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(I-AutoNewsWire.com, August 17, 2022 ) The Global Recycled Carbon Fiber Market size was USD 126 million in 2021 and is expected to reach USD 222 million by 2026, projecting a CAGR of 12.0% between 2021 and 2026. Recycled carbon fiber considered in the study is a high-performance fiber that is obtained from manufacturing waste and scraps from composite products. It has properties similar to virgin carbon fiber. For instance, its modulus is in a similar range as that of virgin carbon fiber. Even if the tensile strength of recycled carbon fiber reduces by 10% to 20% while processing, it still offers high-performance properties similar to virgin carbon fiber.
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Developed countries including Germany, the US, and Japan are focusing on increasing the use of environment-friendly products instead of petroleum-based products. Regulatory legislation imposed by the EU and other countries such as the US, India, and Japan are expected to increase the use of recycled carbon fiber, primarily in the automotive & transportation end-use industry. The EU legislation sets mandatory emission reduction targets for new cars for improvements in fuel economy and the reduction of CO2 emissions.
The US has also imposed stricter Corporate Average Fuel Economy (CAFE) and tailpipe emission standards for the automobile sector. The proposed mandate raised CAFÉ standards to 39 mpg for passenger cars by 2016 and 54.5 mpg by 2025. China and Japan have also announced vehicle fuel economy regulations. Brazil, India, Mexico, and South Africa are expected to initiate similar measures in the near future. However, the demand for recycled carbon fiber witnessed declining trend in last one year due to ongoing crisis of COVID-19. With steady economic recovery, growing demand from end-use industries, the demand for recycled carbon fiber will also rise during the forecast period.
Different types of recycled carbon fiber include chopped recycled carbon fiber and milled recycled carbon fiber. Chopped recycled carbon fiber is the most widely across the globe. This is attributed to the high demand from the automotive & transportation, marine, industrial, aerospace & defense, and other end-use industries. Environmental issues related to global climate change and greenhouse gas emissions have led automotive OEMs focusing on the development of lightweight and fuel-efficient vehicles. Governments in various countries are focusing on the use of recycled materials. This has led to the demand for chopped recycled carbon fiber in the automotive & transportation industry.
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Europe is the leading global recycled carbon fiber market. The region has leading recycled carbon fiber manufacturers such as ELG Carbon Fibre Ltd. (UK), Procotex Corporation SA (Belgium), Alpha Recyclage Composites (France), and SGL Carbon (Germany). Recycled carbon fiber manufacturing companies have significant opportunities in the European market due to the presence of large automotive OEMs and the rising demand from the automotive industry. This fiber is used for the manufacture of composite parts for which the region has a large market.
North America is also registering a significant growth due to the demand from the aerospace & defense industry in the region. The demand for recycled carbon fiber from the aerospace & defense, automotive & transportation, marine, consumer goods, sporting goods, and other end-use industries is expected to increase due to product innovations and technological advancements. The presence of established market players such as Carbon Conversions Inc. (US), Automotive & Transportation Recycling, Inc. (US), Shocker Composites LLC. (US), and Automotive & Transportation Remanufacturing (US), is also contributing to the growth of the market in the region. However, the COVID-19 pandemic has negatively affected all end-use industries including aerospace & defense, automotive, consumer goods, electricals & electronics among others affecting overall demand for recycled carbon fiber.
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