The global recycled carbon market is estimated to garner a large amount of revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for high-performance and cost-effective materials, and rising number of environmental sustainability targets and governmental legislations concerning the automotive sector. Along with these, growing demand for recycled carbon for manufacturing a wide range of applications including automobile parts and aircraft, is also considered to be a crucial factor expected to drive market growth in the upcoming years. Furthermore, escalating government emphasis on sustainable development in several developed nations and rise in greenhouse emissions around the world are projected to offer lucrative opportunities to the market in the near future. As per the data provided by the International Energy Agency, the total CO2 emissions in emerging and underdeveloped economies was 21.6 gigatons in 2018, which rose up to 22 gigatons in the years 2019.
The market is segmented by end user into automotive & transportation, consumer goods, sporting goods, industrial, marine, aerospace & defense, and others, out of which, the automotive & transportation segment is anticipated to hold the largest share in the global recycled carbon market on account of the high usage of recycled carbon in this industry as a result of its high tensile strength and low weight. Apart from these, imposition of strict government regulations for using environment-friendly materials in the automotive sector is also assessed to drive growth to the market segment in the future. Additionally, on the basis of type, the segment for chopped recycled carbon is predicted to gather a larger share during the forecast period owing to the high-performance properties of this type of recycled carbon such as low thermal expansion, dimensional stability and high modulus. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global recycled carbon market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to grab the largest share over the forecast period on the back of the growing investments in the development of advanced composite technology solutions, and increasing penetration of composites in construction, automotive and wind energy sectors. In addition, rising use of eco-friendly products is also expected to drive the growth of the region’s market in the coming years. Moreover, the market in Asia Pacific is predicted to witness the highest growth during the forecast period, which can be credited to the improving economic conditions, and rapid growth of industrialization in countries namely India, China, Malaysia and South Korea. For instance, the industrial production in China increased by more than 7 percent in December 2020, which skyrocketed to about 35 percent in January 2021.
The global recycled carbon market is further classified on the basis of region as follows:
Our in-depth analysis of the global recycled carbon market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for high-performance and cost-effective materials and growing demand for recycled carbon for manufacturing a wide range of applications.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Low awareness about the use of recycled carbon in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the improving economic conditions, and rapid growth of industrialization in the region.
The major players in the market are ELG Carbon Fiber Ltd., Toray Industries Inc., Toyota Tsusho Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end user, and by region.
The chopped segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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