Recycled Carbon Fiber Market by Type (Chopped, Milled), Source (Aerospace Scrap, Automotive Scrap), End-use Industry (Automotive & Transportation, Consumer goods, Sporting Goods, Aerospace & Defense), & Region - Global Forecast to 2028
In terms of value, the recycled carbon fiber market is estimated to grow USD 172 million in 2023 and is projected to reach USD 278 million by 2028, at a CAGR of 10.0% from 2023 to 2028. Recycled carbon fiber is cost-efficient when compared to virgin carbon fiber. This has increased its penetration in the composites industry for applications wherein high-performance materials, along with low cost, are a necessity. The properties of recycled carbon fibers, such as stiffness, strength, tenacity, heat resistance, fatigue, and corrosion resistance, are similar to virgin carbon fiber. However, in certain applications in the aerospace & defense industry, virgin carbon fiber has higher demand. Therefore, the threat of substitutes in the market is moderate. The bargaining power of buyers is high as buyers of recycled carbon fiber, such as OEMs and CFRP manufacturers, are not fully aware of this fiber’s benefits and are reluctant to use them in various end-use applications.
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Attractive Opportunities in the Recycled Carbon Fiber Market
Recycled Carbon Fiber Market Dynamics
Increasing demand for carbon fibers from the composites industry to propel the market growth
Virgin carbon fiber is used in various applications due to its high strength-to-weight ratio and flexural and tensile strength. However, the cost of manufacturing and processing this fiber is higher than other fibers, restricting its consumption in various applications. Other fibers, such as glass and aramid, are affordable alternatives to virgin carbon fiber. There is an increasing focus on developing cost-effective fiber materials with properties similar to virgin carbon fiber. Recycled carbon fiber is an effective alternative utilized by various OEMs. The price of recycled carbon fiber is approximately 40% lower than industrial-grade virgin carbon fiber. Carbon fiber is obtained mainly from composite scraps from the aerospace, automotive, and sports goods industries for recycling. When processed, recycled carbon fiber has properties similar to virgin carbon fiber with slight variations. For instance, the recycled carbon fiber processed by CFK Valley Stade Recycling GmbH Co. KG (Germany) has the same modulus as virgin carbon fiber, but the tensile strength is 10–20% lower. However, it is more cost-effective than virgin carbon fiber. Therefore, the demand for low-cost materials with high-performance properties majorly drives the recycled carbon fiber industry.
Use of economic products to restrict the market growth
The glass fiber & glass fiber composites and carbon fiber & carbon fiber composites industries are majorly concentrated in China, Japan, North America, and Europe. However, there has been a significant shift toward emerging economies in recent years, particularly in Asia Pacific. Although recycled carbon fiber has superior properties to E-glass fiber and S-glass fiber, it is not used commercially in many applications due to the lack of awareness about its benefits. There is significant scope for using recycled carbon fiber in the marine, automotive & transportation, aerospace & defense, sporting goods, and wind energy industries. However, due to less awareness regarding the cost-effectiveness and high-performance properties of recycled carbon fiber, virgin carbon fiber has a high demand from these industries. Virgin carbon fiber has a high demand for applications in the automotive & transportation, aerospace & defense, and wind energy industries due to the awareness among end users and the strong distribution networks of manufacturers.
Rising demand for recycled carbon from emerging markets to create lucrative opportunities for the market
Traditionally, the recycled carbon fiber market was concentrated in North America and Europe. However, there has been a significant shift toward emerging economies in the Asia Pacific recently. For example, there has been an increasing demand for recycled carbon fiber from the aerospace sector in emerging economies due to the high demand for low-cost carriers. To meet the demand, China launched numerous research projects concerning carbon fiber and its commercialization. Due to rapid industrialization and growing economies of emerging nations, cyclic industries such as automotive and infrastructure are expected to grow at a high rate, increasing the demand for recycled carbon fiber in the region.
Promoting recycled carbon fiber for commercial applications to be a major challenge for market growth
There is a significant gap in the supply and demand for recycled carbon fibers. End-use industries are unwilling to readily utilize this recycled fiber in their products, creating an imbalance in the supply and demand in the recycled carbon fiber value chain. End-use industries are reluctant to adopt recycled carbon fiber as they are aware of the properties of virgin carbon fiber, and using recycled carbon fiber as a substitute is still considered unfeasible. This is majorly attributed to the lack of awareness of recycled carbon fiber’s advantageous properties and cost-effectiveness. Manufacturers of recycled carbon fiber undertake efforts to promote the use of the fiber in various industries by participating in exhibitions and conferences.
