DUBAI, United Arab Emirates, March 06, 2022 (GLOBE NEWSWIRE) — According to a recent study done by FMI, the recycled carbon fiber market is expected to reach US$ 3.91 billion by 2032, up from US$ 1.26 billion in 2021, expanding at a high CAGR of 11.8%. This study explains how recycled carbon fiber price is directly proportional to increasing concerns over climate change and awareness around the use of biodegradable products.
As the demand for pro-performance, eco-friendly and energy-efficient products increases, the consumption of recycled carbon fiber is higher than ever. Countries like US, Germany and Japan are investing more in the research and development projects for recycled carbon fiber.
|Recycled Carbon Fiber Size (2026)||US$ 222 Mn|
|Recycled Carbon Fiber CAGR (2022-2032)||12%|
|Recycled Carbon Fiber Attraction||Growing infrastructure and demand for renewable energy.|
Factory shutdown, closed supply chains, and brutally damaged end-use industries restrict the recycled carbon fiber market. The damage done by covid-19 to the aerospace market has led to a steep decline in recycled carbon fiber.
Not enough awareness about the use of recycled carbon fibers in manufacturing units of multiple products. The number of manufacturing skills one requires to retain the mechanical traits of virgin carbon fiber and produce recycled carbon fiber is very crucial.
European Union has allocated 85% of the materials used in manufacturing vehicles to be recyclable, as this recycled carbon fiber is the ideal material for transforming industries. This way, these industries produce eco-friendly, biodegradable and green products.
“The major challenge with the recycled carbon fiber market is the lack of composite waste and other scrap material availability. The ability to decrease erosion and increase the durability of products. Gaining higher volumes for the recycling processes of carbon fiber.”