The Global Fiber-Reinforced Plastics (Frp) Recycling Market was valued at $228. 6 billion in 2020, and is projected to reach $295.8 billion by 2027, with a compound annual growth rate of 4. 2% from 2021 to 2027.
The prominent factor driving the growth in fiber-reinforced plastics (Frp) recycling market globally is the rising demand for recycled fiber-reinforced plastics (Frp) composites in various end-use industry such as automotive, construction, aerospace, wind energy. The ongoing efforts among various automakers to improve the fuel efficiency is driving the demand for fiber-reinforced plastics (Frp) recycling market globally. The key strategy used by OEMs to boost fuel economy is using of lightweight composite materials such as recycled fiber-reinforced plastics to manufacture vehicles. For instance, Roding Automobile (Roding), leading German-based manufacturer of high-performance and lightweight vehicles, has high-level expertise in the development and manufacture of FRP products that it uses in its vehicles. In addition, various applications of fiber-reinforced plastics composites in the automotive industry include roof panels, seats, windows, doors, headrest back panels, cooling ventilators and luggage bin. Furthermore, many nations have implemented several regulations for using energy efficient vehicles, which is thereby driving the growth of recycled fiber-reinforced plastics (Frp) market. For instance, In USA, many automakers have shifted their focus to manufacture light-weight vehicle to meet The Corporate Average Fuel Economy (CAFÉ) regulations, a governing body in United States that regulates the average fuel economy of new vehicles.
Moreover, recycled fiber-reinforced plastic composites are used in highly used construction activities. Properties such as low weight and easy maintenance have made recycled fiber-reinforced plastics (Frp) a popular product in the building and design industries. Apart for construction, wind turbine rotor blade is one of the major applications of recycled glass fiber-reinforced plastics. Many nations have been actively promoting renewable infrastructure development to curb pollution and reduce the share of thermal power in the country’s power generation profile. For instance, China has installed a capacity of 200 GW of solar and 210 GW of wind at the end of 2019. The rising use of recycled glass fiber-reinforced plastics in this renewable infrastructure is thereby driving the growth of Fiber-Reinforced Plastics (Frp) Recycling Market globally.
Based on region, Asia Pacific is the fastest-growing market for fiber-reinforced plastics (Frp) recycling market. The fiber-reinforced plastics (Frp) recycling market in this region is mainly driven by the increasing consumption of FRP composites in various end-use industries such as construction & infrastructure, wind energy, electrical & electronics, and automotive. This is mainly because of rising vehicle ownership rate due to growing disposable incomes in emerging economies such as India, China and South Korea. Also, high urbanization rate in these countries have resulted in prioritizing water management, which in turn is driving the demand for recycled fiber-reinforced plastics (Frp). Due to properties like corrosion resistant, low installation and operating costs, FRPs are widely used in a variety of water and sanitary sewer application. Moreover, among Asia-Pacific nations, China is leading glass fiber-reinforced plastics composites market which is further driving the growth of fiber-reinforced plastics (Frp) recycling market in the region.
Global Fiber-Reinforced Plastics (Frp) Recycling Market Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Fiber-Reinforced Plastics (Frp) Recycling Market Product Recycling Technique Outlook (Revenue, USD Million, 2021-2027)
Global Fiber-Reinforced Plastics (Frp) Recycling Market Product End-User Outlook (Revenue, USD Million, 2021-2027)
Global Fiber-Reinforced Plastics (Frp) Recycling Market Product Region Outlook (Revenue, USD Million, 2021-2027)
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