PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447015
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447015
According to Stratistics MRC, the Global Recycled Carbon Fiber Market is accounted for $140.6 million in 2023 and is expected to reach $341.16 million by 2030 growing at a CAGR of 13.5% during the forecast period. Recycled carbon fiber, or rCF, is a sustainable solution that can be used in a variety of industries in place of traditional carbon fiber. Reclaimed carbon fiber (rCF) is made from materials that have been reclaimed from carbon fiber, such as scraps, end-of-life components, or manufacturing waste. The fibers are refined and broken down for reuse in rCF, this recycling method preserves resources while also lessening the environmental impact of producing carbon fiber. Because recycled carbon fiber retains its exceptional mechanical qualities and strength-to-weight ratios, it can find use in the sporting goods, automotive, and aerospace industries.
According to the Carbon Fiber Recycling Association, the utilization of recycled carbon fiber in various industries has not only demonstrated environmental responsibility but has also significantly contributed to the reduction of carbon footprint, aligning with the association's commitment to fostering sustainable practices within the materials manufacturing sector.
Growing environmental sustainability consciousness and concern
Industries are adopting sustainable practices because of the urgency with which global climate goals, such as those outlined in international agreements like the Paris Agreement, must be met. When we prioritize resource efficiency and waste reduction as part of the larger shift towards a circular economy, recycled carbon fiber becomes an appealing solution. Furthermore, adoption of it is in line with environmental concerns, enabling industries to support more environmentally friendly manufacturing processes and mitigate the effects of climate change.
Variability in performance and quality
The potential for variation in quality and performance when compared to virgin carbon fiber is one of the main obstacles facing recycled carbon fiber. Mechanical properties could be affected by the recycling process if contaminants are introduced or if the fiber structure is changed. Additionally, ensuring consistent quality is a challenge for manufacturers, especially in applications where precise performance characteristics are needed.
Growing need for vehicle light weighting
Recycled carbon fiber has a big chance because of the automotive industry's increasing emphasis on light weighting to improve fuel economy and lower emissions. Moreover, recycled carbon fiber can be used more frequently in structural elements, body panels, and interiors as automakers look for environmentally friendly substitutes for conventional materials. This will help meet both performance and environmental goals.
Challenges with quality and consistency
Widespread adoption is hampered by the inconsistent and variable quality of recycled carbon fiber. Inconsistent mechanical properties can result from a variety of problems, including changes to the fiber structure or contaminants introduced during the recycling process. Additionally, it is imperative to guarantee a dependable and consistent product, particularly in sectors where stringent material requirements are critical to both performance and safety.
The market for recycled carbon fiber has been impacted by the COVID-19 pandemic in many ways. Global supply chain disruptions, manufacturing facility temporary closures, and economic uncertainty have caused production to slow down and demand to decline across a number of industries. The demand for both virgin and recycled carbon fiber was impacted by lower production levels in the automotive and aerospace industries, which are big users of carbon fiber materials. Furthermore, some industries have prioritized cost-cutting measures as a result of the economic downturn, which may have an impact on investments in sustainable materials.
The Chopped Carbon Fiber segment is expected to be the largest during the forecast period
Due to its many uses and ease of incorporation into different materials, chopped carbon fiber is expected to hold the largest share of the recycled carbon fiber market. Chopped carbon fiber is a great fit for applications like injection molding, thermoplastics, and composite manufacturing because of its short fiber length. Moreover, its dominance in the market is partly due to its extensive use in sectors like the automotive industry, where lightweight and high-strength materials are essential. Because it is more affordable and can improve mechanical properties, recycled chopped carbon fiber is a top option for manufacturers looking for environmentally friendly substitutes.
The Wind Energy segment is expected to have the highest CAGR during the forecast period
The segment with the highest CAGR is predicted to be wind energy. The industry's dedication to using lightweight, long-lasting materials for turbine components is driving the demand for recycled carbon fiber in wind energy applications. In line with the industry's environmental objectives, recycled carbon fiber provides a sustainable answer to the demand for improved performance. Additionally, recycled carbon fiber is in higher demand due to the trend toward larger and more efficient wind turbines. Carbon fiber is used in vital parts like blades.
Due in part to its strong industrialization, strict environmental laws, and increasing focus on sustainable practices, North America now accounts for the largest share of the market for recycled carbon fiber. Recycled carbon fiber was first introduced into the region's cutting-edge automotive and aerospace industries production processes in order to satisfy environmental and performance requirements. Furthermore, the market for recycled carbon fiber in wind turbine applications is also fueled by rising investments in renewable energy projects, especially in the US.
Due to a combination of strict environmental regulations, a focus on sustainable manufacturing, and a well-established aerospace and automotive sector, Europe is expected to hold the highest CAGR in the recycled carbon fiber market. Recycled carbon fiber is a crucial component of sustainable material strategies in European countries, especially those that are part of the European Union, which is leading the way in implementing circular economy principles. Additionally, the demand for recycled carbon fiber is driven by the aerospace sector's commitment to environmentally friendly practices and the automotive industry's emphasis on lightweight materials for fuel efficiency.
Key players in the market
Some of the key players in Recycled Carbon Fiber market include Alpha Recyclage Composites, Mitsubishi Chemical Inc, Carbon Fiber Recycling, Inc., SGL Carbon, Toray Industries, Inc., Sigmatex, ZOLTEK Corporation, Teijin Limited, Shocker Composites, LLC and Vartega Inc.
In January 2024, Teijin Limited Signs Joint R&D Agreement with Garwood Medical Devices. Garwood Medical Devices, a breakthrough New York medtech company, and Teijin Limited, a leading Japanese conglomerate with pharmaceutical and implantable medical device businesses, have announced a joint research and development agreement designed to enable Garwood and Teijin to bring Garwood's novel infection control technology to Japan.
In September 2023, Toray Industries Inc. has signed an agreement with Honda Motor Co. Ltd. (Tokyo) to jointly develop a chemical recycling technology for glass fiber-reinforced nylon 6 parts recovered from end-of-life vehicles. Both partners have begun verifying this technology, which entails depolymerizing with subcritical water - a high-temperature, high-pressure state, just below the critical point of water- and regeneration of the materials as caprolactam, a raw monomer.
In July 2023, The Mitsubishi Chemical Group, Toppan Inc. and Kyoeisha Chemical Co., Ltd., signed an agreement on March 15, 2023 to jointly develop a material recycling production process for horizontal recycling*1 of waste plastic discharged from packaging material manufacturing plants. The three companies are pleased to announce that they will begin demonstration testing of the material recycling production process, including the installation of devices to verify the principles of the production demonstration process, in June.