Recycled Carbon Fiber Market - By Product type (Chopped Carbon Fiber, Milled Carbon Fiber, Carbon Fiber Mat), By Source (Automotive scrap, Aerospace scrap), By Recycling Method, By End-Use Industry & Forecast, 2024 – 2032

Recycled Carbon Fiber Market Size

Recycled Carbon Fiber Market was valued at USD 140.6 million in 2023 and is anticipated to grow a CAGR of over 11.5% between 2024 and 2032.
 

Recycled carbon fiber industry is witnessing significant growth driven by increasing environmental awareness, the implementation of regulatory support, and cost savings. As industries seek sustainable alternatives to virgin carbon fiber, recycled carbon fiber presents a more eco-friendly and cost-effective solution.

However, the market faces challenges in maintaining material quality and consistency, establishing a reliable supply chain, and overcoming perception barriers. Overcoming these challenges, along with standardization efforts, will be crucial for the sustained growth and wider adoption of recycled carbon fiber in various sectors, including aerospace, automotive, and wind energy, as it addresses both environmental concerns and economic efficiency.
 

COVID-19 Impact

The COVID-19 pandemic had a mixed impact on the recycled carbon fiber market. While the initial disruptions in supply chains and manufacturing slowed down the industry's growth, the pandemic also underscored the importance of sustainability and environmental considerations, driving increased interest in recycled carbon fiber as a more eco-friendly and cost-effective material. As recovery efforts continue, the market is expected to rebound and potentially experience accelerated growth, particularly in sectors prioritizing sustainability and reduced production costs.
 

Recycled Carbon Fiber Market Trends

A growing emphasis on sustainability and circular economy principles, with industries increasingly adopting recycled carbon fiber in various applications, such as aerospace, automotive, and renewable energy. Additionally, advancements in recycling technologies have improved material quality and consistency, making recycled carbon fiber a more attractive option. As environmental regulations become stricter, and cost-effective solutions gain prominence, the market is expected to witness continued expansion and innovation in the coming years, with a focus on waste reduction and improved supply chain logistics.
 

Recycled Carbon Fiber Market Analysis

Based on product type, chopped carbon fiber, widely used in reinforced plastics and composites, holds a significant market share around 44.4% in 2022 due to its versatility and strength. Milled carbon fiber, known for its fine consistency, is preferred in applications demanding precise reinforcement, contributing to a sizable market share. Carbon fiber mat, often used for high-performance and lightweight applications, commands its segment. The "others" category, including various forms and applications, represents a smaller but growing portion of the market. Overall, the market size for these product types reflects a diverse and evolving industry responding to the demand for sustainable and cost-effective materials in sectors such as automotive, aerospace, and renewable energy.
 

Based on source, Automotive scrap is a major contributor, given the automotive industry's emphasis on lightweight materials and sustainability, secures a significant market share, of 49.4% in 2022. The aerospace sector, with its stringent requirements for high-performance materials, also plays a substantial role in the market. "Other" sources, including wind energy, marine, and construction, represent a smaller but growing segment of the market, driven by increased awareness of the benefits of recycled carbon fiber across various industries. In summary, the market size for recycled carbon fiber varies significantly by source, with a strong presence in automotive and aerospace scrap, and potential for growth in other sectors as sustainability considerations continue to drive adoption.
 

Based on recycling method, Mechanical recycling, known for its cost-effectiveness, represents a substantial portion of the recycled carbon fiber market share about 69.4% in 2022 as it involves the physical separation of carbon fiber from composite materials. Chemical recycling is gaining traction as it can recover high-quality fibers from composites, especially in more complex waste streams. Pyrolysis, which involves high-temperature decomposition, and solvolysis, a chemical process in a solvent, contribute to the market by offering unique advantages for specific applications. The "others" category encompasses emerging recycling methods, contributing to a smaller but dynamic segment of the market. In summary, the market size for recycled carbon fiber varies according to the recycling method, with a combination of mechanical and chemical methods dominating the market, and the potential for growth driven by innovation in recycling technologies.
 

Based on end user industries, the aerospace and defence sector commands a sizable market share about 34.7% in 2022 due to its demand for high-performance, lightweight materials. Automotive, another key industry, focuses on reducing vehicle weight and enhancing fuel efficiency, contributing significantly to the market. Wind energy, with its need for durable and lightweight materials, also plays a substantial role. Sports and leisure, construction, and electronics industries each contribute, albeit to a lesser extent. The "others" category encompasses emerging applications across various sectors, showing growth potential. In summary, the market size for recycled carbon fiber is influenced by a diverse range of end-use industries, with aerospace and automotive leading the way and opportunities for expansion as other industries increasingly prioritize sustainability and advanced materials.
 

North America, with its well-established industries and a strong focus on innovation and technology, constitutes a significant share around 39.4% in 2022 of the global market. The U.S. boasts a strong presence in industries like aerospace, automotive, and renewable energy, where the demand for sustainable materials has driven the adoption of recycled carbon fiber. Furthermore, stringent environmental regulations and a growing emphasis on reducing carbon footprints have spurred investments in recycling technologies and the utilization of recycled carbon fiber. The North American market is expected to continue expanding, driven by sustainability initiatives, technological advancements, and the pursuit of cost-effective solutions in these prominent industries.
 

Recycled Carbon Fiber Market Share

Major players operating in the recycled carbon fiber industry include:

• Mitsubishi Chemical Inc
• ELG Carbon Fibre
• SGL Carbon
• Teijin Limited

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Recycled Carbon Fiber Industry News

• In May 2023, Mitsubishi Chemicals and Sanyo Chemical established a Limited Liability Partnership (LLP) for PPG production.
   

The recycled carbon fiber market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) & volume (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, by product type

• Chopped Carbon Fiber
• Milled Carbon Fiber
• Carbon Fiber Mat
• Others

Market, by Source

• Automotive scrap
• Aerospace scrap
• Other

Market, by Recycling Method

• Mechanical Recycling
• Chemical Recycling
• Pyrolysis
• Solvolysis
• Others

Market, by End-Use Industry:

• Aerospace and Defense
• Automotive
• Wind Energy
• Sports and Leisure
• Construction
• Electronics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE