Recycled Carbon Fiber Market Size to Reach USD 342.0 Million in 2030 | Cost Competitiveness Compared to Virgin Carbon Fiber is a Crucial Factor Driving Industry Demand, Says Emergen Research

VANCOUVER, BC, May 23, 2022 /PRNewswire/ -- The global recycled carbon fiber market size reached USD 126.0 Million in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. The global shift from a throughput economy toward circular economy is a crucial factor driving market revenue growth.

Drivers:

The growing demand from the footwear industry is a key factor driving the market growth. Recycled carbon fiber is primarily used in the production of the stiff plate that is attached to the shoe's sole. The increasing popularity of recycled carbon fiber can also be attributed to its lightweight and durability. Stiff plates manufactured from recycled carbon fiber are typically fixed in a lightweight foam with a shoe profile and heel height that vary from shoe to shoe. The plate, however, does not cover much of the sole. For example, in the Brooks Hyperion Elite, the carbon fiber plate is only one-millimeter-thick, with a 0.5 millimeter raised spine running through the shoe's midsole. In addition, prominent footwear brands such as Nike and others have already invested in carbon fiber materials and used them in the production of shoes. Athletes competing in the Tokyo 2020 Olympics, for example, wore Nike's VaporFly ZoomX shoe.

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The primary goal of incorporating carbon fiber plates into athletic shoes is to improve energy return. This increased energy return is especially beneficial for competitive long-distance runners, where every second counts. Other sports can benefit from carbon fiber's shock absorption and increased energy return. VKTRY, for example, manufactures a line of carbon fiber shoe insoles suitable for a variety of sports. These insoles are flexible and have varying lengths of carbon fiber arranged in various directions. VKTRY also employs an algorithm to determine which insole suits best and meets the needs of an athlete based on their sport and physical attributes.

As a result, with the growing demand for carbon fiber in this industry, it is critical to provide cost-effective solutions that not only facilitate large-scale adoption but also maintain high-quality standards. Recycled carbon fiber aids end-use industries in significantly reducing manufacturing expenses and enables them to achieve sustainability goals set by the governments in various countries.

Restraints:

The scarcity of composite materials is a major impediment to market expansion. End-use industries have a high demand for carbon-based composite materials. This is primarily due to their advantages, which include high stiffness, high tensile strength, low weight, and high chemical and temperature resistance. However, the rapid spread of the COVID-19 pandemic, as well as the Ukraine war, have had a significant impact on the composite materials supply chain. This impact is particularly noticeable in emerging economies; for example, in India, material transportation has significantly disrupted the aircraft industry, and demand for new aircraft is drastically reduced.

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In addition, India's heavy reliance on other countries for the supply of materials used in the manufacture of composites has imposed a significant burden on the aviation sector. Carbon composites have largely replaced popular materials like metal in this industry, owing to their ability to impart lightweight and high strength to the manufactured product. In addition, their anti-corrosive properties make them an excellent choice for wing assemblies, seats, propellers, and other applications. As a result, procuring these composites are expensive. In addition, when the pandemic caused a liquidity crisis, the composite materials industry nearly came to a halt, and many industry participants moved out of business.

Moreover, Russia, Ukraine, and their surrounding countries are the major suppliers of raw materials and composites required in end-use industries. Even if the war ends officially, the business world in Russia or in Ukraine requires significant time to return to normal conditions.

Growth Projections:

The global recycled carbon fiber market is expected to register a CAGR of 11.7% over the forecast period and revenue is projected to increase from USD 126.0 Million in 2021 to USD 342.0 Million in 2030. Significant investments made by governments in various countries play a major role in driving market growth. For instance, on May 14, 2022, Deakin University located in Geelong, Australia announced funding support from the Federal Government in order to address their national manufacturing priorities. The grant of USD 50 Million was made under the Trailblazer Universities program.

Recycling and Renewable Energy Commercialization Hub (REACH) of Deakin is now a prestigious part of the program and through this Deakin will work closely with industries, and education partners to establish a billion-dollar bio-economy that focuses on clean energy, recycling, and greener supply chains. In addition, REACH is also expected to leverage Daikin's strengths in battery technology, carbon fiber & hydrogen, and drive significant innovation and job opportunities in Geelong, Western Victoria, and beyond.

COVID-19 Impact Analysis:

Global recycled carbon fiber market had been significantly disrupted by the outbreak of COVID-19 pandemic. Carbon fiber is a crucial material that serves various end-use industries with the most prominent being automotive, wind energy, civil engineering, and marine.  Increasing demand can be primarily attributed to their lightweight and high dimensional stability. In addition, due to properties such as susceptibility to extreme temperature, and corrosion & chemical resistance, carbon fiber significantly replaces materials such as steel, aluminum, and plastics in end industries.

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Therefore, rising awareness regarding the aforementioned benefits has significantly boosted the demand for carbon fiber thereby necessitating its reusability. Recycling carbon fiber derived from end-of-life products is essential as it offers a cost savings of 20 to 40% over virgin carbon fiber alternatives. Moreover, with countries focusing on sustainability and judicious utilization of existing resources, this becomes even more crucial.

However, with the rapid spread of the COVID-19 virus, and an increase in the mortality rate, governments in various started imposing stringent regulations, particularly on international trade. This majorly dented the supply chain thereby affecting end production. Various prominent automotive manufacturers such as Volkswagen, BMW, and Ford saw a decrease in their market shares during this period. This was primarily due to the implementation of lockdowns, which adversely impacted global mobility.

