The report “Recycled Materials for Mobility Applications Market by Material Type (Polymer Materials, Composites), Vehicle Type (Passenger Cars, Commercial Vehicles), Component, Application (OEMs, Aftermarkets), And Region – Global Forecast to 2027”, is expected to grow from USD 2.5 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 8.6% during the forecasted period. The recycled materials for mobility applications market is witnessing significant growth because of the growing demand from sustainable materials for the development of automotive parts and components.
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Some of the prominent key players are:
Toray Industries, Inc., (Japan)
Solvay (Belgium)
Faurecia (France)
Continental AG (Germany)
Neste (Finland)
Unifi, Inc. (US)
Celanese Corporation (US)
Custom Polymers, Inc. (US)
Procotex (Belgium)
Carbon Fiber Recycling (US)
SGL Carbon (Germany)
Wellman Advanced Materials (US)
Opportunity: Government regulations regarding use of environment-friendly products
Developed countries such as Germany, the US, and Japan are focusing on increasing the use of environment-friendly products instead of petroleum-based products. Automotive manufacturers are increasingly using recycled carbon fiber in various automobile models. Regulatory legislations imposed by the EU and other countries such as the US, India, and Japan are expected to increase the use of recycled carbon fiber, primarily in the automotive & transportation industry. The EU legislation sets mandatory emission reduction targets for new cars for improvements in fuel economy and reduction of CO2 emissions.
In terms of value and volume, the OEMs application is expected to hold the largest market share during the forecast period
Recycled materials are used in OEMs and aftermarket applications of the automotive sector. The OEMs segment is the major application of recycled materials. Automotive OEMs are searching for more effective and environment-friendly materials for making automotive parts. Recycled composites and polymers materials are widely used in the automotive industry by OEMs. Some OEMs have turned to recycled plastics to create a more sustainable version of the manufacturing-grade material.
Europe is the second-largest region in terms of value during the forecast period
The recycled materials for mobility applications market in Europe has been growing in recent years due to increasing concerns about sustainability and circular economy. The European Union has set ambitious targets to increase the use of recycled materials, and many countries in Europe have implemented policies and regulations to encourage recycling. The polymer recycling market is also growing in Europe, with a focus on increasing the use of recycled plastic polymers in new products. The EU has set a target of recycling 55% of all plastic by 2030, which is driving investment in new recycling technologies and infrastructure.
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