Recycled Carbon Fiber Market worth $278 million by 2028 | Key players Toray Industries, Inc. (Japan), Procotex (Belgium), Mitsubishi Chemical Group (Japan), Gen 2 Carbon Limited (UK).

According to recent market research the "Recycled Carbon Fiber Market by Type (Chopped, Milled), Source (Aerospace, Automotive), End-use Industry (Automotive & Transportation, Consumer goods, Sporting Goods, Aerospace & Defense), & Region - Global Forecast to 2028", is estimated to grow USD 172 million in 2023 and is projected to reach USD 278 million by 2028, at a CAGR of 10.0% from 2023 to 2028. The recycled carbon fiber market is growing due to the rise in the demand for high-performance and lightweight materials, cost-effective, and stringent government regulations globally.

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The chopped recycled carbon fiber segment dominated the market in terms of value in 2022. Chopped recycled carbon fiber offers high-performance properties such as high strength and modulus, low density, dimensional stability, and low thermal expansion. It also offers cost-saving benefits.

Aerospace is the major source for producing recycled carbon fiber. The aerospace industry consumes high volumes of virgin carbon fiber for manufacturing various composite parts. Thus, this industry is the main source of carbon fiber for recycled carbon fiber manufacturers. Aircraft manufacturers have undertaken several initiatives toward eco-friendly management in discarding end-of-life aircraft. For instance, Boeing partnered with Gen 2 Carbon to supply its composite to the company. The company encourages using recycled composite components and reusing fibers from recycled composite to manufacture aerospace composite parts.

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The growth of the recycled carbon fiber market in the Asia Pacific is driven by the increasing consumption in aerospace & defense, consumer goods, automotive & transportation, construction & infrastructure, and industrial sectors. The market in these end-use segments is led by China, Japan, South Korea, and other countries. Due to continuous technological advancements, the demand for lightweight and high-strength materials is increasing, leading to developments in the Asia Pacific recycled carbon fiber market. The growing electric vehicle market is among the key factors fostering the demand for recycled carbon fiber in transportation applications. The continuous rise in technologically advanced electronic product manufacturing in the region has resulted in high demand for high-strength and lightweight electronic products. The rising demand for technologically advanced electronic products has led to innovations and developments in the Asia Pacific electronics industry.

The major players in recycled carbon fiber market are Toray Industries, Inc. (Japan), Alpha Recyclage Composites (France), Mitsubishi Chemical Group (Japan), Gen 2 Carbon Limited (UK), Carbon Conversions, Inc. (US), Carbon Fiber Recycling (US), Shocker Composites, LLC. (US), Procotex (Belgium), Carbon Fiber Remanufacturing (US), and CATACK-H (South Korea).

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ELG Carbon Fibre (now Gen 2 Carbon) was founded in 2003 and is headquartered in the UK. It is one of the largest producers of recycled carbon fiber globally. ELG Carbon Fibre has been take over by Gen 2 Carbon in 2021. Gen 2 Carbon is expected to build upon the capability that has been developed under the stewardship of ELG Haniel and Mitsubishi Corporation, which were 25% shareholders in the business and seek to develop next-generation carbon fiber recycling technologies and continue to grow the market for carbon fiber and thermoplastic nonwovens in the composites industry. The company is expected to continue to provide recycled carbon fiber products-milled fibers, chopped fibers, and pellets for the automotive, rail, and aerospace industries. The company's focus is on developing and industrializing conversion technologies to manufacture recycled carbon fiber products.

Carbon Conversions is a manufacturer of reclaimed carbon fibers and recycles carbon fiber and produces carbon fiber-reinforced parts. These high-performance materials and components have multiple applications in industry verticals such as automotive, aerospace, construction, marine, electronics, and sports equipment. Carbon Conversions operates its recycling and manufacturing operations from its 50,000 square feet facility and warehouses in Lake City, South Carolina. The company owns a composite R&D centre at its plant which helps accelerate its product and process development activities.

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