Recycled Materials for Mobility Applications Market worth $3.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 8, 2023 /PRNewswire/ -- 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 are witnessing significant growth because of the growing demand from sustainable materials for the development of automotive parts and components. 

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In terms of volume, polymer materials to hold the largest market share during the forecast period.

The majority of the recycled plastic polymers found in vehicles are obtained from plastic bottles and caps. Recycled polymers are witnessing a surge in demand from the automotive industry. Recycled materials are increasingly conforming to the standards of the automotive industry and have been in this industry for more than a decade. Recycled polymers are used in many applications, such as automotive fabrics, splash guards, radiator shrouds, and dashboards. Chrysler, Ford, Honda, General Motors, Nissan, and Toyota are some of the major auto manufacturers that use recycled polymers in their vehicles. Recent advancements in recycled materials and recycling technology have resulted in a rapid increase in the use of recycled polymer materials.

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.

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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.

Market Players

The Recycled Materials for Mobility Applications Market players active in the market 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), and Wellman Advanced Materials (US).

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