The global recycled carbon fiber market size is driven by rising demand from the composites industry. Increasing usage and demand for recycled carbon fiber in the transportation and automotive which is set to boost product demand. Growing rate of urbanization and industrialization has led to growth of the product in the manufacturing industries. Increasing demand from various end-user industries such as aerospace & defense, automotive & transportation, consumer goods, sporting goods, and other goods is predicted to drive market growth and opportunities. Owing to its highly specific mechanical qualities, carbon fiber is used for lightweight structures which is expected to propel market growth for recycled carbon fiber. Fortune Business Insights™ mentioned this in a report titled, “Recycled Carbon Fiber Market, 2022-2029”.
Recycled carbon fibers are carbon fibers which are recovered from the carbon reinforced scraps and composites. They have good mechanical qualities compared to virgin fiber.
COVID-19 Impact: Shutdown of Manufacturing Facilities to Hamper Market Growth
The COVID-19 pandemic, the global recycled carbon fiber market has been affected negatively. The shutdown of manufacturing facilities due to strict norms resulted in a decline in productivity. Halt on aerospace, automotive, and other end-user industries led decline in their revenues. Various manufacturers such as BMW, Volkswagen, and Ford witnessed the decline in their shares.
Segmentation
Based on type, the market is divided into milled, non-woven, and chopped.
On the basis of end-use, the market is segmented into automotive, aerospace & defense, industrial, consumer goods, and others.
Geographically, the market is divided into regions such as North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
Report Coverage
This report covers the summary of this market that provides an analysis of product, impact of COVID-19, segmentation, drivers and restraints, regional insights, new growths, and presence of key players in the market. Changes in the market are subjected to alter the demand in the forecast period.
Drivers & Restraints
Increasing Regulations for Eco-Friendly Products to Inflate Market Growth
Increasing number of rules and regulations by the government for eco-friendly products is expected to drive market growth. Developed countries such as Germany, Japan, and U.S. have been focusing on eco-friendly products which has led to the product demand. The EU legislations regarding mandatory emission reduction is expected to drive the recycled carbon fiber market growth.
On the other hand, a lack of technical knowledge is expected to act as a limitation in the market growth.
Regional Insights
Presence of Automotive Manufacturing Base in Europe to Propel Industry Growth
Europe to hold the largest part in the global recycled carbon fiber market share due to rise in the strong presence of automotive manufacturing base. The region is set to grow due to important strategies for waste management and circular economy. The region is focusing on greenhouse gas emissions and their focus on green technology is set to propel market course.
North America is anticipated to be one of the emerging markets due to extensive R&D activities in the aerospace and defense sector.