Moreover, aerospace industries located in countries such as U.S., France, and China were significantly affected which further decreased the demand for recycled carbon fiber in this industry. The market has finally gained momentum now that lockdowns and trade restrictions have been lifted, and governments, as well as industry participants, are significantly focusing on sustainable methods for manufacturing products.   

Current Trends and Innovations:

On April 29, 2022, Hexcel Corporation, a global leader in advanced composites technology headquartered in Connecticut, U.S., announced showcasing its product range for aerospace and urban air mobility applications at the JEC World 2022 in Paris. These products have been specifically designed to meet the increasing demand for high-quality materials and parts and also minimize costs associated with their production and maintenance. Hexcel HiTape dry UD tapes and HiMax carbon fiber reinforcements, for instance, have been developed to meet the aerospace Original Equipment Manufacturer (OEM) cycle time and reduce costs associated with production. This also enables opportunities for future aircraft programs. In addition, Hexcel's new high modulus HM54 and HM63 fibers provide the ultimate stiffness-to-weight properties.

These unsized carbon fibers are processed in a unique way that allows them to be handled without sizing and allows for optimal bonding with thermoplastics. This diverse portfolio of unsized fibers opens up numerous possibilities for incorporating thermoplastics into aerospace designs and structural components. Moreover, Hexcel's resins, for instance, RTM or C-RTM are designed specifically for OoA processes like infusion. These resins have excellent mechanical properties and adjustable processing time windows, making them suitable for all Liquid Composite Molding (LCM) aerospace applications.

These latest developments address the future industrial challenges in the manufacture of large-scale infused or injected parts for aerospace and highlight the company's leadership in the development of advanced composites technology for the aerospace market.

Scope of Recycled Carbon Fiber Research:

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Geographical Outlook:

Market in Asia Pacific accounted for second-largest revenue share in 2021. Increasing demand for Three-Dimensional (3D) printed components & parts across end-use industries is a major factor driving market growth in this region. 3D printing is an additive manufacturing technology that boosts productivity by enabling rapid prototyping. It also aids in adding variations to part design that are restricted in other conventional manufacturing technologies. Carbon fiber is extensively in the manufacturing of filaments within 3D printing equipment. This is primarily attributed to their high strength, moisture resistance, and environmental friendliness.

The market growth in this region can also be attributed to the increasing demand from the sporting goods industry. Carbon fiber is extensively used in this industry due to its lightweight and durable properties. In addition, it also provides manufacturers with the freedom when designing products for specific applications. India accounted for the second-largest regional share due to an increasing focus on the reutilization of materials derived from products. Recycling plays a crucial role in achieving the sustainability goals of a country. It not only aids in reducing carbon footprint but also significantly minimizes overall expenses associated with the manufacturing & production of materials & products.      

Strategic Initiatives:

Major companies included in the global market report include Toray Industries, Inc., SGL Carbon, Carbon Conversions, Shocker Composites, LLC, Procotex, Alpha Recycling Composites, Carbon Fiber Remanufacturing (CFR), Vartega Inc., ZOLTEK Corporation, CATACK-H, Elevated Materials, and Mitsubishi Chemical Corporation.

·  On May 10, 2022, Braskem, a leading thermoplastic resin producer based in Brazil, announced the launch of sustainable 3D printing filament range for the additive manufacturing industry. The first, FL600EVA-BIO, is a bio-based filament that is intended to offer an environmentally friendly alternative to traditional materials currently on the market. In addition, the filament is designed to provide a combination of flexibility, ductility, and moisture resistance for direct drive 3D printing systems. FL600R, the second product in the new sustainable materials line launched by Braskem is a recycled polyolefin filament designed for use in extrusion-based 3D printing systems. This filament is made from recycled bottle caps and aims to provide a more sustainable filament option without compromising printability. Finally, the FL605R-CF contains 90 % recycled content and is ideal for aerospace applications. These new products from Braskem will open new opportunities for consumers who seek more sustainable solutions for the future and also aid in the manufacturing of new & innovative products.

Emergen Research has segmented global recycled carbon fiber market on the basis of processes, type, application, and region:

• Processes Outlook (Revenue, USD Million; 2019-2030)

• Pyrolysis
• Solvolysis
• Others

• Type Outlook (Revenue, USD Million; 2019-2030)

• Chopped Recycled Carbon Fiber
• Milled Recycled Carbon Fiber
• Others

• Application Outlook (Revenue, USD Million; 2019-2030)

• Automotive
• Civil Engineering
• Marine
• Sporting Goods
• Pressure Vessels
• Oil & Gas
• Others

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• Regional Outlook (Revenue, USD Million; 2019-2030)
• • • North America
      a. U.S.
      b. Canada
      c. Mexico
    • Europe
      a. Germany
      b. France
      c. U.K.
      d. Italy
      e. Spain
      f. Benelux
      g. Rest of Europe
    • Asia Pacific
      a. China
      b. India
      c. Japan
      d. South Korea
      e. Rest of APAC
    • Latin America
      a. Brazil
      b. Rest of LATAM
    • Middle East & Africa
      a. Saudi Arabia
      b. UAE
      c. South Africa
      d. Turkey
      e. Rest of MEA

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