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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.
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.
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“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.”
The major carbon fiber recycling companies are dominated by SGL Carbon SE, ELG Carbon Fibre Ltd, Procotex Corporation SA, Vartega Inc, Carbon Conversions Inc, Carbon Fiber Recycling Inc, Shocker Composites LLC, Alpha Recyclage Composites, HEXCEL CORP, CFK VALLEY STADE RECYCLINGGMBH & CO KG, Elevated Materials and Sigmatex (UK) Limited. These companies are adopting new organic and inorganic plans to increase their recycled carbon fiber market stronghold.
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What impact did COVID-19 have on the Recycled Carbon Fiber Market?
Due to the novel coronavirus (COVID-19) pandemic, the recycled carbon fiber industry is predicted to increase slowly in 2021. This deadly virus has caused havoc all across the world, especially in North America and Europe. Companies have shut down activities and industrial facilities across countries to prevent the virus from spreading further. As a result, the capacity for producing recycled carbon fiber has been reduced.
End-use industries such as automotive and aerospace, among others, have ceased production. As a result of the pandemic’s influence on the global economy, several automotive manufacturers, notably Volkswagen, BMW, and Ford, have declined their market shares.
Due to the lack of personnel and transportation, the global pandemic has had an impact on production, demand, suppliers, investors, and a variety of other factors. Overall, it can be concluded that the recycled carbon fiber industry is growing at a slower pace.
However, essential firms’ continued efforts have aided the worldwide market’s delayed recovery from the pandemic. The worldwide market is forecasting a more significant percentage of recycled carbon fiber in the current context.
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The post Recycled Carbon Fiber Market Development Trends, Competitive Analysis and Key Manufacturers Report 2022-2032 appeared first on Future Market Insights.
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