At 11.9% CAGR, the North America Green Carbon Fiber Market is projected to be worth US$ 82.10 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America green carbon fiber market was valued at US$ 41.85 million in 2022 and is expected to reach US$ 82.10 million by 2028, registering an annual growth rate of 11.9% from 2022 to 2028.  Benefits of green carbon fiber and increase in use of green carbon fiber in wind energy industry are the critical factors attributed to the North America green carbon fiber market expansion.                

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. Furthermore, the demand for environmentally friendly, easily recyclable fiber and fiber-reinforced composite products is growing due to strict government rules and regulations. Regulations implemented nations is projected to boost the use of green carbon fiber, particularly in automotive industry. Furthermore, regulatory authorities have set stringent environmental rules to reduce carbon emissions and improve the demand for environmentally friendly and lightweight materials, which is likely to boost the demand for green carbon fiber. In addition, owing to rising pollution control regulations in developing countries, the demand for lightweight car materials is rising which assist in reduced car emission. This factor is surging the demand for green carbon fibers in the automotive industry as it is a lightweight material. Green carbon fiber is a lightweight material, it is used in aerospace industry for manufacturing side wall panels, in automotive industry for vehicle parts, in sporting goods industry for manufacturing snowboards, etc. Also, the utilization of recycled carbon fiber in vehicle parts makes them cost-effective. Therefore, the rising demand for lightweight materials in wind, automotive, aerospace, and sporting goods industry is bolstering the market growth of North America green carbon fiber market.

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

On the basis of type, the North America green carbon fiber market is segmented into chopped recycled carbon fiber and milled recycled carbon fiber. The milled recycled carbon fiber segment held 71.3% market share in 2022, amassing US$ 29.82 million. It is projected to garner US$ 57.79 million by 2028 to expand at 11.7% CAGR during 2022–2028.  

Based on source, the North America green carbon fiber market is further segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment held 49.7% market share in 2022, amassing US$ 20.79 million. It is projected to garner US$ 41.77 million by 2028 to expand at 12.3% CAGR during 2022–2028.  

Based on application, the North America green carbon fiber market is further segmented into aerospace, automotive, wind energy, sporting goods, and others. The wind energy segment held 28.0% market share in 2022, amassing US$ 11.74 million. It is projected to garner US$ 24.88 million by 2028 to expand at 13.3% CAGR during 2022–2028.  

Based on country, the North America green carbon fiber market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.5% market share in 2022. It was assessed at US$ 33.70 million in 2022 and is likely to hit US$ 67.59 million by 2028, exhibiting a CAGR of 12.3% during the forecast period.    

Key players dominating the North America green carbon fiber market are Carbon Conversions Co, Catack-H Co Ltd, Procotex Corp SA, SGL Carbon SE, Shocker Composites LLC, Sigmatex (UK) Ltd, Toray Industries Inc, and Vartega Inc., among others.  

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