Fiber-reinforced Plastic (FRP) Recycling Market to Hit US$ 1 Billion in Revenues by 2033 amid Rising Environmental Concerns

Fiber-reinforced Plastic Recycling Market report, published by Future Market Insights, an organization with ESOMAR Certified Market Research and Consulting Firm, provides insights and analysis into the Fiber-reinforced Plastic Recycling Market. It outlines the scope and content of the research, covering driving factors, market size, and forecast data for Fiber-reinforced Plastic Recycling. The report includes detailed segmentations in revenue and shipment, along with 10-year forecasts extending to 2033. Additionally, it discusses key players in the industry, their market shares, the competitive landscape, and regional insights.

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
  • 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
  • neocomp GmbH
  • Procotex
  • Toray Industries Inc.
  • Ucomposites A/S
  • Vartega Inc.

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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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Bio-plastics Market Trends: Demand for bioplastics is increasing in the past decade due to growing awareness concerning environmental conservation, use of bio-based or natural resources for manufacturing materials and formulation of various regulations across countries for effective use of natural resources and waste management.

Plastic Recycling Market Growth: The plastic recycling market has witnessed substantial growth in recent years, driven by heightened environmental awareness, changing regulations, and technological advancements.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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