Global Recycled Carbon Fiber Market to Touch Valuation of USD 238.8 Million by 2032, at 11.89% CAGR: Astute Analytica

The carbon fiber market is experiencing robust growth spurred by heightened demand from aerospace, automotive, and wind energy sectors. Increasing focus on sustainability and the rise of carbon fiber-reinforced thermoplastics (CFRTPs) further strengthen this trend. While high cost remains a challenge, advancements in recycling and manufacturing efficiency promise broader market expansion.

New Delhi, March 21, 2024 (GLOBE NEWSWIRE) — According to the latest research by Astute Analytica, the global recycled carbon fiber market is projected to reach a valuation of US$ 238.8 million by 2032, up from US$ 86.9 million in 2023, at a CAGR of 11.89% during the forecast period 2024–2032.

From the last few years, the world has started witnessing a significant shift to using and recycling carbon fiber. Approximately 30% of initial production is wasted at carbon fiber manufacturing. Moreover, the scrap carbon fiber product was recorded to be 10,000 metric tons during one year. This waste could be recycled thereby killing two birds with one stone, which includes satisfying a growing demand for carbon fiber materials and also saving from the landfills of about 30% of all the carbon fiber disposed as waste. The recovery actions in the industry are gaining momentum. In 2022, Carbon Conversions, a leading player in the carbon recycling, recycled 1.5 million pounds of waste which shows that value can be made out of recycling carbon fibers.” By 2035, it is expected that up to 35% of the market will be dominated by recycled fibers”. Furthermore, recycled carbon fiber has cost advantages that make it attractive; these include savings between 20-40% when compared to virgin material.

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Nevertheless, there is an associated problem with this; a considerable amount of waste arises due to increased application of carbon fiber composites. About half million tons (about) from renewables alone will still remain by 2030 as wastes from both glass and carbon fiber composites. To tackle this issue, novel recycling techniques are being developed in the global recycled carbon fiber market that would not allow end-of-generation materials to reach landfills so as to improve material recovery and energy efficiency.

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Recycling Leaders and Applications

Leading carbon fiber recyclers like ELG Carbon Fibre, which processes over 2,000 metric tons of carbon composite waste each year, are crucial in this growing sector.  Major producers such as Toray Industries are investing in recycling as a core part of their sustainability strategies. Toray aims for a 30% reduction in greenhouse gas emissions by 2030 and their subsidiary Zoltek operates a facility in Hungary capable of recycling 5,000 metric tons of waste annually.  The aerospace and defense sector remains the largest consumer of recycled carbon fiber, but the automotive industry is rapidly expanding its use, projected to reach a 25% market share by 2027.

Recently, Carbon Conversions, a leading player in the recycled carbon fiber market, has partnered with Vermont SportsCar to help achieve their sustainability goals, and with RECARO to replace glass fiber construction in racing seats with recycled carbon fiber non-woven mats.

Exciting research is advancing the science of carbon fiber recycling. The University of Sydney has developed a technique achieving a 90% recovery rate, while the University of Colorado Boulder’s electrochemical process boasts near-100% recycling potential. Even the wind energy industry sees promise in recycled carbon fiber for lighter, more efficient wind turbine blades.

Key Findings in Carbon Fiber Recycling Market

Aerospace-Grade Recycled Carbon Fiber Takes Flight, Controls More than 50.7% Market Share

The aerospace industry is generating a lot of carbon fiber waste, but there’s growing demand for recycled carbon fiber. Industry titans Boeing and Airbus are leading the way in recycling initiatives to turn aircraft manufacturing’s high-grade carbon fiber components into usable material. Not only do these fibers possess the same qualities as virgin carbon fiber, but they’re also a cheaper and more environmentally friendly alternative.

Recycled carbon fiber costs about 40% less than industrial-grade virgin fibers. Boeing has enacted a program with UK-based recycler ELG Carbon Fibre that treats excess aerospace carbon fiber so that it can be sold to third parties. The collaboration is aimed at boosting profits while reducing cost factors for both companies involved. Boeing also has plans to reduce solid waste sent to landfills by 20% by 2025. To help reach this ambitious goal in the recycled carbon fiber market, the company already operates an 11-site strong carbon fiber recycling program. Likewise, Airbus wants to recycle an impressive 95% of its own carbon fiber waste within the next five years. It also aims to reintegrate some of this material back into the aerospace sector after being repurposed elsewhere.

However, not all manufacturers are prepared or interested in adding recycled fibers into their production lines just yet. ProDrive Composites has been working with partners at the University of Sheffield AMRC and ELG Carbon Fibre on a process that creates fully recyclable composite components from recycled fibers instead. Although the use of virgin carbon fibers still dominates some sectors within aerospace and defense, recycled fibers boast many equal or superior qualities such as stiffness, strength, tenacity, heat resistance and corrosion resistance.

