Toray Industries, Inc., (Japan) and Faurecia (France) are Leading Players in the Recycled Materials for Mobility Applications Market
Recycled material is defined as material and byproducts recovered or diverted from solid waste and used in place of raw or virgin material in the manufacture of a product. It is made from post-consumer recycled material, manufacturing waste, industrial scrap, agricultural waste, and other waste, but excludes material or byproducts generated from, and commonly reused within, an original manufacturing process.
The automotive industry is moving forward, developing new mobility through new power sources. There is a movement to make the world more sustainable by reducing carbon dioxide emissions. These changes are also occurring in the materials used to construct automobiles. The goal is to reduce the environmental impact of automobiles by using sustainable and recycled materials for the interior and exterior. To that end, global automakers and auto part manufacturers are working hard to develop environmentally friendly materials such as recycled materials made from upcycled plastic bottles and cork to make dashboards, dashboards, floor mats, and seats. Recycled materials play a significant role in achieving carbon neutrality by automobiles.
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The global recycled materials for mobility applications market is projected to grow from USD 2.2 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 8.6% during the forecast period. The market's growth is attributed to the growing adoption of ecofriendly and sustainable materials by the automotive industry.
Toray Industries is a worldwide manufacturing, processing, and sales multinational corporation. The company specializes in industrial products which have applications in organic synthetic chemistry, polymer chemistry, and biochemistry. The company is one of the prominent producers of recycled composite materials worldwide and offers recycled carbon fibers, carbon prepregs, carbon fabrics, and molded products. It has manufacturing and research facilities in North America, Latin America, Europe, Africa, and Asia. Toray Industries operates through six business segments: fibers & textiles, performance chemicals, environment & engineering, carbon fiber composite materials, life sciences, and others. The company operates its recycled material and recycled carbon fiber businesses through its carbon fiber composite materials business segment.
Faurecia is a global supplier of automobile parts and equipment. Faurecia acquired HELLA GmbH on January 31, 2022. After the acquisition, both companies came together to form a single company named FORVIA Group. They also have become member companies of the group for close collaboration to provide technological solutions and synergized offerings. Faurecia is one of the leading global providers of recycled materials and recycled plastic matrix. Faurecia offers a diverse portfolio comprising automobile seating, automobile interior systems, cockpit electronics, and emission control technologies. It operates through four business segments, namely, Seating, Interiors, Clean Mobility, and Clarion Electronics. The clean mobility division offers recycled material solutions such as car interiors and as per the client’s requirement. The company has global operations across 33 countries in the major automotive markets. It has more than 70 manufacturing facilities related to the Seating division and 13 research and development centers worldwide.
Continental AG is one of the leading component manufacturers of recycled materials and recycled polymer materials for the automotive industry. It has an extensive portfolio of automotive products and solutions ranging from chassis & safety systems and powertrain design to connectivity services & telematics. As of December 2021, the company had 1,90,875 employees in 561 locations across 58 countries. These include 246 production facilities and 88 locations dedicated toR&D. Continental operates its business through five major divisions: Tires, vehicle networking and information, autonomous mobility & safety, contract manufacturing, and contitech. The tire division offers recycled polymer material solutions such as PremiumContact 6 tire series.
Related Reports:
Recycled Materials for Mobility Applications Market by Material Type (Polymer Materials, Composites), Vehicle Type (Passenger Cars, Commercial Vehicles), Component, Application (OEMs, Aftermarkets), And Region - Global Forecast to 2027
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