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. It is estimated to register a CAGR of 11.9% from 2022 to 2028.
Increase in Use of Green Carbon Fiber in Wind Energy Industry in North America Green Carbon Fiber Market
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 North America green carbon fiber market growth.
North America Green Carbon Fiber Market Overview
The North America green carbon fiber market is segmented into the US, Canada, and Mexico. The rising demand for green or recycled carbon fiber, especially across the aerospace industry in the region, is significantly driving the market growth. Carbon fiber is used in aerospace applications to fabricate engine blades, brackets, interior components, propellers/rotors, single aisle wings, and wide-body wings. According to the Federal Aviation Administration (FAA), in 2020, the number of aircraft in the US commercial fleet accounted for 5,882, registering a decline rate of 22.9% compared to 2019. However, the commercial fleet is projected to reach 8,756 by 2041, with an average annual growth rate of 2% annually. This is expected to boost the demand for carbon fiber from multiple applications in the aerospace industry. However, with increasing environmental concerns, aircraft manufacturers are looking for sustainability in carbon fiber and investing more in recycling carbon fibers. The region is a hub for major aircraft manufacturing companies such as Raytheon Technologies Corporation, Boeing Company, and Lockheed Martin Corporation.
North America Green Carbon Fiber market Revenue and Forecast to 2028 (US$ Million)
North America Green Carbon Fiber market Segmentation
The North America green carbon fiber market is segmented on the basis of type, source, application, and country. 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 registered the largest market share in 2022.
Based on source, the North America green carbon fiber market is further segmented into automotive scrap, aerospace scrap, and others. The automotive scrap segment registered the largest market share in 2022.
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 registered the largest market share in 2022.
Based on country, the North America green carbon fiber market is segmented into US, Canada, and Mexico. US dominated the market share in 2022.
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. are the leading companies operating in the North America green carbon fiber market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 41.85 Million |
| Market Size by 2028 | US$ 82.10 Million |
| CAGR (2022 - 2028) | 11.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
Some of the leading companies are:
The North America Green Carbon Fiber Market is valued at US$ 41.85 Million in 2022, it is projected to reach US$ 82.10 Million by 2028.
As per our report North America Green Carbon Fiber Market, the market size is valued at US$ 41.85 Million in 2022, projecting it to reach US$ 82.10 Million by 2028. This translates to a CAGR of approximately 11.9% during the forecast period.
The North America Green Carbon Fiber Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Green Carbon Fiber Market report:
The North America Green Carbon Fiber Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Green Carbon Fiber Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Green Carbon Fiber Market value chain can benefit from the information contained in a comprehensive market report.
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