The recycled materials for mobility applications market is projected to grow from USD 2.2 billion in 2022 to USD 3.9 billion by 2027, at a CAGR of 8.6% during the forecast period. In terms of value, the polymer materials segment accounted largest market share in 2021. In the mobility industry, the more commonly used types of polymer materials are polyurethane, polypropylene, and polyvinyl chloride (PVC). The majority of the recycled polymer materials found in vehicles are obtained from plastic bottles and caps. Recycled polymer materials are witnessing a surge in demand from the mobility industry due to the need to reduce vehicle weight and increase fuel efficiency.
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The increasing demand for sustainable and environmentally friendly practices has led to a growing interest in the use of recycled materials in mobility applications. Environmental concerns, such as the depletion of natural resources, pollution, and climate change, have led to a greater focus on sustainable practices. The use of recycled materials in mobility applications can help reduce the environmental impact of these products and help mitigate these concerns. governments and regulatory bodies are increasingly imposing regulations and standards aimed at promoting sustainable practices. These regulations often encourage or require the use of recycled materials in various products, including those used in mobility applications. The use of recycled materials can also provide cost savings for manufacturers of mobility products.
Recycled materials are often less expensive than virgin materials, and their use can reduce the overall cost of production. Many companies are also adopting sustainable practices as part of their corporate social responsibility initiatives. The use of recycled materials in mobility applications can help companies meet their sustainability goals and demonstrate their commitment to the environment. Finally, there is a growing consumer demand for sustainable products. Consumers are increasingly conscious of their impact on the environment and are looking for environmentally friendly products. The use of recycled materials in mobility applications can help manufacturers meet this demand and appeal to environmentally conscious consumers.
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North America is the leading recycled materials for mobility applications market. The growing demand from Automotive sector is driving the market in the region. The European region has the presence of recycled materials manufacturers and an advanced automotive and power sector which is boosting the growth of the recycled materials for mobility applications market.
Based on application, OEM segment of the recycled materials for mobility applications market is projected to be the largest, in terms of value or volume, during the forecast period. Recycled materials are being used increasingly in the automotive industry for vehicle body parts. This growing demand is expected to drive the recycled materials for mobility applications market.
The major players active in the recycled materials for mobility applications 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) and others.
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