Recycled Carbon Fiber Market

The global Recycled Carbon Fiber Market is valued at USD 0.1 Billion in 2022 and is projected to reach a value of USD 0.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 10.3% between 2023 and 2030.

Premium Insights

Aerospace giants like Airbus have proactively committed to sustainability through ambitious recycling targets. The company has set a formidable goal of recycling 95% of its carbon fiber waste from 2020 to 2025, with a commendable 5% reintegrated into the aerospace sector. This commitment demonstrates the viability of Recycled Carbon Fiber and signifies its growing influence in shaping industry practices. In addition, a compelling indicator of the aerospace sector's resilience and growth is reflected in the robust aircraft orders reported by Airbus. The leap from 383 units in 2020 to a substantial 771 units in 2022 showcases the industry's trajectory towards expansion. It underscores the persistent demand for advanced materials that optimize performance while maintaining economic feasibility.

• By 2040, the global commercial fleet will exceed 49,000 planes. Notably, regions like China, Europe, North America, and the Asia-Pacific nations are each projected to contribute around 20% of new plane deliveries, with the remaining 20% allocated to emerging markets
• North America generated more than 39.80% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• The chopped segment accounted for the most significant market growth. It contributed over 53.2% of the total revenue share in 2022
• The Aerospace Scrap segment revealed the most important market growth, contributing more than 34.6% of the total revenue share in 2022
• The Automotive & Transportation segment accounts for the most considerable revenue of 21.6% in 2022

Top Market Trends

• Growing Demand from the Automotive Industry: Carbon fiber materials are used more frequently in the automotive sector because of their lightweight qualities, which help to increase fuel efficiency and lower emissions. As sustainability becomes a key concern for the automotive industry, there is a rising demand for Recycled Carbon Fiber, as it offers a cost-effective and eco-friendly alternative to traditional carbon fiber.
• Increasing Investments in Recycling Technologies: The market is witnessing significant investments in developing advanced recycling technologies for carbon fiber materials. Various companies are investing in research and development to improve the efficiency and cost-effectiveness of recycling techniques, such as pyrolysis and solvolysis, which break down carbon fiber composites into their constituent materials for reuse.
• Growing Adoption in the Aerospace Industry: The aerospace industry is another significant consumer of carbon fiber material, as it offers a high strength-to-weight ratio and resistance to corrosion. With sustainability becoming a priority in the aerospace sector, there is a growing interest in using Recycled Carbon Fiber to reduce aircraft components' environmental impact and lifecycle costs.
• Rising Awareness about Circular Economy: The circular economy, which focuses on recycling and reusing materials to minimize waste, is gaining traction across various industries. As a result, businesses and consumers increasingly recognize the value of Recycled Carbon Fiber as a sustainable solution that supports the principles of a circular economy.

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Economic Insights

One of the critical economic changes driving the Recycled Carbon Fiber market is the increasing demand for sustainable and eco-friendly materials across industries. Recycled Carbon Fibers have become popular as an alternative to virgin fibers due to growing awareness of the adverse environmental effects of carbon fibers and the need for their reuse. This shift in consumer behavior towards sustainability, driven by economic factors such as cost savings and regulatory pressures, has created a favorable market for Recycled Carbon Fibers. Recycled Carbon Fibers supply chain is also evolving to support the market's growth. Recycling technologies have improved significantly, allowing for the extraction of high-quality carbon fibers from waste materials such as carbon fiber-reinforced polymers (CFRPs). This has enhanced the availability of Recycled Carbon Fibers, enabling manufacturers to incorporate them into their products more efficiently.

Market Segmentation

The Global Recycled Carbon Fiber Market can be categorized broadly in the below-mentioned segments:

The global Recycled Carbon Fiber market can be categorized into Type, Source, End User Industry, Region. The Recycled Carbon Fiber market can be categorized into Milled, Chopped based on Type. The Recycled Carbon Fiber market can be categorized into Aerospace Scrap, Automotive Scrap, Other Scrap based on Source. The Recycled Carbon Fiber market can be categorized into Automotive & Transportation, Consumer Goods, Sporting Goods, Industrial, Aerospace & Defense, Marine, Other End Users based on End User Industry. The Recycled Carbon Fiber market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

The Chopped Segment holds the Largest Share and is Anticipated to Continue its Dominance in the Projected Period

The Chopped segment in the Recycled Carbon Fiber market has witnessed significant growth in 2022 due to the increasing demand for sustainable materials, versatility, and technology advancements. The demand for chopped fibers is anticipated to expand as more sectors realize the advantages of using Recycled Carbon Fiber, resulting in additional market expansion. Additionally, the cost-effectiveness of chopped carbon fiber is another factor contributing to its development. Recycled Carbon Fibers are generally more affordable than virgin carbon fibers, making them an attractive choice for manufacturers looking to reduce production costs without compromising quality. By using chopped carbon fibers, manufacturers can achieve similar performance characteristics as virgin fibers at a lower price, driving adoption in various industries.

