Reshaping Sustainability Exploring the Recycled Carbon Fiber Market
The recycled carbon fiber market was USD 168.3 million in 2022, and it will touch USD 310.3 million, with a CAGR of 7.9%, by 2030. Recycled carbon fiber is less costly compared to virgin carbon fiber. Endurance, stiffness, and fatigue, corrosion, and heat resistance are a few beneficial belongings of the material. Furthermore, it can enable vehicle makers to create low-cost mass-market e-vehicles and decrease the space and weight necessity of batteries.
In 2022, the chopped category, based on type, led the industry, with approximately 70% share, and it is likely to remain leading throughout this decade. This will be because of the extensive uses of this type owing to its sustainability as well as cost-savings.
Moreover, thermoplastic compounding is significantly utilized across various sectors, such as electronics and automotive, in making different products.
Furthermore, chopped carbon fiber is simpler to manage or combine with additional materials such as polymers and resins. Also, it is shorter in length, which enables greater dispersion in the matrix. This led to a progression in product performance as well as mechanical properties.
In 2022, the aerospace scrap category, based on source, was the largest contributor to the industry, with approximately 60% share, and it will remain the largest during this decade. Aerospace scrap is a major viable source of carbon fibers for reuse.
The progression in this category is because this material is extensively employed in producing fuselages, interior structures, and wings. Additionally, aerospace-grade carbon fiber offers superior quality.
The automotive & transportation category, on the basis of end user, accounted for a significant share in the past few years. Moreover, this category will further propel at a 10% CAGR in the coming years. This will be mainly because of the rising collaboration between rCF producers and automotive companies.
In 2022, Europe was the largest contributor to the industry, with approximately 50% share, and it is likely to remain the largest throughout this decade. The key factor for this dominance is the advancing aerospace and automotive sectors in this region.
APAC is likely to propel at the fastest compound annual growth rate in the years to come. This will be mainly because of the rising funding by governments in infrastructure, coupled with the speedy urbanization, which continuously boosts the requirement for vehicles.
It is because of the continuous progression in the automotive sector, the recycled carbon fiber industry will continue to grow in the coming years.