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Recycled Carbon Market Size & Share, by Type (Milled, Chopped); End-user (Automotive & Transportation, Consumer Goods, Sporting Goods, Industrial, Marine, Aerospace & Defence) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3443
  • Published Date: Sep 27, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Recycled Carbon Market size is anticipated to reach USD 552 Million by the end of 2036, growing at a CAGR of 15% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of recycled carbon was over USD 140 Million. The growing government policies and regulations to encourage the use of carbon-recycled materials are also expected to add to the market growth. The Ministry of Mines and the Ministry of Steel have released recycling frameworks as part of the Sustainable Development Goals (SDG) 2030 program, which aims to grow the recycling sector using cutting-edge technologies to achieve resource efficiency and carbon neutrality.

In addition, the market growth can be further accredited to the expansion of the automotive sector. For instance, around 68.21% of all motor vehicle sales worldwide were passenger automobiles, accounting for the greatest sales percentage. In 2021, the largest markets for this sector were China and the United States.

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Recycled Carbon Market Overview
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Recycled Carbon Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 15%

Base Year Market Size (2023)

 ~ USD 140 Million

Forecast Year Market Size (2036)

 ~ USD 552 Million

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Recycled Carbon Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Demand for Sustainable Products - Customers are actively looking for sustainable products as they become more conscious of their carbon footprints. Additionally, as carbon recycling enables companies to make sustainable goods and lower their carbon emissions, there is a growing demand for carbon-recovery materials. As per a report, in the past five years, there have been more than 70% more global online searches for sustainable products.
  • Growing Demand for Electronic Devices –The demand for recycled carbon is increasing due to the increased need for electronic equipment. Additionally, using recycled carbon in electricity has the potential to reduce the carbon footprint of the sector, which is anticipated to fuel recycled carbon market expansion. By 2023, internet sales in the Consumer Electronics sector will account for 30.6% of all revenue.
  • Increasing Use in Aerospace Sector – Since carbon fibers are widely utilized in high-performance applications, such as the aerospace industry, the market is likely to expand at a rapid rate. In terms of sales value, the U.S. market contributed over 89 billion dollars to aerospace exports in 2021, making it the largest exporter. Additionally, the nation is home to some of the top aircraft producers in the world, including Boeing and Raytheon.

Challenges

  • Usage of Virgin Carbon Fibers – One of the key elements projected to hinder market growth is the rising desire for virgin carbon fibers. For instance, because recycled carbon fibers are weaker than virgin carbon fiber in the automotive and aerospace industries, manufacturers prefer to use virgin carbon fiber.
  • Scarcity of Qualified Professionals to Recycle Carbon
  • High-Cost Associated with the Product

Recycled Carbon Segmentation

Type (Milled, Chopped)

Recycled carbon market from the chopped segment is expected to hold the largest share of 53% during the forecast period. The rise in automotive manufacturing is expanding the market. Numerous potential uses for chopped recycled carbon exist in the automotive industry. For instance, by mixing chopped recycled carbon fiber with polymer matrices, the mechanical properties of composite materials, such as strength, stiffness, and fatigue resistance, can be improved; these composites are utilized in automotive parts. According to a report, over 80 million cars were produced worldwide in 2021, an increase of 3% from the previous year.

End-User (Automotive & Transportation, Consumer Goods, Sporting Goods, Industrial, Marine, Aerospace & Defence)

The automotive & transportation segment is expected to hold 36% share of the global recycled carbon market during the forecast period. The market is growing as a result of the automobile industry's increasing usage of lightweight materials. Since it can reduce the amount of fresh carbon fiber required to create vehicle parts, recycled carbon is utilized in automotive sector. For instance, in India supplies from domestic original equipment manufacturers made up around 56% of the market. About 25% of the industry turnover was provided by exports, and 20% came from the domestic aftermarket. These factors bolstering the market growth.

Our in-depth analysis of the global recycled carbon market includes the following segments:

         Type

  • Chopped
  • Milled

          End-User
  • Automotive & Transportation
  • Consumer Goods
  • Sporting Goods
  • Industrial
  • Marine
  • Aerospace & Defence

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Global Recycled Carbon Market Regional Synopsis

APAC Market Forecast

The recycled carbon market in Asia Pacific is expected to hold the largest share of 38% during the forecast period. The region's growing aerospace industry might be linked with the market expansion. The region's growing aerospace industry is expected to increase demand for recovered carbon fiber. For instance, recycled carbon fiber can generate opportunities for the development of new products and technology in the aerospace industry since it can be used to make lightweight spacecraft and aircraft components. For instance, it is predicted that the domestic aviation market in India will surpass USD 25 billion by 2024. Thus, these factors are anticipated to boost the market growth during the forecast period.

North American Market Statistics

The recycled carbon market in North America is expected to hold a share of 32% during the foreseen period. The market growth can be attributed to the increasing need for recycled carbon in the automotive sector. Recycled carbon is more in demand in the automotive industry as a result of the region's demand for lightweight automotive materials. According to a report, 75% of Americans had access to a personal vehicle as of March 2023, and another 20% had a work or family vehicle. Thus, these factors are fuelling the market growth in the region.

Research Nester
Recycled Carbon Market Region
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Companies Dominating the Recycled Carbon Market

top-features-companies
    • Vartega Inc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Gen 2 Carbon Limited
    • Unilever plc
    • Novelis Inc
    • Carbon Conversions Inc.
In-the-news

In The News

  • August 2022 - Vartega Inc introduced a new facility for recycling composites, which is expected to allow for 10 times as much processing and recycling of composite materials.
  • September 2022 - Unilever, a major producer of cleaning and laundry goods, said that it will replace all of the carbon produced from fossil fuels in the formulations of its cleaning and laundry products with carbon that is renewable or recycled.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 3443
  • Published Date: Sep 27, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand for sustainable products and the rising need for electronics are the major factors driving the market growth.

The market size of recycled carbon is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2024 – 2036.

The major players in the market are Vartega Inc., Gen 2 Carbon Limited, Unilever plc, Novelis Inc, Carbon Conversions Inc, SEKISUI CHEMICAL, Toyota Tsusho Corporation, Asahi Kasei, Mitsubishi Materials Corporation, Japan CarbonFiber Manufacturers Association and others.

The chopped segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Recycled Carbon Market Report Scope
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