According to Future Market Insights (FMI), the global fiber-reinforced plastic (FRP) recycling market is set to reach a valuation of US$ 482.0 million in 2023. Over the forecast period, global FRP recycling demand is anticipated to increase at 8.0% CAGR, taking the overall market valuation to US$ 1.0 billion by 2033.
In 2022, the worldwide FRP recycling market was valued at US$ 442.2 million. Looking forward, the target market is projected to generate an absolute growth of US$ 557.0 million during the forecast period.
Adoption is expected to remain high for thermal and chemical recycling techniques due to their several benefits. As per the latest analysis, thermal/chemical recycling segment is forecast to progress at 7.7% CAGR during the assessment period.
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Surging demand from end-use sectors such as transportation, building & construction, sports & leisure, and industrial is expected to drive the global FRP recycling market forward.
Rising environmental concerns along with implementation of stringent regulations is expected to uplift fiber-reinforced plastic (FRP) recycling demand during the assessment period.
Fiber-reinforced plastic recycling refers to the process of recovering and reusing materials from FRPs. The recycled materials are then utilized for manufacturing new products across several sectors.
There are multiple recycling techniques used by end-use sectors for recycling FRPs. These include, mechanical recycling, thermal/chemical recycling, and incineration & co-incineration.
Growing focus on reducing waste and conserving resources is expected to fuel demand for fiber-reinforced plastic recycling during the projection period.
Escalating environmental awareness and enforcement of strict regulations pertaining to waste management & disposal are compelling sectors to employ recycling for materials like FRPs. Adoption of recycling techniques helps to reduce landfill waste and the overall environmental impact.
Rising demand for recycled products such as recycled FRPs is expected to positively impact global fiber-reinforced plastic recycling sales revenues during the assessment period.
Similarly, partnerships and collaborations between recycling companies, end-use sectors, and research institutions for driving innovations and investments in FRP recycling technologies might foster market development.
Key Takeaways from the Fiber-reinforced Plastic (FRP) Recycling Market Report:
- The global fiber-reinforced plastic recycling industry is projected to reach US$ 1.0 billion by 2033.
- Based on product, glass-fiber reinforced plastic segment is set to progress at 7.9% CAGR during the forecast period.
- By recycling technique, thermal/chemical recycling segment is expected to thrive at 7.7% CAGR through 2033.
- The United States FRP recycling market value is anticipated to total US$ 174.4 million by 2033.
- FRP recycling demand in South Korea is predicted to increase at 7.9% CAGR during the assessment period.
- China FRP recycling industry is likely to exceed a valuation of US$ 188.8 million by 2033.
- Japan market is set to attain a valuation of US$ 150.0 million by 2033.
- The United Kingdom market is poised to expand at 7.9% CAGR over the assessment period.
“Growing environmental concerns coupled with enforcement of new regulations for reducing composite waste is creating a conducive environment for the growth of the fiber-reinforced plastic recycling industry. To take advantage of emerging opportunities, key companies are likely to invest in new FRP recycling technologies and processes.” – says a lead Future Market Insights (FMI) analyst.
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Competitive Landscape:
These top companies are concentrating on launching new fiber-reinforced plastic recycling technologies as well as establishing new recycling facilities. They are also employing strategies such as mergers, alliances, collaborations, acquisitions, partnerships, and agreements to solidify their market positions.
Recent developments:
- In June 2023, Toray Resins Europe GmbH developed a recycling process for GFR PPS resin waste from injection molding processes.
- In December 2021, Apply Carbon strengthened its presence by investing in new manufacturing facility for recycled carbon fiber.
Top Key Players in the Market
- Aeron Composite Pvt. Ltd
- Carbon Conversions
- Carbon Fiber Recycle Industry Co. Ltd
- Carbon Fiber Recycling
- Conenor Ltd
- Eco-Wolf Inc.
- Gen 2 Carbon Limited
- Global Fiberglass Solutions
- Karborek Recycling Carbon Fibers
- MCR (Mixt Composites Recyclables)
- Mitsubishi Chemical Advanced Materials GmbH
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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