Recycled Carbon Fiber Market Trends and Forecast
Lucintel finds that the future of the global recycled carbon fiber material market looks promising with opportunities in the transportation, aerospace, consumer electronics, and sporting goods industries. The global recycled carbon fiber market is expected to reach an estimated $103 million by 2030 with a CAGR of 8% from 2023 to 2030. The major drivers for this market are regulations for reuse & recyclability of materials and the cost advantage of recycled carbon fiber compared to virgin carbon fiber.
Waste carbon fiber is the raw material for producing recycled carbon fiber coming from scraps in production, out-of-use things and components that do not meet quality standards. The carbon fiber scraps are processed and treated to remove impurities and then turned into various textile forms such as non-woven mats, yarns or fabrics. Recycled carbon fiber contains many of the mechanical properties of virgin carbon fiber so it is considered a sustainable and economic substitute. Normally, the price varies between $15/lb to $30/lb in case of recycled carbon fibers which can be compared to virgin carbon fibers whose prices range from $35/lb to $60/lb. Thus, due to lower raw material costs and production expenses, this disparity makes recycled carbon fiber more attractive for economical applications.
• Lucintel forecasts that transportation will remain the largest end use over the forecast period due to increasing demand for lightweight, cost-effective materials. Sporting good is expected to witness the highest growth over the forecast period.
• Non-woven mats will remain the largest product type and it is also expected to witness the highest growth over the forecast period due to the growing demand for low cost, recycled carbon fiber in structural applications.
• Europe is expected to remain the largest region over the forecast period. APAC is expected to witness highest growth over the forecast period.
Country wise Outlook for the Recycled Carbon Fiber Market
The recycled carbon fiber market is witnessing substantial growth globally, driven by increased demand from various industries such as aerospace, automotive, wind energy, and construction. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major recycled carbon fiber producers in key regions: the USA, Germany, China, and Japan.
Emerging Trends in the Recycled Carbon Fiber Market
Emerging trends in the recycled carbon fiber market shaping its future applications and market dynamics:
1. Expansion of Recycling Facilities: companies such as SGL Carbon are expanding their recycling facilities to meet the growing demand for eco-friendly materials across different sectors including automotive, aerospace and wind energy. This expansion is vital in increasing the supply of RCF and curbing on environmental pollution.
2. Partnerships for Advanced Recycling Technologies: partnerships between corporations and research institutions boost recycling technologies. ELG Carbon Fiber’s partnering with the University of Nottingham is one apt example of collaborations that focus on developing new ways of recycling end-of-life carbon fiber materials to improve efficiency and quality in the recycling process.
3. Certification of Recycled Carbon Fiber Products: The recognition programs among them being Carbon Footprint Standard by Carbon Trust are gaining popularity. These certifications prove that recycled carbon fiber products have met specific environmental requirements leading to consumer confidence and wider market acceptance.
4. Investments in Circular Economy Initiatives: To promote carbon fiber reuse and recycle governments together with stakeholders are funding circular economy initiatives. This includes projects like RECOTRANS which is funded by EU geared towards development of sustainable solutions within the carbon fiber industry thus showing a global drive toward a more sustainable future.
5. Demand in the Automotive Industry: The sustainability route has led to high demand for recycled carbon fibers in the automotive sector as BMW incorporates recycled CF into its production process, which improves fuel consumption rates hence reducing emissions related environmentally damaging effects thereby portraying suitability and functionality during high-stress applications of this product worth noting.
A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the Recycled Carbon Fiber Market
Recent developments in recycled carbon fiber market by various companies highlight ongoing innovations and advancements across different sectors:
• Technological Advancements: Better recycling methods such as pyrolysis and solvolysis are improving the quality and efficiency of recycled carbon fiber production.
• Automotive Industry Adoption: Recycled carbon fiber is being used by top automobile manufactures in order to cut down on vehicle weight and enhance fuel efficiency.
• Expansion in Aerospace: The aerospace industry is increasingly resorting to recycled carbon fiber for the purpose of producing light-weight, high-strength components.
• Sustainability Initiatives: In a move towards environmental sustainability, companies are now embedding a culture that supports the use of recycled carbon fibers.
• Market Growth: Market growth is strong due to increased investment and partnering to scale up production and broaden application across industries.
Strategic Growth Opportunities for Global Recycled Carbon Fiber Market
Lightweight Products for Automotive
• Market Demand: Automotive manufacturers are increasingly using recycled carbon fiber composites to reduce vehicle weight, improve fuel efficiency, and meet stringent emission standards.
• Opportunity: The adoption of recycled carbon fiber decreases the cost of materials, increases its sustainability credentials, and boosts circular economy measures in the automotive industry.
Aerospace and Aviation Applications
• Critical Requirements: Aircraft components made from recycled carbon fiber meet strict performance criteria through weight reduction and structural integrity.
• Opportunity: In-flight demand for sustainable materials by aerospace OEMs is forcing the use of aircraft interior parts, engine sections, etc. made from recycled carbon fibers.
Wind Energy Sector
• Market Segment: Wind turbine blades utilize recycled carbon fiber to enhance durability while cutting costs and improving energy efficiency.
• Opportunity: As renewable energy projects gain momentum globally, they need lightweight but tough materials like recyclable CFRP which can withstand harsh elements.
Recycled Carbon Fiber Market Drivers and Challenges
Global demand for sustainable materials in the automotive, aerospace, and renewable energy sectors is driving the recycled carbon fiber market. Recycled carbon fiber as a driver leads to substantial environmental advantages by minimizing waste and reducing carbon footprints compared to new carbon fiber. Nevertheless, there are barriers such as technological weaknesses in recycling processes, lack of quality uniformity, and cost competition that act against its widespread adoption. Constant improvement in recycling technologies, strategic alliances with suppliers and customers along the value chain, and regulations supporting eco-friendly initiatives by enhancing sustainability across different markets are necessary steps that should be taken to address this challenge.
