Market Overview
The
Global Fiber-reinforced Plastic (FRP) Recycling Market is expected to attain a valuation of
USD 506.1 million in 2023 and is anticipated to grow with a
CAGR of 8.7% from 2023 to 2032. The market's growth is majorly driven by the rising demand from several sectors, such as industrial, transportation, building & construction, & others.
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The United States FRP recycling market is anticipated to witness a higher expansion with a more compound annual growth rate for the period 2023-2032. This growth is accredited to the increasing infrastructural development & fast progress in the region economically. Moreover, appreciative patterns of consumption, domestic production trends, & import & export dynamics, have allowed producers to positively grab opportunities present in the market. However, despite the presence of exceptionally durable FRP & commendable commercial value, effective recycling remains challenging. Several procedures for recycling are utilized to manufacture various components, leading to various recycling methods’ adoption. Furthermore, the usage of recyclable items from component offcuts, pre-impregnated wastes, & crushed composites plays an important role in FRP goods, production.
Market Dynamic
FRPs (fiber-reinforced plastics) utilization in the production & consumption have observed significant growth, majorly because of their exceptional properties like high strength, lightweight nature, excellent chemical resistance, temperature tolerance, superior tensile strength, stiffness & low thermal expansion. This rise in the usage of FRP has led to a rise in the collection of waste, leading to effective waste management, a major concern for several countries. Moreover, the growth of the market is anticipated to be driven by the adoption of innovative approaches to encourage the recycling & reutilization of CFRP (carbon-fiber-reinforced plastic).
The construction sector stands as one of the major sectors that heavily depend on recycled fiber-reinforced plastic waste, using it in various sectors. The wide usage of recycled fiber-reinforced plastics in the construction sector starts from using 100% materials that are recycled to include them in varying proportions. This trend encourages sustainable practices & eco-friendly materials in the construction sector, further boosting the demand for recycled fiber-reinforced plastics.
Yet, the process of recycling can impact the quality of components’ surface as recycled fibers don’t have sizing & may consist of resin residues after the process of recycling, leading to bad fiber-matrix adhesion. Right now, very few such techniques are preferred for carbon-fiber-reinforced plastics processing & the lack of suitable methods for recovering the waste material, poses a challenge, thereby hindering the market’s growth by 2032. Despite the presence of these challenges, the growing FRP waste, along with strict rules on composite disposal & the development of advanced approaches to encourage the reuse of CFRP, is expected to fuel the market's growth. Due to rising ecological concerns effective fiber-reinforced plastics waste management remains an important issue for various economies, further enhancing the development of the market.
Research Scope and Analysis
By Product
Under the product, the GFRPs (glass-fiber reinforced plastics) segment dominates the market, with a maximum share in 2023. Glass-fiber reinforced plastics are majorly preferred because of their versatility flexibility in design components & ease of forming. Major sectors using it, involve building & construction, transportation, & industries, that widely utilize glass-fiber-reinforced plastics, further leading to a rise in the waste generation of glass-fiber-reinforced plastics. In order to comply with the government’s stringent regulations on the disposal of waste & the increased usage of recycled GFRPs in various sectors, glass-fiber reinforced plastics recycling has seen significant growth.
Moreover, CFRPs (carbon-fiber reinforced plastics) provide several features, such as high tensile strength, stiffness, low thermal expansion & chemical resistance, making them suitable across various sectors like transportation, building & construction, & sports. As Carbon-fiber reinforced plastics find wider usage, the instances of their reaching the end of their useful lives have also grown. Further, driving the desire for their recycling. Governmental policies & environmental responsibilities play an important role in fostering the supply chain for CFRPs’ recycling.
By Recycling Technique
Under the recycling technique, incineration & co-incineration dominate the market, with a maximum share in 2023. This technique, majorly, co-incineration, is specific for glass-fiber reinforced plastics recycling. The incineration process not only allows the combustion of waste but also allows for the conversion of the heat generated into electricity or direct utilization. Co-incineration recycling uses cement kilns for the both recovery of material & energy.
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Moreover, the most cost-efficient & efficient option to deal with GFRP waste is Co-incineration. Key recycler worldwide neocomp GmbH, uses the same method for the recycling of glass-fiber reinforced plastics. Furthermore, the mechanical recycling method includes breaking down bigger scrap composites into smaller recyclable items. This technique is preferably used for thermoset fiber-reinforced plastic composite materials & includes processes such as shredding, milling, or compressing to make materials in powdered form, leading to a suitable way for such composites’ recycling.
By End-Use
Under the end-use segment, building & construction dominates the market with a maximum share in 2023. In this sector, FRP (recycled fiber-reinforced plastic) waste finds various uses. Recycled FRPs provide suitable characteristics, like electrical insulation, ease of installation, thermal stability, lightweight nature, & durability in harsh atmospheres, making them preferable for several uses in the building & construction sector, recycled fiber-reinforced plastic work as an environmentally friendly substitute to materials utilized in traditional building including steel & concrete.
As they have a better strength-to-weight ratio, recycled FRP composites use less fuel in the automotive industry, leading to reduced air pollution & enhanced mileage. Globally, governments are implementing stringent regulations to maintain lower fuel consumption. Therefore, the desire for recycled fiber-reinforced plastic in the automotive sector is anticipated to rise, further driving the FRP recycling sector’s growth.
