Report : Asia-Pacific Green Carbon Fiber Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Chopper Recycled Carbon Fiber and Milled Recycled Carbon Fiber), Source (Automotive Scrap, Aerospace Scrap, and Others), and Application (Aerospace, Automotive, Wind Energy, Sporting Goods, and Others)
At 11.2% CAGR, the Asia-Pacific Green Carbon Fiber Market is projected to be worth US$ 89.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific green carbon fiber market was valued at US$ 47.54 million in 2022 and is expected to reach US$ 89.87 million by 2028, registering an annual growth rate of 11.2% from 2022 to 2028. Key strategic developments by green carbon fiber manufacturers and rising popularity of electric cars and increasing use of green carbon fiber in EVs are the critical factors attributed to the Asia-Pacific green carbon fiber market expansion.
The green carbon fiber market is growing with an upward trend. Market players focus on strategic activities such as collaborations and acquisitions are surging the market growth of green carbon fibers. For instance, In 2021, Procotex Corporation acquired ELG Carbon Fiber. The acquisition aims to enable the company to produce improved carbon fiber and feedstock capacities. Green carbon fiber manufacturers use strategies such as collaborations, mergers and acquisitions, and expansions to stay competitive. Strategic initiatives will open new opportunities for the North America green carbon fiber market over the forecast period.
On the contrary, scarcity of composite waste and lack of technical expertise in recycling carbon fiber hurdles the growth of Asia-Pacific green carbon fiber market.
On the basis of type, the Asia-Pacific green carbon fiber market is segmented into chopped recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held 69.0% market share in 2022, amassing US$ 32.82 million. It is projected to garner US$ 61.02 million by 2028 to expand at 10.9% CAGR during 2022–2028.
Based on source, the Asia-Pacific green carbon fiber market is further segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment held 51.6% market share in 2022, amassing US$ 24.54 million. It is projected to garner US$ 48.50 million by 2028 to expand at 12.0% CAGR during 2022–2028.
Based on application, the Asia-Pacific green carbon fiber market is further segmented into aerospace, automotive, wind energy, sporting goods, and others. The automotive segment held 36.6% market share in 2022, amassing US$ 17.38 million. It is projected to garner US$ 32.16 million by 2028 to expand at 10.8% CAGR during 2022–2028.
Based on country, the Asia-Pacific green carbon fiber market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that China captured 34.2% market share in 2022. It was assessed at US$ 16.27 million in 2022 and is likely to hit US$ 33.19 million by 2028, exhibiting a CAGR of 12.6% during the forecast period.
Key players dominating the Asia-Pacific green carbon fiber market are Carbon Conversions Co, Catack-H Co Ltd, Procotex Corp SA, SGL Carbon SE, Sigmatex (UK) Ltd., and Toray Industries Inc among others.
- In Feb 2022, Carbon Conversions Introduced re-Evo RRC by Partnering With C12 Technology.
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