The key drivers for the global recycled carbon fiber market include:
1. Environmental Sustainability: An increased significance in the need to reduce carbon footprints and induce sustainability results to a demand for recycled carbon fiber.
2. Cost Effectiveness: Recycled carbon fiber is usually cheaper than virgin carbon fiber, thus appealing to cost-conscious applications.
3. Automotive and Aerospace Demand: The usage of automotive and aerospace sectors is increasing with focus on light weighting for fuel efficiency leading to market growth.
4. Regulatory Support: Recycling regulations and policies by governments that promote the adoption of sustainable materials have led to this use of recycled carbon fiber.
5. Technological Advancements: These are improvements in the recycling processes as well as better material properties making recycled carbon fiber more attractive and applicable.
The challenges in the global recycled carbon fiber market include:
1. Quality and Performance Consistency: Keeping up with consistent quality and performance of recycled carbon fiber compared to its virgin counterpart is tough.
2. Supply Chain Limitations: Raw material scarcity, limited supply chains for recycling these fibers can potentially slow down market expansion rates.
3. Processing Challenges: Restoration of recycled carbon fiber might be difficult while integrating it into established manufacturing systems becomes a bigger problem.
4. Market Acceptance: Convincing manufacturers about the benefits and reliability of recycled carbon fiber calls for overcoming skepticism through heightened awareness among manufacturers and end-users.
5. Regulatory Hurdles: For producers using recycled carbon fiber, navigating complex regulatory landscapes as well as ensuring compliance with industry standards may be problematic.
Recycling technologies will need to be innovative and industry cooperation will need to occur for the purpose of addressing hurdles and maximizing the potential of recycled carbon fibers. The paper proposes that more research should be conducted, high performance applications developed, and recycling fiber products standardized to enhance market competitiveness sustainability, promote wider use, and foster a greener composites industry.
Recycled Carbon Fiber Suppliers and Their Market Shares
In this globally competitive market, several key players such as Procotex, Gen 2 carbon, SGL Carbon, Vartega, Toray Industries. etc. dominates the market and contributes to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Recycled Carbon Fiber Leadership Report".
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies recycled carbon fiber companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the recycled carbon fiber companies profiled in this report include.
• Procotex
• Gen 2 Carbon
• SGL Carbon
• Vartega
• Toray Industries
These companies have established themselves as leaders in the global recycled carbon fiber market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations. The market share dynamics within the recycled carbon fiber market are evolving, with the entry of new players and the emergence of innovative recycled carbon fiber market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Recycled Carbon Fiber Market by Segment
The global recycled carbon fiber industry is expanding rapidly in different areas. The automotive sector has turned to the use of recycled carbon fibers for lighter, fuel-efficient parts. In aerospace, it helps increase airplane fuel efficiency and decrease environmental pollution. In sporting goods like bicycles and golf clubs, its strength and light weight are beneficial. This is used in construction where it is used to reinforce concrete enhancing its durability. And finally also consumer electronics have started integrating it into their products like laptops and smartphones to make them stronger but still light reflecting its versatile applications as well like the increasing demand from various industries.
Recycled Carbon Fiber Market by End Use [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Transportation
• Aerospace
• Consumer Electronics
• Sporting Goods
• Others
Recycled Carbon Fiber Market by Product Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Non Woven Mats
• Chopped Carbon Fiber
• Milled Carbon Fiber
Recycled Carbon Fiber Market by Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Features of Recycled Carbon Fiber Market
• Market Size Estimates: Recycled carbon fiber market size estimation in terms of value ($M) and (M lbs) by volume.
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by end use, product type and region.
• Regional Analysis: Recycled carbon fiber market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different end use, product type and regions for the recycled carbon fiber market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the recycled carbon fiber market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in recycled carbon fiber or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the recycled carbon fiber market size?
Answer: The global recycled carbon fiber market is expected to reach an estimated $103 million by 2030.
Q2. What is the growth forecast for recycled carbon fiber market?
Answer: The recycled carbon fiber market is expected to grow at a CAGR of 8% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the recycled carbon fiber market?
Answer: The major drivers for this market are regulations for reuse & recyclability of materials and the cost advantage of recycled carbon fiber compared to virgin carbon fiber.
Q4. What are the major applications or end use industries for recycled carbon fiber?
Answer: Transportation and consumer electronics market are the major end use for recycled carbon fiber.
Q5. What are the emerging trends in recycled carbon fiber market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include the expansion of recycling facility, investment in circular economy initiatives, partnerships for advanced recycling technologies, certification of recycled carbon fiber products, and growing demand in the automotive industry.
Q6. Who are the key recycled carbon fiber companies?
Answer: Some of the key recycled carbon fiber companies are as follows:
• Procotex
• Gen 2 Carbon (Carbon Fiber Ltd).
• SGL Carbon
• CFK Valley Recycling
• Carbon Conversion Inc.
• Vartega
• Toray
• Karborek
Q7. Which recycled carbon fiber application segment will be the largest in future?
Answer: Lucintel forecasts that non-woven mats will remain the largest product type and it is also expected to witness the highest growth over the forecast period due to the growing demand for low cost, recycled carbon fiber in structural applications.
Q8. In recycled carbon fiber market, which region is expected to be the largest in next 7 years?
Answer:Europe is expected to remain the largest region and APAC to witness the highest growth over next 7 years
Q9. Do we receive customization in this report?
Answer:Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the global recycled carbon fiber market by end use (aerospace, transportation, consumer electronics, sporting goods, and others), product type (non woven mats, chopped carbon fiber, milled carbon fiber), and region (North America, Europe, APAC, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?