The Global Fiber-reinforced Plastic (FRP) Recycling Market Report is segmented on the basis of the following
By Product
- Glass -Fiber Reinforced Plastics
- Carbon-Fiber Reinforced Plastics
- Others
By Recycling Technique
- Thermal/Chemical Recycling
- Incineration & Co-Incineration
- Mechanical Recycling
By End-Use
- Building & Construction
- Transportation
- Industrial
- Sports & Leisure
- Others
Regional Analysis
Europe dominates the fiber-reinforced plastic recycling market, with a maximum share of 47.7% in 2023. The dominance of this market is accredited to the rising demand for recycled products in major European nations, such as Italy, UK, & Germany. Moreover, landfilling is prohibited in significant European countries such as Germany, leading to the utilization of recycled plastics & composites. Recycled FRPs are used in blades of windmills, with Germany's priority towards sustainable & renewable energy, serving as a major driver for the use of these materials. In order to move towards more sustainable energy solutions, WindEurope has suggested a ban on the waste of wind turbine blades in Germany, with the aim to reduce, recycle, & reuse. This focus on recycling aligns with the region's ban on landfills & is expected to drive the development of environment-friendly recycling techniques.
Moreover, the construction sector in North America is increasingly moving towards GFRP (recycled glass fiber-reinforced plastic) composites because of their better thermal properties, resistance to hard chemicals, & enhanced mechanical performance. Furthermore, recycled glass fiber-reinforced plastic waste can be manufactured into larger pieces & added to concrete mixtures, further encouraging a sustainable approach. Local governments are supporting the development of wind energy, and the utilization of waste FRPs in processes of incineration, that led to reductions in the cost of wind turbines. These advancements highlight the increasing benefits of the recycling process in the region's push towards sustainable energy & finally paving the way for further developments in the fiber-reinforced plastic recycling market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
Many key players in the market have taken steps to optimize their operations and enhance their competitive edge. They have integrated their raw material production and distribution processes, leading to improved product quality and an expanded regional presence. This integration also provides these companies with cost benefits, resulting in increased profit margins. To stay ahead in the market and address evolving end-user requirements, companies are actively engaging in research and development activities. The focus of these efforts is on developing new industrial plastics that possess a combination of desirable properties, which are expected to gain significant acceptance in the industry in the foreseeable future.
One such example of ongoing research and development is demonstrated by Toray Industries, Inc., which recently announced the development of a cutting-edge high-speed thermal welding technology for CFRPs (carbon fiber-reinforced plastics) in February 2023. This groundbreaking technology is expected to revolutionize the aircraft industry by promoting weight savings and enabling a high rate of CFRP airframe production. As a result, there is a projected increase in the demand for CFRP materials in the aircraft sector in the coming years. These research initiatives and innovations contribute to the overall growth and advancement of the market as companies strive to deliver improved and more efficient materials that cater to the evolving needs of various industries.
Some of the prominent players in the Global Fiber-reinforced Plastic (FRP) Recycling Market are
- Uncomposites AS
- Carbon Conversions
- Aeron Composite Pvt. Ltd.
- Conenor Ltd
- Gen 2 Carbon Limited
- Vartega Inc.
- Toray Industries Inc.
- Eco-Wolf Inc.
- Karborek Recycling Carbon Fibers
- Procotex
- Neocomp GmbH
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Fiber-reinforced Plastic (FRP) Recycling Market:
The COVID-19 pandemic and the subsequent global recession had mixed effects on the global fiber-reinforced plastic recycling market. On one hand, the pandemic led to disruptions in supply chains, reduced industrial activities, and temporary closures of recycling facilities, which hindered the recycling process and led to a decrease in demand for recycled fiber-reinforced plastics. On the other hand, the pandemic also heightened awareness of sustainable practices and circular economy principles, driving governments, industries, and consumers to prioritize recycling and environmental conservation. As economies gradually recover from the recession, there is a growing emphasis on sustainable manufacturing and a circular economy, which is expected to bolster the demand for recycled fiber-reinforced plastics in various industries seeking eco-friendly and cost-effective alternatives.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 506.1 Mn |
| Forecast Value (2032) |
USD 1,074.3 Mn |
| CAGR (2023-2032) |
8.7% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Glass-Fiber Reinforced Plastics, carbon-
fiber Reinforced Plastics, and Others), By Recycling
Technique (Thermal/Chemical Recycling, Incineration
& Co incineration, and Mechanical Recycling), By End-
use (Building & construction, Transportation,
Industrial, Sports & Leisure, and Others). |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Uncomposites AS, Carbon Conversions, Aeron
Composite Pvt. Ltd., Conenor Ltd., Gen 2 Carbon
Limited, Gen 2 Carbon Limited, Vartega Inc., Toray
Industries Inc., Eco-Wolf Inc., Karborek Recycling
Carbon Fibers, Procotex, Neocomp GmbH, and Other
Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Fiber-reinforced Plastic (FRP) Recycling Market is expected to attain a valuation of USD 506.1
million in 2023.
The Global Fiber-reinforced Plastic Recycling Market is expected to expand at a compound annual
growth rate (CAGR) of 8.7% from 2023 to 2032.
Europe dominates the fiber-reinforced plastic recycling market, commanding a substantial share of
47.7% in global revenue in 2023.
Some of the prominent players in the Global Fiber-reinforced Plastic Recycling Market include Uncomposites AS, carbon Conversions, Aeron Composites Pvt. Ltd., Conenor Ltd., etc.