Market Ecosystem
Based on type, milled recycled carbon fiber is expected to grow at a significant rate during the forecast period
Milled recycled carbon fiber offers strength and electrostatic dissipation. It is available in powdered form and has short strands of recycled carbon fiber. It offers mechanical properties such as tensile strength and modulus. Milled recycled carbon fiber also offers dimensional stability and electrical conductivity. This type of fiber is compatible with thermoset and thermoplastic resin systems. It has applications in various end-use industries, including construction & infrastructure and automotive & transportation. Milled recycled carbon fiber has a length of 80–100 micrometers. It is mostly available in powdered form due to its minute length.
Based on source type, aerospace scrap source lead the recycled carbon fiber market, in terms of value and volume
Aerospace scrap is among the most prominent sources for obtaining carbon fibers for reuse. Aerospace OEMs have taken initiatives to recycle high-grade carbon fiber-based components used for manufacturing aircraft components. Airbus and Boeing offer composite scrap to recyclers. Boeing adopted strategies to increase the amount of recyclable aircraft composite material. It started carbon fiber-based composite recycling from its F-18A military planes in 2005. Later, the company recycled its Boeing-777 composite components and Boeing-787 pre-production scrap. Recycled carbon fiber scrap from Boeing-787 was used to manufacture seat armrests and composite lay-up tools.
Sporting goods are expected to witness the third-highest growth in the recycled carbon fiber market, in 2022
Recycled carbon fiber is used mainly as composites in the sporting goods industry. It is also used in non-woven fabrics and short fiber tape. It provides low weight, high mechanical strength, thermal & chemical stability, dimensional stability, resistance to corrosion, cost-efficiency, and increased product life for sports goods. Composite-based sports & recreation goods provide a high tensile strength-to-weight ratio and enable molding in various shapes.
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Europe to be the fastest-growing region in the recycled carbon fiber market during the forecast period
Europe dominated the recycled carbon fiber market in terms of value. The region has leading recycled carbon fiber manufacturers such as Gen 2 Carbon (UK), Procotex (Belgium), and Alpha Recyclage Composites (France). 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 manufacturing composite parts. The market growth in Europe is supported by advancements in composite technology solutions and the penetration of composites in the aerospace & defense, pipe & tank, construction & infrastructure, automotive & transportation, and wind energy sectors. Governments of various countries in the region focus on using eco-friendly products, thereby fueling the growth of Europe’s recycled carbon fiber market.
Key Market Players
Some of the key players in the global recycled carbon fiber market are Toray Industries, Inc. (Japan), Gen 2 Carbon Limited (UK), Carbon Conversions, Inc. (US), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Procotex (Belgium), Carbon Fiber Remanufacturing (US), Alpha Recyclage Composites (France), Mitsubishi Chemical Group (Japan), and CATACK-H (South Korea).
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the recycled carbon fiber industry. The study includes an in-depth competitive analysis of these key players in the recycled carbon fiber market, with their company profiles, recent developments, and key market strategies.
Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2018–2028 |
|
Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Value (USD Thousand), Volume (Ton) |
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Segments Covered |
By Source, By Type, By End-use industry, Region |
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Geographies covered |
Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa |
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Companies covered |
Toray Industries, Inc. (Japan), Gen 2 Carbon Limited (UK), Carbon Conversions, Inc. (US), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Procotex (Belgium), Carbon Fiber Remanufacturing (US), Alpha Recyclage Composites (France), Mitsubishi Chemical Group (Japan), and CATACK-H (South Korea) |
The study categorizes the recycled carbon fiber market based on Glass type, Product type, Application, and Region.
By Type:
- Milled
- Chopped
By Source:
- Aerospace Scrap
- Automotive Scrap
- Other Scrap
By End-use Industry:
- Automotive & Transportation
- Consumer Goods
- Sporting Goods
- Industrial
- Aerospace & defense
- Marine
- Others
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In August 2023, Carbon Conversions and Joby Aviation entered into a partnership to help Joby Aviation meet federal aviation regulations and maintain its environment-friendly status by recycling its scrap fiber.
