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 major factor driving the global fiber-reinforced plastics (FRP) recycling market is the high demand for fiber-reinforced plastics (FRP) composites in various end-use industry such as electrical & electronics, automotive, wind energy, aerospace among many others. The rising need for low-cost manufacturing process to produce customized and complex parts in these industries are highly driving the use of additive manufacturing in the global fiber-reinforced plastics (FRP) composites. Moreover, the global preference for energy efficient and sustainable products has further shifted the demand of traditional materials such as steel and aluminium to more sustainable and cheaper alternatives such as FRPs. This will therefore drive the demand of global fiber-reinforced plastics (FRP) and thereby positively impacting the growth of global fiber-reinforced plastics (FRP) recycling market.
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In addition, the carbon-fiber-reinforced plastics are light in weight and strong. They possess high chemical resistance, better tensile strength, tolerance to temperature, low thermal expansion and stiffness. Owing to these advantages, they are commonly used wherever a high strength-to-weight ratio is required, particularly in ship-building, aerospace, and the automotive industry. For instance, the rudder of the Airbus A310 is made of carbon-FRP, which offers a 25% weight reduction in comparison to the aluminium sheeting. In addition, there is also a 95% reduction in the number of elements because the parts are combined into simpler molded parts, that are quicker, cheaper and easier to manufacture than cast aluminium or steel objects, and uphold and sometimes even surpass the tolerance and material strengths. These benefits increase the demand for fiber-reinforced plastics (FRP) in these industries, and thereby resulting in increasing demand for fiber-reinforced plastics (FRP) recycling market.
Moreover, FRPs are also highly used in the automotive industry because of their strength-to-weight ratio. The lighter weight material in the vehicles replaces metal in the body panels of high-end and supercars. This not only helps in making the vehicles lighter but also more fuel efficient. Glass-fiber-reinforced plastics, in particular glass-fiber-reinforced PA 66, the most popular engineering thermoplastics, used in the automotive industry helps in reducing 60% of the total weight over a cast aluminium manifold, along with a better and aerodynamics and surface quality. These advantages help in increasing the demand demand for fiber-reinforced plastics (FRP) in these industries, and thereby resulting in increasing demand for fiber-reinforced plastics (FRP) recycling market.
However, the outbreak of Coronavirus has impacted the whole world. Due to this pandemic, many nations have faced economic loss which has hindered several industries, especially automotive, and supply chain. This pandemic has put a lot of pressure on the he economic scenario of several major countries including the U.S., India, China, and U.K. among others, pushing these countries into a severe recession. Thus, this pandemic has affected various major industries such as automotive, electrical and electronics, construction and infrastructure and many more, thereby negatively impacting the growth of fiber-reinforced plastics recycling market growth. Furthermore, the COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement.
By Product Type
By Recycling Technique
By End-Use Industry
By Region
Based on recycling technique, Incineration and co-incineration techniques hold the largest share in the global fiber-reinforced plastics (FRP) recycling market in 2020 and is expected to show similar trends in the forecast period
On the basis of recycling technique, the global fiber-reinforced plastics (FRP) recycling market can be segmented as Thermal/Chemical Recycling, Incineration and Co-incineration and Mechanical Recycling (Size Reduction). Among these, Incineration and co-incineration techniques hold the largest share in the global fiber-reinforced plastics (FRP) recycling market in 2020 and is expected to show similar trends in the forecast period. The co-incineration technique uses cement kilns for recycling and is a cost-effective option for fiber-reinforced plastics waste. In this technique, the fiber-reinforced plastics waste is fed into cement kiln as raw material to produce cement clinker. The resin then burns in the kiln providing energy and the mineral constituent into calcium oxide, which acts as a feedstock for the cement clinker. Thus, there is no residue left at the end of the fiber-reinforced plastics recycling. Due to these benefits, incineration and co-incineration techniques are widely used in global fiber-reinforced plastics (FRP) Recycling Market.
Based on end-user industry, the automotive industry has shown the highest growth in the global fiber-reinforced plastics (FRP) recycling market in 2020 and is expected to exhibit similar trends during the forecast period
On the basis of end-use industry, the global fiber-reinforced plastics (FRP) recycling market is segmented as Automotive, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Aerospace & Defense and others. Among these, the automotive end-use industry has shown the highest growth in the global fiber-reinforced plastics (FRP) recycling market in 2020 and is expected to exhibit similar trends during the forecast period. This because recycled fiber-reinforced plastics (FRP) composites offer a better strength-to-weight ratio, which is an important factor in automobile manufacturing. Vehicles with high strength and low-weight materials reduces the fuel consumption by offering better mileage. Moreover, many countries have adopted stringent policies for maintaining the average fuel consumption per vehicle. For instance, The Corporate Average Fuel Economy (CAFE), a governing body in United States that regulates the average fuel economy of new vehicles sold in the United States has mandated that all passenger vehicles must achieve an average of 54.5 miles per gallon by the year 2025.
Based on region, Asia Pacific dominates the global fiber-reinforced plastics (FRP) recycling market.
On the basis of region, the global Fiber-Reinforced Plastics (FRP) Recycling Market can be segmented as North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Among these, Asia-Pacific dominates the global fiber-reinforced plastics (FRP) recycling market due to the rising demand from the construction sector across various developing nations in this region such as India, South Korea and China. Owing to several benefits such as high resistance and better mechanical performance, the glass fiber-reinforced plastic recycled composites are highly used in construction activities. Many nations in this region have announced their development plans for creation of new townships and improving the standard of living of people. For instance, Moreover, the Chinese government plans to move 250 million population into new megacities by 2026. This will propel the demand for construction sector in these countries and thereby increasing the demand for fiber-reinforced plastics (FRP) recycling market in the region. Project like this will highly drive the construction sector and thereby, increase the demand of recycled fiber-reinforced plastics (FRP) in the region.
Drivers
Restraints
The report also provides in-depth analysis of key Market trends:
The report also provides in-depth analysis of recent News Developments and Investments
The key players operating in the Fiber-Reinforced Plastics (FRP) Recycling Market are:
The unique insights provided by this report also includes the following:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Premium Insights
Section 5: Market Overview & Competitive Landscape
Section 6: Market Size and Share Analysis
Section 7: Market Dynamics
Section 8: Future Forecast & Impact of COVID-19
Section 9: Regional Market Size and Share Analysis
Section 10: Company Profile
Research Methodology
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