Green Carbon Fiber Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Chopper Recycled Carbon Fiber and Milled Recycled Carbon Fiber), Source (Automotive Scrap, Aerospace Scrap, and Others), and Application (Aerospace, Automotive, Wind Energy, Sporting Goods, and Others)
The scope of our recent study titled "Green Carbon Fiber Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Source, and Application," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The green carbon fiber market was valued at US$ 138.87 million in 2022 and is projected to reach US$ 268.01 million by 2028; it is expected to register a CAGR of 11.6% from 2022 to 2028.
The automotive industry uses recycled carbon fibers to make chassis panels, floors, roof panels, spare wheel wells, and boot or bonnet inners. Also, it is cost-effective to use recycled carbon fiber in automotive parts. The production cost of automobiles using recycled carbon fiber is comparatively less than the production cost of steel. Also, recycled carbon fiber can be shaped and molded into different shapes, which is not the case in steel. These properties of recycled carbon fiber are bolstering its demand in the automotive sector, simultaneously propels the green carbon fiber market growth in coming years.
Based on type, the green carbon fiber market is bifurcated into chopper recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held a larger share of the green carbon fiber market in 2022, and the chopped recycled carbon fiber segment is projected to register a higher CAGR during the forecast period. The length of chopped recycled carbon fiber is ~3–6 mm. These fibers, including injection molding, are widely used in industrial mixing and compounding processes. It is noncorrosive and possesses low thermal expansion, low density, excellent free-flowing behavior, and good electrical conductivity. Moreover, governments of various countries are focusing on using recycled material for various end-use industries, which is expected to propel the demand for chopped recycled carbon fibers in the coming years.
The green carbon fiber market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest share of the market in 2022, and Europe is expected to register the highest CAGR during the forecast period. Europe is a significant market of green carbon fiber due to the presence of major manufacturers involved in manufacturing commercial, military, and business jets. The rising utilization of green carbon fiber reinforced composites in the aviation industry and other end-use industries across Germany, France, the UK, and other European countries is expected to fuel the green carbon fiber market growth during the forecast period.
Impact of COVID-19 Pandemic on Green Carbon Fiber Market
In Europe, France, the UK, and Russia are the worst-affected countries by the COVID-19 pandemic. The outbreak created a temporary disruption in the operational efficiencies of industrial bases, which stopped the expansion of their manufacturing facilities across Europe. Also, during the initial period of the pandemic, manufacturing activities in automotive and aerospace sectors were almost negligible in the region due to labor shortage. In addition, the growth of the automotive industry was slowed down due to the lack of supply of various automotive parts and low demand for vehicles. Moreover, the rising demand for green carbon fiber across diverse industrial applications and government initiatives to combat the spread of SARS-CoV-2 are expected to substantially bolster the green carbon fiber market in the coming years.
The report segments the green carbon fiber market as follows:
Based on type, the green carbon fiber market is bifurcated into chopper recycled carbon fiber and milled recycled carbon fiber. Based on source, the market is segmented into automotive scrap, aerospace scrap, and others. In terms of application, the green carbon fiber market is segmented into aerospace, automotive, wind energy, sporting goods, and others. Based on geography, the green carbon fiber market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
