Green Carbon Fiber Market is expected to reach US$ 268.01 million by 2028

Benefits of Green Carbon Fiber to Drives Green Carbon Fiber Market

According to our new research study titled "Green Carbon Fiber Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Source, Application," the market was valued at US$ 138.87 million in 2022 and is projected to reach US$ 268.01 million by 2028; it is expected to register a CAGR of 11.6% from 2022 to 2028.

Green carbon fiber provides environmental sustainability, cost-effectiveness, energy efficiency, and lightweight benefits. Thus, green carbon fibers are tremendously used in battery boxes, lift gate systems, pressure vessels, wind turbines, aircraft, sporting goods, etc. The increased demand for lightweight materials in defense, automotive, sporting goods, and aerospace industries drives the green carbon fiber market.

Moreover, the demand for environment-friendly, easily recyclable fiber, and fiber-reinforced composite products is growing due to strict government rules and regulations. Regulations implemented by the EU and other nations such as the US, India, and Japan are projected to boost the use of green carbon fiber, particularly in the automotive industry. The EU legislation has set standard emission reduction targets for new cars to improve fuel economy and reduce CO₂ emissions. This factor is increasing the demand for green carbon fiber in the automotive industry as it is a lightweight material. Thus, regulatory legislation implemented by the European Union (EU) and nations such as the US, India, and Japan is projected to boost the usage of green carbon fiber, particularly in the automotive & transportation industry, in the coming years.

Green Carbon Fiber Market Breakdown – by Region

Key players operating in the global green carbon fiber market include Procotex Corp SA, Vartega Inc, Sigmatex (UK) Ltd, Shocker Composites LLC, Carbon Conversions Co, SGL Carbon SE, Toray Industries Inc, Gen 2 Carbon Ltd, Catack-H Co Ltd, and Innovative Recycling. These companies have a widespread global presence, which allows them to serve a large range of customers, subsequently contributing to the expansion of their market share. They focus on new products launch and geographical expansion to expand their product range in specialty portfolios. Thus, strategic alliances such as product development by key players further drive the green carbon fiber market growth.

Impact of COVID-19 Pandemic on Green Carbon Fiber Market

The market players are focusing on providing innovative products in response to an ever-increasing demand for green carbon fibers. In 2021, Procotex Corporation acquired ELG Carbon Fiber. With this acquisition, the company aims to produce more significant carbon fiber and feedstock capacities. In December 2019, The Institute for Railway Research at the University of Huddersfield and ELG Carbon Fiber Ltd. (UK) collaborated to produce the world's first CAFIBO (carbon fiber bogie). Such collaboration and strategic activities are expected to fuel the green carbon fiber market growth in the coming years. Also, the increasing demand for green carbon fiber from various end-use industries is anticipated to fuel the market growth during the forecast period.

The report segments the green carbon fiber market as follows:

Based on type, the green carbon fiber market is bifurcated into chopper recycled carbon fiber and milled recycled carbon fiber. Based on source, the market is segmented into automotive scrap, aerospace scrap, and others. In terms of application, the green carbon fiber market is segmented into aerospace, automotive, wind energy, sporting goods, and others. Based on geography, the green carbon fiber market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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