Asia-Pacific Fiber-reinforced Plastic (Frp) Recycling Market Forecast Analysis 2024-2032

Asia-Pacific Fiber-reinforced Plastic (Frp) Recycling Market Forecast Analysis 2024-2032

Triton’s research report suggests that the Asia-Pacific fiber-reinforced plastic (FRP) recycling market is estimated to advance in terms of revenue and volume at a CAGR of 7.98% and 7.32%, respectively, over the forecast period 2024-2032.

The Asia-Pacific region’s rapid industrialization and urbanization have driven up the use of FRP materials in sectors like construction, automotive, and electronics. As a result, the increasing volume of FRP waste demands effective recycling solutions to manage waste and mitigate environmental impact. In response, governments across the region are introducing initiatives to encourage sustainable waste management, including FRP recycling. Policies such as extended producer responsibility (EPR) schemes and waste management regulations motivate industries to invest in recycling infrastructure and embrace circular economy principles.

The countries mentioned in this region include India, China, South Korea, Japan, ASEAN Countries, Australia & New Zealand, and Rest of Asia-Pacific.

China captures the highest share in the market, acquiring around $34.99 million in 2023

China’s efforts in recycling plastic have been substantial. As noted by the State Council of the People’s Republic of China, from 2011 to 2020, China recycled 170 million tons of plastic waste.

Additionally, in February 2024, the State Council issued guidelines to set up a waste recycling system. By 2025, the aim is to establish a foundational system that spans all areas. And, by 2030, this system will evolve into a comprehensive well-regulated network to ensure that waste resources are fully utilized.

Further, the National Development and Reform Commission (NDRC) outlined a comprehensive plan in its 2021-2025 five-year plan to enhance plastic recycling and reduce plastic waste leakage into natural environments. These factors thus fuel the growth of the fiber-reinforced plastic recycling market.

Market Forecast for India

The fiber-reinforced plastic (FRP) recycling market in India is gradually gaining momentum, supported by the growing awareness of sustainability and environmental regulations. FRP, widely used in sectors such as automotive, construction, and aerospace for its lightweight and durable properties, poses a significant challenge for waste management due to its non-biodegradable nature. To address this, several initiatives have been launched to support the recycling of FRP materials. For example, the National Green Tribunal has emphasized stricter enforcement of recycling norms, encouraging industries to adopt more sustainable practices.

The market is sectioned based on product type, recycling technique, and end-user. The product type section includes glass and carbon-fiber-reinforced plastics.

Carbon-fiber-reinforced plastics (CFRPs) are an advanced innovation in composite materials, using carbon fibers embedded in an epoxy resin matrix. These materials are widely used in industries such as aerospace, construction, automotive, sports, consumer goods, and wind energy due to their exceptional qualities, including high tensile strength, stiffness, thermal stability, chemical resistance, and minimal thermal expansion.

Contender Analysis in the Fiber-Reinforced Plastic (FRP) Recycling Market:

Aeron Composite Pvt Ltd specializes in manufacturing FRP for both industrial and consumer applications. These products are distinguished by their corrosion resistance, impact durability, lightweight design, ergonomic advantages, longevity, easy installation, etc. Operating from its manufacturing facility in India, the company oversees various stages of production, including raw material inspection, fabrication, testing, and packaging. With a strong presence in both domestic and international markets, Aeron Composite is headquartered in Gujarat, India.

Other notable companies in the FRP recycling market include Carbon Fiber Recycle Industry Co Ltd, Gen 2 Carbon Limited, Carbon Fiber Recycling, and Mitsubishi Chemical Group Corporation.

ASIA-PACIFIC FIBER-REINFORCED PLASTIC (FRP) RECYCLING MARKET 2024-2032.pdf