At 12.7% CAGR, the Europe Green Carbon Fiber Market is projected to be worth US$ 66.80 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Europe green carbon fiber market was valued at US$ 32.54 million in 2022 and is expected to reach US$ 66.80 million by 2028, registering an annual growth rate of 12.7% from 2022 to 2028.  Increase in use of green carbon fiber in wind energy industry and benefits of green carbon fiber are the critical factors attributed to the Europe green carbon fiber market expansion.          

The demand for wind turbines is increasing rapidly as the world shifts away from climate-damaging, nonrenewable fossil fuels toward clean, renewable energy sources. Also, the rising electricity rate is pushing the need for renewable energy sources. The wind energy market is growing as governments are taking initiatives to produce renewable energy. Increase in demand for renewable energy sources, especially wind energy, and efforts to reduce the dependence on fossil fuel-based power generation are significant factors for the growth of the wind energy market. Governments provide many tax benefits and incentives, which are helping reduce the components' prices, thereby boosting the growth of the wind turbine market. Polymers reinforced with virgin carbon fibers (VCF) are being used to make spar caps of wind turbine blades, and polymers with glass fibers are used to make skins of the blade components. Using recycled carbon fibers for wind turbine blade parts can be mechanically feasible and offer significant environmental benefits over glass fibers. These characteristic properties of carbon fiber have helped in producing better wind blade turbines and higher energy production. Therefore, the increasing use of green carbon fibers in the wind energy industry is propelling the Europe green carbon fiber market growth.

On the contrary, scarcity of composite waste and lack of technical expertise in recycling carbon fiber hurdles the growth of Europe green carbon fiber market.    

On the basis of type, the Europe green carbon fiber market is segmented into chopped recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held 71.7% market share in 2022, amassing US$ 23.34 million. It is projected to garner US$ 46.39 million by 2028 to expand at 12.1% CAGR during 2022–2028.  

Based on source, the Europe green carbon fiber market is further segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment held 51.9% market share in 2022, amassing US$ 16.89 million. It is projected to garner US$ 35.60 million by 2028 to expand at 13.2% CAGR during 2022–2028.  

Based on application, the Europe green carbon fiber market is further segmented into aerospace, automotive, wind energy, sporting goods, and others. The automotive segment held 35.4% market share in 2022, amassing US$ 11.51 million. It is projected to garner US$ 23.07 million by 2028 to expand at 12.3% CAGR during 2022–2028. 

Based on country, the Europe green carbon fiber market is segmented into Germany, France, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.2% market share in 2022. It was assessed at US$ 9.19 million in 2022 and is likely to hit US$ 21.12 million by 2028, exhibiting a CAGR of 14.9% during the forecast period.

Key players dominating the Europe green carbon fiber market are Carbon Conversions Co, Catack-H Co Ltd, Gen 2 Carbon Ltd, Innovative Recycling SA, 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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