Recycled Carbon Fiber Market
The Recycled Carbon Fiber Market is estimated to grow the market value at a CAGR of 12.75% for 2027. Further, the global market has aimed to meet USD 276,021.5 Thousand by the end of the year 2027. The rising demand is one of the significant reasons to help expand the global market size.
Recycled carbon fiber results from various prepreg scrap and dry fiber sources and the thermoset carbon fiber-reinforced composites process. During the carbon fiber-based end products production, nearly 30% of carbon fiber produced is used as waste.
Regarding volume and value, the chopped recycled carbon fiber has dominated the recycled carbon fiber market for the year 2019.
The global market report has explained that the high-performance properties of the chopped recycled carbon fiber are increasing the demand for the recycled carbon fiber market. The chopped recycled carbon fiber offers low density, high modulus and strength, low thermal expansion, cost-saving benefits, and dimensional stability. Hence, these offerings are boosting the market demand across the world.
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The recycled carbon fiber market segments are as follows:
Based on the type segmentation, the global recycled carbon fiber market has been classified into Milled Carbon Fiber, Chopped Carbon Fiber, and Non-Woven Mats.
These types boost the recycled carbon fiber market growth due to their cost-effectiveness, environmental sustainability, lightweight, and energy efficiency.
According to the end-user segment, the global recycled carbon fiber market has been classified into Aerospace and Defense, Sporting Goods, Automotive, Consumer Goods and Electronics, Industrial, Wind Energy, and Others.
Among all these end-users, the automotive and Consumer Goods and Electronics segments are predicted to increase the market growth for the global market functioning during the ongoing forecast period.
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According to the demand prevalent in the regional overview, the global recycled carbon fiber market is increasing demands across various regions for its environmental sustainability, cost-effectiveness, energy efficiency, and lightweight products. Some of the top-performing regions have extensive geography and include regions like Europe, Latin America, South America, North America, Asia-Pacific, and other parts of the world.
In 2019, the Asian Pacific region was predicted to increase the higher recycled carbon fiber market share of USD 48,080.8 thousand. This is the reason behind economic conditions and rapid industrialization in growth-centric countries such as Malaysia, India, and South Korea. Further, it has been predicted that the region will play a prominent role in generating a higher recycled carbon fiber market share for the forecast period.
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In December 2021, FAIRMAT is a startup focused on developing revolutionary technology for carbon fiber recycling. Thus far, USD 9.7 million has been raised to industrialize a proprietary method that saves 4,000 tonnes of recyclable material each year and repurposes it into value-added goods. Singular led the initial round of funding with the help of technology entrepreneurs and industry leaders who will assist FAIRMAT throughout this critical period of its development. According to FAIRMAT, the carbon fiber market alone produced 160,000 metric tonnes in 2020. Additionally, carbon fiber waste is anticipated to reach roughly 62,000 tonnes annually on a global scale.
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