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Recycled Carbon Fiber Market Analysis | 2023-2028
Recycled Carbon Fiber Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The recycled carbon fiber market was estimated at USD 104 million in 2022 and is likely to grow at a CAGR of 18.1% during 2023-2028 to reach USD 295.4 million in 2028.
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Recycling carbon fiber refers to the process of reusing or reclaiming carbon fibers from manufacturing scraps, products, or structures that are no longer in use or have reached the end of their life cycle, to extend their lifecycle and reduce environmental impact.
Carbon fibers are widely used in various industries, including aerospace, automotive, sports equipment, and renewable energy, due to their high strength-to-weight ratio and durability. The paramount concerns for the environment and sustainable practices impel industries to conscientiously address carbon fiber waste. Carbon fiber recycling offers a diversion from landfill that creates a low-cost alternative to virgin carbon fiber. According to Vartega Inc., a company specializing in carbon fiber recycling, for every 1 kg of virgin carbon fiber offset through recycling, it is estimated that 3 kg of carbon dioxide greenhouse gas will be saved, and by replacing 1.5 kg of steel with 1 kg of recycled carbon fiber, an additional 15 kg of carbon dioxide greenhouse gas can be saved.
The escalating demand for carbon fiber, alongside its resource-intensive manufacturing, intensifies the emphasis on recycling for resource preservation. Simultaneously, stringent regulations on waste management and carbon emissions necessitate greener strategies, rendering carbon fiber recycling increasingly appealing. Furthermore, economic prudence accentuates its adoption, as recycling curtails reliance on costly virgin carbon fiber. Collectively, the interplay of environmental consciousness, resource efficiency, regulatory imperatives, and economic incentives propel the advancements of carbon fiber recycling endeavors.
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Recent Market JVs and Acquisitions:
Carbon fiber recycling has been the hotbed for industry stakeholders with several partnerships and M&As performed in the past few years. Some of which are the following.
Recent Product Development
With the passage of time, there have been advancements in the recycling processes of carbon fibers. Industry stakeholders are working on the development of advanced and mature recycling processes. In 2023, Asahi Kasei, in collaboration with academic partners, pioneered innovative technology for recycling carbon fiber plastic compounds.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Form Type Analysis |
Milled, Chopped, and Nonwoven |
Chopped carbon fiber is expected to remain the dominant type in the market during the forecast period. |
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Source Type Analysis |
Aerospace Scrap, Automotive Scrap, and Other Scraps |
Aerospace scrap is anticipated to remain the biggest source of carbon fiber scraps during the forecast period. |
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Waste Form Type Analysis |
Dry Fiber, Textiles, Prepreg, and Composite |
Prepreg is expected to remain the dominant waste form in the market during the forecast period. |
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End-Use Industry Type Analysis |
Automotive & Transportation, Consumer Goods, Sporting Goods, and Others |
Automotive & transportation are likely to be the biggest user of recycled carbon fiber during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Europe is projected to maintain its position as the biggest market for recycled carbon fibers. |
Based on the form type, the recycled carbon fiber market is segmented into milled fiber, chopped fiber, and nonwoven. Chopped carbon fiber is expected to remain the dominant type in the market during the forecast period due to its use in a wide variety of applications, including composites. In addition to that, chopped recycled carbon fiber is suitable for various compounding processes and industrial mixing such as injection molding. Also, chopped carbon fiber is less expensive than milled carbon fiber, is easier to process, can be used to produce a wide variety of products, and has good mechanical properties. All these characteristics are fueling the demand for chopped recycled carbon fibers in the foreseeable future.
Based on the source type, the market is segmented into aerospace scrap, automotive scrap, and other scraps. Aerospace scrap is anticipated to remain the biggest source of carbon fiber scraps during the forecast period as the aerospace industry heavily relies on carbon fiber composites for their lightweight strength, enhancing fuel efficiency and performance. Carbon fiber composites account for a considerable amount of an aircraft's weight, especially in newer, more advanced models. For instance, the Boeing 787 Dreamliner is composed of approximately 50% carbon fiber-reinforced polymer (CFRP) by weight, which is used in the wings, fuselage, and other key structural components. Similarly, the Airbus A350 XWB is one of the most carbon fiber-intensive commercial aircraft in the world, with almost 53% of its weight made up of CFRP. It is estimated that about 6,000 aircraft will reach the end of their service life by 2030. With aircraft retiring or sustaining damage, substantial carbon fiber waste is generated. Strict safety and regulatory standards prompt component replacements, creating a consistent stream of recyclable materials.
