Recycled Carbon Fiber Market share, Market trends, and forecasts from 2021 to 2031

Allied Market Research has released a report titled "Recycled Carbon Fiber Market by Source, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2031." According to this report, the global market for recycled carbon fiber is projected to reach $432.5 million by 2031, with a notable Compound Annual Growth Rate (CAGR) of 12.0% from 2022 to 2031. The market was valued at $139.0 million in 2021.

The growth of the global recycled carbon fiber market is driven by factors such as a surge in the number of Original Equipment Manufacturers (OEMs), technological advancements, increased disposable income, and the rising usage of carbon fiber products in the automotive sector. Despite these factors, challenges such as a shortage of technical knowledge and skilled professionals hinder market growth. However, governmental initiatives to promote eco-friendly products offer significant growth opportunities.

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The aerospace segment led the market in 2021, accounting for nearly three-fifths of the global recycled carbon fiber market and is expected to maintain its dominance throughout the forecast period. This segment is projected to exhibit the fastest growth with a CAGR of 12.3%. The increased use of carbon fiber in manufacturing fighter jets has led to a steady supply of used carbon fiber for recycling companies.

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The automotive and transportation segment accounted for the largest market share in 2021 and is anticipated to sustain its dominance during the forecast period, exhibiting the fastest CAGR of 12.5%. The demand for reliable and faster transportation modes has increased, driving the utilization of recycled carbon fiber in various transportation equipment.

North America held the largest market share in 2021 and is expected to maintain its lead position throughout the forecast period. The region's growing construction industry and expanding automotive sector are key factors contributing to market growth. Europe is projected to exhibit the fastest growth, with Germany being a favorable market due to its adoption of recycled carbon fiber in the automotive sector.

Key players in the recycled carbon fiber market include Gen 2 Carbon Limited, Carbon Fiber Remanufacturing, Sigmatex, Vartega Inc, Procotex, Bcircular, Shocker Composites, LLC, Carbon Conversions, SGL Carbon, and Toray Industries, Inc.

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