Recycled Carbon Market Share

APAC Market Forecast

The recycled carbon market in Asia Pacific is expected to hold the largest share of 38% during the forecast period. The region's growing aerospace industry might be linked with the market expansion. The region's growing aerospace industry is expected to increase demand for recovered carbon fiber. For instance, recycled carbon fiber can generate opportunities for the development of new products and technology in the aerospace industry since it can be used to make lightweight spacecraft and aircraft components. For instance, it is predicted that the domestic aviation market in India will surpass USD 25 billion by 2024. Thus, these factors are anticipated to boost the market growth during the forecast period.

North American Market Statistics

The recycled carbon market in North America is expected to hold a share of 32% during the foreseen period. The market growth can be attributed to the increasing need for recycled carbon in the automotive sector. Recycled carbon is more in demand in the automotive industry as a result of the region's demand for lightweight automotive materials. According to a report, 75% of Americans had access to a personal vehicle as of March 2023, and another 20% had a work or family vehicle. Thus, these factors are fuelling the market growth in the region.