Based on the waste form type, the market is segmented into dry fibers, textiles, prepreg, and composites. Prepreg is expected to remain the dominant waste form in the market during the forecast period. Prepregs are made by impregnating carbon fiber with a precisely measured amount of epoxy resins or other matrix materials. This results in a consistent and controlled fiber orientation within the material. This controlled orientation makes it easier to separate and recover the carbon fibers during the recycling process, as they are already aligned in a specific direction. In addition to that, prepregs are typically free from contaminants such as paint, adhesives, or other materials that can be found on used or post-consumer carbon fiber composites. This makes the recycling process more efficient and results in higher-quality recycled carbon fibers. Also, prepregs are used for the manufacturing of a variety of components for aircraft, automotive, and wind energy due to the need for lightweight materials and increasing demand for composites. Consequently, there may be a significant amount of prepreg waste generated in these industries, leading to its prominence in carbon fiber recycling efforts.
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Based on the end-use industry, the market is segmented into automotive & transportation, consumer goods, sporting goods, and others. Automotive & transportation are likely to be the biggest user of recycled carbon fiber during the forecast period. Recycled carbon fiber has a variety of applications in the automotive & transportation industry. Recycled carbon fiber is used for automotive interiors and exterior parts, such as engine covers, anti-corrosion covers, front and rear bumpers, roofs, and structural parts. The increasing demand for lightweight vehicles coupled with cost-effective alternatives of virgin carbon fiber (recycled carbon fiber) is expected to fuel the demand for recycled carbon fiber in the automotive & transportation industry.
During the forecast period, Europe is projected to maintain its position as the biggest market for recycled carbon fibers. This is due to the presence of major players, including Procotex Corporation, Gen 2 Carbon Limited, Fairmat, and Alpha Recyclage Composites, actively involved in carbon fiber recycling in the region. Recycling carbon fiber can offer significant opportunities in the European market due to the presence of major automotive OEMs coupled with the growing demand for recycled carbon fibers from the automotive industry. Additionally, Europe's strong emphasis on the circular economy aligns perfectly with carbon fiber recycling, garnering support from policymakers and stakeholders. Additionally, Europe's thriving automotive and aerospace industries, committed to lightweight and sustainability, fuel the demand for recycled carbon fibers, further bolstering the region's leadership in this industry.
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Over the years, there has been a growing presence of companies in the recycling business. Now, almost all the leading global carbon fiber suppliers either on their own or through partnerships have started focusing on carbon fiber recycling. Based on several interviews, Stratview could be able to identify major players which are the following.
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The recycled carbon fiber market is segmented into the following categories.
By Form Type
By Source Type
By Waste Form Type
By End-Use Industry
By Region
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Company Profiling
Competitive Benchmarking
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Recycling carbon fiber refers to the process of reusing or reclaiming carbon fibers from manufacturing scraps, products, or structures that are no longer in use or have reached the end of their life cycle, to extend their lifecycle and reduce environmental impact.
The recycled carbon fiber market was estimated at USD 104 million in 2022.
The recycled carbon fiber market is likely to reach USD 295.4 million in 2028.
The recycled carbon fiber market is likely to grow at a CAGR of 18.1% during 2023-2028.
Zoltek Corporation, Vartega In, Carbon Fiber Recycle Industry Co. Ltd., Fairmat, Procotex Corporation, Catack-H, Mitsubishi Chemical Group Corporation, Gen 2 Carbon Limited, and SGL Carbon are the leading players in the market.
Europe is estimated to remain dominant in the market in the foreseeable future driven by collaborative funding, a circular economy focus, and strong automotive and aerospace industries prioritizing sustainability and lightweight, fostering demand for recycled carbon fibers.
Europe is also estimated to remain the fastest-growing market for recycled carbon fibers in the foreseeable future. Advancements in composite technology solutions and the penetration of composites in the automotive & transportation, consumer goods, sporting goods, aerospace & defense, construction & infrastructure, and wind energy are the factors driving the market growth of recycled carbon fiber in Europe.
Chopped recycled carbon fiber is expected to be the dominant type in the market during the forecast period. Chopped recycled carbon fiber is less expensive, easier to process, and can be used in a wider variety of applications.
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