Forecast: Global recycled carbon fiber market to reach US$572 million by 2031
Straits Research, an Indian market research organization, published a report on forecasting growth rate and trends of the global recycled carbon fiber market in various aspects, including type of carbon fiber, application and region.
In overall, according to Straits Research, the global recycled carbon fiber market size was valued at US$191,391 thousand in 2022. It is estimated to reach USD 572,661 thousand by 2031, growing at a CAGR of 12.95% from 2023 to 2031 (forecast period).
The global recycled carbon fiber market is expected to grow. (Photo: National Composites Centre)
Factors affecting the growth
The continuous growth of recycled carbon fiber market accounts for several factors. First, the increased need for lightweight materials in automotive, aerospace and military industries due to its superior advantages, which include affordability, energy efficiency, lightweight, and environmental sustainability.
The research organization predicts that the automotive segment owns the highest market share and is estimated to grow at a CAGR of 14.15% over the forecast period.
Besides that, increased environmental rules enacted by regulatory agencies such as the European Union and the Environmental Protection Agency of the United States to decrease carbon emissions drive the need for recycled carbon fibers.
Lastly, the lack of landfill capacity for waste disposal has raised the need for recyclable products. The increasing use of recyclable and eco-friendly materials in the key end-user sectors is projected to favor the market growth.
Regional analysis
Asia-Pacific is the most significant shareholder in the global recycled carbon fiber market – an expected CAGR of 13.66% during the forecast period, with China as the dominant nation and India holding the second-largest regional share.
In this region, the growth is expected due to increasing need for 3D printed components and parts and sporting items.
For North America, it is expected to grow at a CAGR of 12.83% over the forecast period, with the US being the regional leader in consuming recycled carbon fiber. The expansion of the automotive and aerospace industries drives the rise of the North American market.
