NEWARK, Del, Aug. 25, 2023 (GLOBE NEWSWIRE) -- 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 FRP recycling market was valued at US$ 442.2 million. The target market is projected to generate an absolute $ growth of US$ 557.0 million during the forecast period.
The adoption of thermal and chemical recycling techniques is expected to remain high due to their several benefits. As per the latest analysis, the 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 and construction, sports and leisure, and industrial is expected to drive the global FRP recycling market forward.
Rising environmental concerns and the implementation of stringent regulations are expected to uplift fiber-reinforced plastic (FRP) recycling demand during the assessment period.
Fiber-reinforced plastic recycling refers to recovering and reusing materials from FRPs. The recycled materials are then utilized for manufacturing new products across several sectors.
End-use sectors use multiple recycling techniques for recycling FRPs. These include mechanical recycling, thermal/chemical recycling, and incineration and co-incineration.
A 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 enforcing strict waste management and disposal regulations are compelling sectors to employ recycling for materials like FRPs. Adopting recycling techniques helps reduce landfill waste and the overall environmental impact.
Rising demand for recycled products such as recycled FRPs will 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 to drive innovative investments in FRP recycling technologies might foster market development.
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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. Key companies are likely to invest in new FRP recycling technologies and processes to take advantage of emerging opportunities,” says a lead Future Market Insights (FMI) analyst.
Competitive Landscape:
These top companies are concentrating on launching new fiber-reinforced plastic recycling technologies and establishing new recycling facilities. They also employ 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 a new manufacturing facility for recycled carbon fiber.
Scope of the Fiber-reinforced Plastic Recycling Market
| Attribute | Details | |
| Estimated Market Value (2023) | US$ 482.0 million | |
| Projected Market Value (2033) | US$ 1.0 billion | |
| Anticipated Growth Rate (2023 to 2033) | 8.0% CAGR | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Revenue in US$ Million/Billion and CAGR from 2023 to 2033 | |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis | |
| Segments Covered | Product, Recycling Technique, End Use, and Region | |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. | |
| Key Companies Profiled |
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the fiber-reinforced plastic (FRP) recycling industry, presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product (glass-fiber reinforced plastic and carbon-fiber-reinforced plastic), recycling technique (thermal/chemical recycling, incineration & co-incineration, and mechanical recycling), end use (industrial, transportation, building & construction, and sports & Leisure), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
About FMI – Chemicals and Materials
The Chemicals and Materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies reference market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward.’
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