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

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

According to Triton Market Research’s report, the Global Fiber-Reinforced Plastic (FRP) Recycling Market is estimated to register revenue growth with a CAGR of 8.04% during the forecast period 2024-2032. In terms of volume, the market is likely to progress with a CAGR of 7.46% during the forecast years.

FIBER-REINFORCED PLASTIC (FRP) RECYCLING MARKET ANALYSIS

Fiber-reinforced plastic (FRP) recycling refers to the process of reclaiming and reprocessing FRP materials, which are composites made from a polymer matrix reinforced with fibers such as glass or carbon. Recycling FRP is challenging due to the strong bond between the fibers and the polymer matrix, making it difficult to separate and reuse these components. However, various methods, including mechanical recycling, chemical recycling, and co-incineration, are being developed to manage FRP waste effectively, reduce environmental impact, and recover valuable materials for use in new products.

As the use of FRP materials expands across industries like construction, automotive, and aerospace, the importance of FRP recycling grows. These materials, including carbon-fiber-reinforced and glass-fiber-reinforced plastics, are valued for their high strength and durability, making them integral to many applications. With the increasing demand for sustainable practices, the fiber-reinforced plastic (FRP) recycling market is expected to expand, driving innovation in waste management and contributing to the reduction of the environmental footprint associated with these composite materials.

FIBER-REINFORCED PLASTIC (FRP) RECYCLING MARKET PERFORMANCE: DRIVERS, CHALLENGES, AND OPPORTUNITIES

Innovative Campaigns for CFRP Reutilization

The global market for carbon fiber-reinforced plastic (CFRP) recycling is being driven by innovative initiatives aimed at reducing the environmental impact of these materials. A key example is the Carbon Fibre Circular Alliance, launched in March 2023, with the University of California, Irvine (UCI) playing an active role. By participating in this alliance, UCI is not only aligning with its Agenda 2030 sustainability goals but also leading efforts to reduce waste and pollution from carbon fiber manufacturing and usage. This collaboration is a significant driver of market growth, highlighting the increasing importance of sustainable practices.

These initiatives are pivotal in shaping the future of CFRP recycling by fostering a circular economy. The emphasis on the reutilization of CFRP materials is encouraging companies and institutions to invest in recycling technologies and processes, which in turn fuels market expansion. As awareness and adoption of these sustainable practices grow, the studied market is set to experience substantial growth driven by the dual benefits of environmental stewardship and economic efficiency.

Lack of Awareness about CFRP Recycling

A significant challenge hindering the growth of the global FRP recycling market is the lack of awareness about carbon fiber-reinforced plastic (CFRP) recycling. Despite growing environmental consciousness, many stakeholders, policymakers, and consumers remain uninformed about the environmental impact of CFRP waste and the benefits of recycling. This awareness gap leads to insufficient support for recycling initiatives, underinvestment in recycling technologies, and a lack of necessary infrastructure. Without increased awareness and engagement, the demand for recycled FRP materials remains low, limiting the market’s potential growth.

Innovations in Composite Recycling

The field of composite recycling is undergoing a transformative shift driven by technological advancements and a heightened focus on sustainability. Efforts to divert end-of-life wind turbine blades from landfills through innovative recycling methods are at the forefront of this movement, turning waste into valuable resources and fostering a circular economy. In February 2024, the National Renewable Energy Laboratory (NREL) achieved a significant breakthrough by developing a thermoforming process that drastically reduces the cost and greenhouse gas emissions of recyclable carbon fiber composites. This innovation not only enhances the economic feasibility of recycling carbon fiber materials but also aligns with global sustainability goals.

Furthermore, in May 2023, the National Composites Centre in the UK launched the EoLO-HUBs European project, which aims to develop cutting-edge technologies to recycle high-value materials like glass and carbon fiber from wind turbine blades. This initiative underscores the increasing importance of sustainable practices in the composite materials industry, addressing both environmental concerns and the need for durable, high-performance materials across sectors such as aerospace, automotive, and renewable energy.

GLOBAL FIBER-REINFORCED PLASTIC (FRP) RECYCLING MARKET REPORT SEGMENTATION:

Market by Product Type:

• Glass-Fiber Reinforced Plastic
• Carbon-Fiber Reinforced Plastic

In 2023, the majority of the market share was captured by glass-fiber reinforced plastic. It is widely used in various industries due to its design flexibility and durability. However, increased use leads to significant waste. Recycling methods like co-incineration and mechanical recycling are emerging to handle this waste. Innovations such as UV-assisted 3D printing are finding new uses for recycled GFRP in products like wind turbines and sporting equipment. GFRP’s strength, corrosion resistance, and recyclability make it a sustainable choice, contributing to a circular economy and reducing environmental impact.

Market by Recycling Technique:

• Thermal/Chemical Recycling
• Incineration and Coincineration
• Mechanical Recycling (Size Reduction)

Mechanical recycling (size reduction) is anticipated to be the fastest-growing recycling technique in the market. It is a key method of reducing FRP scrap into smaller particles through shredding, milling, or crushing. This technique is effective for recycling thermoset FRP materials and is used to create new composites or fillers. Size reduction typically starts with slow-speed mills for larger pieces and high-speed milling is used for finer particles. Separating the particles into coarse and fine fractions helps in their reuse. While mechanical recycling has potential for both carbon and glass fiber-reinforced plastics, most research focuses on glass fibers due to their ease of incorporation into low-value applications.

Market by End-User:

• Industrial
• Transportation
• Building and Construction
• Sports
• Other End-Users

KEY FIBER-REINFORCED PLASTIC (FRP) RECYCLING COMPANIES INSIGHTS

The companies’ insights help dive into data about the key players in the fiber-reinforced plastic (FRP) recycling market. The strategic initiatives for each of the companies considered have been covered in detail. Some of the key strategic initiatives include:

Collaboration (June 2023): Toray and MKV GmbH Kunststoffgranulate

Toray collaborated with MKV GmbH Kunststoffgranulate to develop a new recycling process. This partnership emphasized leveraging their combined expertise and technology to advance recycling capabilities.

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