Innovations in methods used to recycle carbon fibers continue rolling out. Shocker Composites, a startup in the recycled carbon fiber market, recently announced that it had developed a solvolysis technique capable of completely removing resin from reclaimed carbon fibers for high-quality recycling applications. Recycled materials produced through this method bear no noticeable differences when compared with virgin aerospace-grade products and have already been put on the market by Shocker.

Growing Popularity of Carbon fiber-reinforced thermoplastic composites adding Fuel to Recycled Carbon Fiber Market 

Carbon fiber-reinforced thermoplastic composites (CFRTPs) are in high demand due to several key advantages. Traditional thermoset composite materials are no match for CFRTPs when it comes to processing speed and costs. The resin used in traditional methods is quick to heat, form, and cool which makes a huge difference on production rates. It also takes less money to produce given the same circumstances. On top of that, these newer composites can be repaired or recycled easier than their predecessor. They’re more sustainable and offer a better impact resistance than what’s currently available on the market.  This has attracted industries such as automotive, aerospace, and sporting goods.

Researchers around the world are working on improving CFRTPs even more so that they become the industry standard all around. For one, they’ve started developing higher-performance plastic resins that handle temperature and chemical resistance way better than ever before. They’re also creating hybrids with other materials for specified properties needed for certain jobs. However, there’s always room for improvement when it comes to producing them too; innovation in manufacturing is being made every year as well.

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Automotive Sectors is the Leading Consumers of Recycled Carbon Fiber Market, Captured Over 35% Revenue Share

Recycled carbon fiber is quickly being adopted in the automotive and transportation industry. This growth stems from its outstanding properties such as high strength-to-weight ratio, flexural strength, tensile strength, and cost-effectiveness. Despite its relatively low use of reinforced composites with carbon fiber in the automotive sector right now, experts are predicting better growth rates than can be seen in other sectors. The market for composites reinforced with carbon fiber will likely experience solid growth over the next few years.

Regulatory legislation imposed by the EU, US, India, and Japan might be what’s needed to increase demand for recycled carbon fiber across the industry. Mandatory emission reduction targets require companies to find ways to improve their fuel economy, so it makes sense that they would turn to lightweight materials like recycled carbon fiber. After all, reducing vehicle weight by 10% can save up to 6-8% of fuel. That being said, it should come as no surprise that this end-use industry is projected to be the fastest-growing segment of the recycled carbon fiber market.

Pyrolysis Process Takes the Center Stage in Recycled Carbon Fiber Market, Controls Over 68% Market Share

Pyrolysis stands as the most popular carbon fiber recycling method for compelling reasons. Unlike alternative methods like mechanical recycling, it preserves the valuable carbon fibers by selectively decomposing the resin matrix. This results in a higher-quality and more versatile recycled product. Furthermore, pyrolysis boasts a relatively simple and adaptable setup, making it accessible for both small-scale and large industrial recyclers. This scalability contributes to its market dominance. While chemical recycling techniques exist, they often introduce complexities like the handling of harsh chemicals and the potential for degrading the carbon fibers themselves. These drawbacks put pyrolysis at a clear advantage from a market standpoint. The ability of pyrolysis to produce recycled carbon fiber with properties close to their virgin counterparts further fuels its demand, as it expands the applications for this sustainable material.

Looking ahead, the recycled carbon fiber market will likely continue to center around pyrolysis. However, ongoing research into new techniques could lead to the emergence of even more efficient and specialized solutions. This highlights the importance of innovation within the industry to meet the growing demand for environmentally responsible solutions in carbon fiber production and waste management.

Start-ups Ecosystem in Recycled Carbon Fiber Market

• 9T Labs: This start-up provides a solution that enables manufacturers to expedite the time-to-market for their carbon fiber composite products. Their focus is on additive manufacturing techniques.

• Fairmat, a French startup, has successfully raised substantial funding, amounting to $45.5 million since its inception, with a significant $35 million Series A funding round closed recently. This indicates a strong investor confidence in the potential of recycled carbon fiber and its market.

Global Recycled Carbon Fiber Market Key Players

• Carbon Conversions Inc.

• Saint Gobain S.A.

• AGC Inc.

• Alpha Recyclage Composites

• Nippon Sheet Glass Co. Ltd.

• Procotex Corporation SA

• Shocker Composites LLC

• Carbon Fiber Remanufacturing

• Carbon Fiber Recycling, Inc.

• SGL Carbon

• Toray Industries, Inc.

• Central Glass Co. Ltd.

• Vartega Inc.

• Other Prominent Players

Key Segmentation Overview:

By Type

By Sources

• Automotive

• Aerospace

• Others

By Processes

By Application

By Region

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CONTACT: Vipin Singh BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website:  https://www.astuteanalytica.com/