The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Recycled Carbon Fiber Market.
It was estimated prior to this unanticipated outbreak that the Recycled Carbon Fiber Market was expected to grow at a CAGR of 11.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Recycled carbon fiber is also known as reclaimed carbon fiber, it is a substitute to virgin material for various industries due to its low cost and possesses the same properties as that of virgin carbon fiber. It is majorly sourced from aerospace wastes.
This report studies the market covering a period of 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.
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Based on the fiber type, the market is segmented a chopped recycled carbon fiber and milled recycled carbon fiber. The chopped recycled carbon fiber segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period, owing to its high-performance properties such as low density, high strength and modulus, low thermal expansion, and dimensional stability. Also, it offers these benefits at a very low cost, which in turn, is driving the growth of this segment.
Based on the source type, the market is segmented as aerospace scrap, automotive scrap, and other scraps. The aerospace scrap segment is expected to remain dominant during the forecast period. There are many more sources from where recycled carbon fiber is obtained such as manufacturing waste, trek bike scrap, and tennis racket scarp, but the aerospace scrap segment accounts for the largest volume of the recycled carbon fiber market.
Based on the end-use industry type, the recycled carbon fiber market is segmented as automotive & transportation, consumer goods, sporting goods, industrial, marine, aerospace & defense, and others. The automotive & transportation industry leads the market owing to excellent strength-to-weight ratio and being lower than the cost of raw materials.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing recycled carbon fiber market during the forecast period, with Europe being the manufacturing hub for the automobile & transportation industry, presence of a large number of automobile OEMs in the region such as Mercedes-Benz, Volkswagen, Audi, BMW.
Some of the major recycled carbon fiber manufacturers are-