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

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

The recycled materials for mobility applications market is projected 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 primarily driven by factors such as growing awareness regarding energy savings and government responses and increasing adoption of lightweight and sustainable materials by the automotive industry.

End-of-life materials are viewed as valuable raw materials to recycle rather than something to be discarded in this closed-loop approach. The use of recycled materials as raw material in new vehicles is one way to reduce a car's carbon footprint across its entire lifecycle, from raw material and component production to active use, disposal, and recycling.. However, the preference for virgin plastics in many applications is a major concern for the market. Companies are focusing on improving the quality of recycled materials, and with the introduction of favorable regulations regarding the use of recycled plastics, the market is expected to grow significantly during the forecast period.

‘‘In terms of value, interior components accounted for the largest share of the overall recycled materials for mobility applications market.’’

Interior component leads the market as recycled plastics are increasingly used in these components to provide impact resistance and dimensional stability. The use of plastics in interiors provides high durability, color, and esthetic appeal to automobiles. Opting for recycled plastics over virgin plastics increase waste consumption and improves the sustainability aspect of vehicles. The interiors segment includes interior door panels, interior door handles, window motors, door control modules, interior trims, seats, seat belts, car upholstery, instrument panels, hoods, and floor components and parts (carpet and other floor material).

“During the forecast period, the recycled materials for mobility applications market in the passenger cars is expected to register the second-highest CAGR.’’

The production of passenger cars has been steadily growing over the past few decades, driven by increasing demand from consumers in many countries around the worldworldwide. According to data from the International Organization of Motor Vehicle Manufacturers (OICA), global passenger car production reached a total of 74.8 million units in 2020, despite the challenges posed by the COVID-19 pandemic. The growth of passenger car production can be attributed to several factors, including population growth, rising incomes, urbanization, and increased availability of financing options for consumers. Technological advances have made cars more reliable, efficient, and affordable, further contributing to the growth in production.

“During the forecast period, the recycled materials for mobility applications market in North America is projected to register the highest CAGR.”

The automotive industry is the largest and projected to be the fastest-growing end user of recycled materials in North America. Various companies in this region, such as Unifi, Inc., Celanese Corporation, Custom Polymers, Inc., Carbon Conversions, Carbon Fiber Recycling, SGL Carbon, and Vartega Inc., are focusing on making use of recycled materials in their products. This is expected to help the region avoid pollution caused by plastics. The uses of recycled materials for mobility applications in North America boosts the circular economy. Growing green initiatives and strict government regulations compel top automakers of this region to shift to recycled-enabled materials in car panels and their associated parts. Hence the overall recycle materials market in North America is expected to see highest growth rate during the forecast period.

This study has been validated through primary interviews with industry experts globally. These primary sources have been divided into the following three categories:

By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%

By Designation- C Level- 50%, Director Level- 30%, and Others- 20%

By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%

The report provides a comprehensive analysis of company profiles:

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).

Research Coverage

This report covers the global recycled materials for mobility applications market and forecasts the market size until 2027. It includes the following market segmentation-By Material Type (Polymer Materials, Composites, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component (Interios, Exteriors, and Others), By Application (OEMs, Aftermarkets), and Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Forecast to 2027. Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global recycled materials for mobility applications market.

Key benefits of buying the report:

The report is expected to help market leaders/new entrants in this market in the following ways:

1. This report segments the global recycled materials for mobility applications market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.

2. The report helps stakeholders understand the pulse of the recycled materials for mobility applications market and provides them with information on key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape includes the competitor ecosystem, new product development, agreement, contract, expansion, and acquisition.

Reasons to buy the report:

The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall recycled materials for mobility applications market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.