiles: In-depth profiles of key players in recycled carbon fiber, including their business overview, product offerings, financial performance, and recent developments.

·        Market Forecast: Projections for the future growth of recycled carbon fiber, including market size, growth rate, and key trends for the next five to ten years.

Attributes	Details
Base Year	2022
Trend Period	2020 – 2030
Forecast Period	2023 – 2030
Pages	215
Fiber Type Segment	Chopped Fibers, Milled Fibers, Continuous Fibers
Fiber Source Segment	Automotive Scrap, Aerospace Scrap, Other Sources
Recycling Technology Segment	Mechanical Recycling, Chemical Recycling, Hybrid Recycling
End-Use Industry Segment	Automotive & Transportation, Aerospace & Defense, Energy Industry, Consumer Goods, Sporting Goods, Marine Industry, Other End-user Industries
Company Profiles	Toray Industries Inc., Alpha Recyclage Composites, ELG Carbon Fibre Ltd., Carbon Conversions Inc., Carbon Fiber Recycling, SGL Carbon, Carbon Fiber Remanufacturing, Gen 2 Carbon Limited, and Others
Edition	4th edition
Publication	June 2023