Based on Source

Aerospace Scrap has Dominated the market in Recent Times and is Forecast to Continue the Dominance in the Future

In 2022, the segment with the most revenue was Aircraft Scrap. Because of its lightweight nature and great strength, carbon fiber is utilized extensively in producing high-tech fighter jets, enabling the accessibility of reused carbon fiber, and enabling carbon fiber recycling businesses from aerospace waste. Furthermore, recovering carbon fiber from aircraft composite scrap benefits the environment and the business. This element is causing progress in the transition of carbon fiber recycling from aerospace scrap from pilot scale to industrial operations.

Based on End-use Industry

Automotive & Transportation Accounted for the Largest Market Share

In 2022, the Automotive & Transportation end-use industry segment dominated the global market. Sustained economic expansion has increased the demand for more efficient and dependable modes of transportation, and Recycled Carbon Fiber is widely utilized in various transportation equipment due to its lightweight/high stiffness, low bending, high-speed operation, and other essential properties. This could be one of the primary factors driving the growth of the Recycled Carbon Fiber market. Furthermore, factors such as rising disposable income, technological advancements, and an increase in original equipment manufacturers (OEMs) have led to significant growth in the automotive and transportation sectors, where Recycled Carbon Fiber is used to manufacture various auto parts to absorb a large amount of impact energy and increase overall vehicle safety. In 2020, the Canadian automobile industry is expected to contribute around $12.5 billion to the country's gross domestic product (GDP), according to research by the Canadian government.

Based on Region

North America led the market

North America is accounted to have the most significant market growth in 2022. In terms of GDP, the United States has the greatest economy in the area. The economies of the United States and Canada are among the fastest-growing in the world. The North American market is increasing quickly because of the aerospace and automobile industries. Strategic developments, the existence of established vehicle manufacturers, leading Recycled Carbon Fiber manufacturers, and technological improvements in Recycled Carbon Fiber products all contribute to the region's market growth. The United States leads the region in Recycled Carbon Fiber, which major corporations use. Due to the expanding need for lightweight components that decrease vehicle weight, Recycled Carbon Fiber is now used more frequently in the automotive and aerospace end-use industries.

Competitive Landscape

Manufacturers and producers are at the forefront of the Recycled Carbon Fiber market. They are in charge of creating procedures for recycling carbon fiber resources, turning trash into useful items, and guaranteeing the uniformity and quality of the recycled fiber. These players drive innovation in recycling technologies, finding ways to extract and refine fibers from composite waste materials. In addition, companies specializing in recycling technologies and equipment play a crucial role in enabling the efficient and effective recycling of carbon fiber composites. They provide the machinery, processes, and expertise necessary to extract fibers from composite waste, facilitating the transition to Recycled Carbon Fiber products.

The players in the global Recycled Carbon Fiber market include Alpha Recyclage Composites (France), Carbon Conversions (U.S.), Carbon Fiber Recycling (Japan), Carbon Fiber Remanufacturing (U.S.), Gen 2 Carbon Limited (UK), Karborek RCF (Italy), Mitsubishi Chemical Holdings Corp. (Japan), Procotex (Belgium), Shocker Composites LLC (U.S.), Sigmatex LLC (U.S.), Toray Industries Inc. (Japan), Vartega Inc. (U.S.) among others.

Recent Market Developments

• In August 2023, Carbon Conversions and Joby Aviation formed a partnership to help Joby Aviation meet federal aviation rules while remaining environmentally responsible by recycling leftover fiber.
• In April 2022, Gen 2 Carbon Limited introduced the emergence of a new product in the G-TEX product line. G-TEX 60 gsm is compatible with any resin system. It benefits the automobile, transportation, aerospace, and wind energy industries.
• In March 2022, Gen 2 Carbon Limited established an alliance with Deakin University to encourage the growth of carbon fiber recycling in Australia.

Segmentation of the Global Recycled Carbon Fiber Market