- In April 2022, Gen 2 Carbon Limited announced the development of a new product under the G-TEX product range. G-TEX 60 gsm can be processed with any resin system. It is expected to serve the automotive & transport, aerospace, and wind energy sectors.
- In March 2022, Gen 2 Carbon Limited entered into a partnership with Deakin University to promote the development of carbon fiber recycling in Australia.
- In June 2021, Procotex acquired ELG UK’s short carbon fiber business to produce innovative and sustainable products.
- In June 2019, CATACK-H introduced a new eco-friendly and economic CFRP recycling technology using water. This technology was transferred from the Korea Institute of Science and Technology (KSIT).
Frequently Asked Questions (FAQ):
Which are the major companies in the recycled carbon fiber market? What are their major strategies to strengthen their market presence?
Some of the major players are Toray Industries, Inc. (Japan), Gen 2 Carbon Limited (UK), Carbon Conversions, Inc. (US), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Procotex (Belgium), Carbon Fiber Remanufacturing (US), Alpha Recyclage Composites (France), Mitsubishi Chemical Group (Japan), and CATACK-H (South Korea).
What are the opportunities for the recycled carbon fiber market?
Increasing demand for lightweight materials in automotive & transportation sectors is the one of the major trends in the recycled carbon fiber.
What are the factors influencing the growth of the recycled carbon fiber market?
The growing demand for recycled carbon fiber from various end-use industries including automotive & transportation, consumer goods, sporting goods, industrial, aerospace & defense, marine, and others is driving the growth of the market
Which is the highest growing country-level market for recycled carbon fiber?
Germany is the highest growing country in the recycled carbon fiber market due to high demand from well-established end-use industries such as automotive & transportation, aerospace & defense, consumer goods, and others. .
What are the factors contributing to the final price of recycled carbon fiber?
Raw material plays a vital role in the costs. The cost of these materials contributes largely to the final pricing of recycled carbon fiber.
What are the challenges in the recycled carbon fiber market?
What are the challenges in the recycled carbon fiber market?
Which type of recycled carbon fiber is expected to witness highest growth?
Chopped recycled carbon fiber is expected to register highest growth in terms of value and volume, in the recycled carbon fiber market.
How is the recycled carbon fiber market aligned?
The market is growing at the fastest pace. It is a potential market and many manufacturers are undertaking business strategies to expand their business. .
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The study involves two major activities in estimating the current market size for the recycled carbon fiber market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering recycled carbon fiber and information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the recycled carbon fiber industry, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the recycled carbon fiber market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from recycled carbon fiber industry vendors; raw material suppliers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the recycled carbon fiber, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of recycled carbon fiber and future outlook of their business which will affect the overall market.
Following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
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Zoltek Companies, Inc. |
Product Development Head |
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Gen 2 Carbon Limited |
CEO & Founder |
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Carbon Conversions, Inc. |
Consultant |
|
Procotex Corporation |
Sales Head |
Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the size of the recycled carbon fiber market. Key players in the industry were identified through extensive secondary research. The supply chain of the industry and the market size, in terms of volume, were determined through primary and secondary research. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. The research process included the study of reports, reviews, and newsletters of the key market players and extensive interviews for opinions from leaders such as directors and marketing executives.
Recycled Carbon Fiber Market Size: Botton Up Approach
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Recycled Carbon Fiber Market Size: Top Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Recycled carbon fiber is obtained from manufacturing waste and end-of-life composite components. It is also known as reclaimed carbon fiber, recovered carbon fiber, or upcycled carbon fiber. Pyrolysis and solvolysis manufacturing techniques are used to recover carbon fiber from scrap. This fiber is compatible with thermoplastic and thermoset resins. It can be mixed with virgin fiber to form composite structures.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To analyze and forecast the size of the global recycled carbon fiber market in terms of value
- and volume
- To provide detailed information about key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To analyze market segments and forecast the market size based on type, source, end-use industry, and region
- To forecast the market size based on five main regions, Asia Pacific, North America, Europe, Middle East & Africa, and Latin America
- To analyze the market concerning individual growth trends, prospects, and contribution of micromarkets to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape
- To analyze competitive developments in the market, such as new product launches/ developments, expansions, mergers & acquisitions, joint ventures, agreements, contracts, and partnerships
- To profile key players and comprehensively analyze their market shares and core competencies
- To strategically profile key players in the market and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the recycled carbon fiber market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
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