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Global CFRP Recycle Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
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Global CFRP Recycle Market Size was 290 Million USD In 2017
CFRP (Carbon fiber reinforced plastics/polymer) are ideal lightweight structural materials for aerospace, automotive, energy and sports industries. CFRP Recycle is recycling CFRP from end-of-life parts and waste generated in the production process, such as scrap materials, out-of-date prepreg.
Carbon fiber is an advanced material ten times stronger than steel at only a quarter of its weight. CFRP, a composite material made of carbon fiber and plastic, has the added advantage of being highly resistant to deformation and to both acid and alkaline corrosion.
Against this backdrop of stricter CO2 restrictions and reducing fuel consumption, we expect the demand for CFRP replacing high-tension steel and other materials will keep rapid growth. The CFRP market will exhibit strong growth in the near future across many industry sectors and applications. Faced with environmental and legislative pressures, gradually increasing landfill costs, CFRP recycle on industrial scale is imperative, while CFRP Products currently are just disposed in Landfill.
The technology recovering and recycling CFRP from production remnants and end of life components is required to improve its sustainability. A number of companies have emerged in the past years or so operating commercially in carbon fiber recycling. The CFRP recycle market is concentrated in USA and Europe. Large enterprises such as Carbon Conversions, ELG Carbon Fibre, Karborek, CFK Valley Recycling, JCMA, Carbon Fiber Remanufacturing, CRTC, and Adherent Tech.
CFRP is ideal lightweight structural materials for aerospace, sporting goods, and many industrial applications, especially automotive industry. Lightweight automotive is the development trend, and automotive is an important application for CFRP. Recycling CFRP is also used in sporting goods, automotive industry, and others. In 2017, industrial application is the largest consumer. The demand for CFRP is expected to continue increasing during the remaining years of the forecast period of 2017-2023.CFRP and recycling CFRP industry will usher in a stable growth space.
In the past few years, with decreasing of CFRP price, the cost of recycling CFRP has declines. And the technology progress in the recycling process, the whole production cost has decreased. However, the improvement of energy, transportation costs, employee wages, and equipment depreciation will play a significant role in promoting the cost of hydrogen sulfide.
As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality. With the snatch for market share in emerging regions, the competition in hydrogen sulfide industry will become more intense.
With the global economic recovery, the need of CFRP Recycle will increase. Looking into the future, the global market size will reach to 612 million USD in 2023, from the 290 million USD in 2017, with a CAGR of 13.3%, while the global volume will mark a CAGR of 11%, at 24650 MT in 2023.
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