According to a new report published by Proficient Market, titled, “Global CFRP Recycle Market by Product Type (Chemical Process and Physical Process) and by End-Users/Application (Aerospace, Automobiles, Industrial Use, Sporting Goods and Others.) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″ The report has offered an all-inclusive analysis of the global CFRP recycle market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
In terms of revenue, global CFRP recycle market in 2019 stood at USD 311.58 million and is expected to reach USD 692.97 million by 2026 growing at a CAGR of 12.10% from 2019 to 2026.
Some of the global major players operating in the CFRP recycle market include: Carbon Conversions, ELG Carbon Fibre, Adherent Technologies, Inc., Hadeg Recycling GmbH, Procotex and Others.
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Drivers for the Global CFRP Recycle Market: Increasing vehicle registrations across the globe due to increasing disposable income is playing a vital role in the industry growth. However, high penetration of auto finance companies, with easier leasing and credit availability are fueling the automobile ownership growth. While rushing demand for automobiles especially in developing economies, rapid urbanization, increasing disposable income, and high purchasing power are creating a positive impact in the automotive market. Further, increasing the adoption of air plasma and high-velocity oxygen fuel (HVOF) technologies in automotive and aerospace applications is expected to drive product demand in these sectors. Hence, development in the automobile sector is the major driver responsible for the growth of the CFRP Recycle market.
Opportunities for the Global CFRP Recycle Market: Due to rapid urbanization & population growth, demand for the automobile sector & sports equipment are increasing. Hence Manufacturers are facing issues to control the supply of raw material used in the production of automobile equipment due to finite expenses of metals. This results in, manufacturers’ and customer’s approaches to the recycling of CFRP and this creates a huge opportunity for the CFRP recycle market in future prospects. While the CFRP is lightweight plastic as compared to heavy sports goods, the lightweight variants take less energy and offer added benefits to sportsperson which is fueling this market & will continue to do so in the future.
Restrains for the Global CFRP Recycle Market: Due to increasing processing raw material costs and stringent environmental regulations along with high set up costs for equipment and installation can hamper its usage especially in developing countries. All these factors are creating a negative impact on this market & can hamper the CFRP recycle market. In addition to this, China’s shift from a manufacturing and export-led economy to one based on domestic consumption has been a key trigger. However, rolling data flows are expected to drive demand-based localized manufacturing, which will lead to a further decline in global trade. These factors will hamper the growth of the CFRP Recycle market.
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Region Wise, Global CFRP Recycle Market Analysis: CFRP Recycle market can be segmented into North America, South America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global CFRP Recycle market share which is followed by the South America and Europe.
While the Asia Pacific leads the global CFRP Recycle market due to increasing demand for fuel-efficient and lightweight vehicles as well as accelerating usage in the aerospace and defense sector along with increasing usage of renewable energy. However, rushing demand for automobiles especially in developing economies of this region such as India & china along with rapid urbanization, increasing disposable income, and high purchasing power are the reasons for the high growth of this market segment in this region.
Global CFRP Recycle Market: Product analysis
On the basis of type, Chemical Process accounted for the largest share of total revenue generated. Because, of Very high retention of mechanical properties i.e. specific strength, stiffness, corrosion resistance, and fiber length. In addition to this, the chemical process has a High potential for material-recovery from resins. However, due to these factors, the chemical process accounted for the largest share in the CFRP market.
Global CFRP Recycle Market: Application analysis
The demand for the global CFRP Recycle market is highest from the Aerospace due to the increased production of aircraft. While demand for a wide-body aircraft in the aerospace industry is rising rapidly. In addition to this, the use of carbon fiber in narrow-body aircraft is also increasing which leads to fuels in this market segment. Moreover, these all factors are contributing to the growth of the aerospace from this market.
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Global CFRP Recycle Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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