PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270322
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270322
The recycled Material for Mobility Application Market size was valued at USD 2,800.7 Million in 2022, expanding at a CAGR of 10.1% from 2023 to 2030.
Recycled materials are being increasingly used in mobility applications, such as in the manufacturing of vehicles, parts, and components. The use of recycled materials in mobility applications offers several benefits, including reduced environmental impact, reduced energy consumption, and cost saving. The use of recycled materials in the mobility industry has been gaining traction as companies and consumers are becoming more conscious about their environmental impact. There are several companies in the mobility industry that are already using recycled materials in their products, such as Tesla, Ford, and BMW. As more companies adopt sustainable practices, the use of recycled materials in mobility applications is expected to continue to grow.
Recycled Material for Mobility Application Market- Market Dynamics
The market for recycled materials in mobility applications is expected to experience significant growth in the coming years, due to growing awareness regarding energy savings and government responses and increasing adoption of lightweight and sustainable materials by the automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automobile production reached 77.6 million units in 2020, a decrease of 16.2% compared to 2019 due to the COVID-19 pandemic. China was the largest producer of automobiles in 2020, followed by Europe and the United States. The automotive industry is also increasingly adopting lightweight and sustainable materials in order to reduce vehicle weight and improve fuel efficiency. Recycled materials such as plastics, metals, and rubber are often lighter and more sustainable than their virgin counterparts, making them an attractive option for manufacturers looking to reduce their environmental impact. Additionally, many governments around the world are implementing regulations and incentives to encourage the use of recycled materials in the automotive industry.
The Global Recycled Material for Mobility Application Market is segmented on the basis of Material Type, Vehicle type, Application and Region.
The market is divided into three categories based on Material Type: Polymer Materials, Composites and Others. Polymer Materials are witnessing a surge in demand for the Recycled Material for Mobility Application industry. there is a growing demand for recycled polymer materials in the mobility application industry, as manufacturers and consumers alike are becoming increasingly aware of the importance of sustainability and reducing their environmental impact. The use of recycled polymer materials can help to reduce the amount of waste produced and conserve natural resources, while also providing a cost-effective solution for manufacturers.
The market is divided into two categories based on vehicle Type: Passenger Cars and Commercial Vehicles. the use of recycled materials in both passenger and commercial vehicles can help to reduce the environmental impact of transportation while also providing cost-effective solutions for manufacturers. As the demand for sustainable materials in the transportation industry continues to grow, they are likely to see even more innovative uses of recycled materials in the production of both types of vehicles.
The market is divided into two categories based on application: OEMs and Aftermarkets. the OEMs sector dominates the market and is likely to maintain its dominance during the forecast period. The aftermarket refers to companies that provide replacement parts and accessories for vehicles that have already been sold by OEMs. The aftermarket refers to companies that provide replacement parts and accessories for vehicles that have already been sold by OEMs. The use of recycled materials in both OEMs and aftermarkets is becoming increasingly important as consumers become more environmentally conscious and demand more sustainable products.
Recycled Material for Mobility Application Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Asia Pacific region is a rapidly growing market for recycled materials in the mobility application industry due to the growing demand from sustainable materials for the development of automotive parts and components. China is the largest market for automotive parts in the Asia Pacific region, accounting for more than 40% of the market. Countries such as China, Japan, and India are among the largest consumers of recycled materials, with many manufacturers incorporating recycled materials into their products as a way to reduce costs and meet consumer demand for more sustainable options.
The recycled materials for mobility applications market in Europe has been growing in recent years due to increasing concerns about sustainability and circular frugality. The European Union has set ambitious goals to increase the use of recycled materials, and many countries in Europe have implemented policies and regulations to encourage recycling. Overall, the market for recycled materials in the mobility application industry is global, with demand increasing in many regions around the world.
The market for recycled materials in the mobility application industry is highly competitive, with many players vying for market share. As demand for recycled materials continues to increase, we are likely to see even more competition in the market in the coming years. 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. For example, Dow Inc. is a global chemical company that offers a range of recycled materials for the mobility application industry, including recycled plastics and elastomers. The company is committed to sustainability and has set a goal to reduce plastic waste by 1 million metric tons by 2030. Overall, the competitive sector for recycled materials in the mobility application industry is diverse, with many players operating in different segments of the market. As demand for recycled materials continues to increase, they are likely to see even more competition in the sector in the coming years.
This proposed research study on Recycled Material for Mobility Application market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Recycled Material for Mobility Application market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Recycled Material for Mobility Application market
Impact of COVID-19 on Recycled Material for Mobility Application market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Recycled Material for Mobility Application market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Recycled Material for Mobility Application market, we have also included competitive landscape and key innovator analysis for the Recycled Material for Mobility Application market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Recycled Material for Mobility Application market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Recycled Material for Mobility Application market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL RECYCLED MATERIAL FOR MOBILITY APPLICATION MARKET KEY PLAYERS
Toray Industries, Inc
Solvay
Faurecia
Continental AG
Neste
Unifi, Inc
Celanese Corporation
Custom Polymers, Inc
Procotex
Carbon Fiber Recycling
SGL Carbon
Wellman Advanced Materials
GLOBAL RECYCLED MATERIAL FOR MOBILITY APPLICATION MARKET, BY MATERIAL TYPE
Polymer Materials
Composites
Others
GLOBAL RECYCLED MATERIAL FOR MOBILITY APPLICATION MARKET, BY VEHICLE TYPE
Passenger Cars
Commercial Vehicles
GLOBAL RECYCLED MATERIAL FOR MOBILITY APPLICATION MARKET, BY APPLICATION
OEMs
Aftermarkets
GLOBAL RECYCLED MATERIAL FOR MOBILITY APPLICATION MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA