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

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

Triton Market Research’s estimates suggest that the Latin America fiber-reinforced plastic (FRP) recycling market is set to witness growth at a CAGR of 7.52% and 7.14% in revenue and volume, respectively, over the forecast years 2024-2032.

Fiber-reinforced plastic (FRP) recycling in Latin America is gradually gaining attention as countries in the region begin to recognize the environmental challenges posed by these materials. Although recycling of FRP, particularly from end-of-life products such as boats, wind turbine blades, and automotive parts, remains limited due to the complexity and cost of recycling processes, there are emerging initiatives aimed at addressing these challenges. For example, Brazil and Mexico are exploring advanced recycling technologies and developing public-private partnerships to foster a circular economy in the composites sector. In Brazil, the National Solid Waste Policy provides a framework for managing solid waste. The initiative aims to encourage innovation in recycling technologies and support infrastructure development, which could augment the FRP recycling market’s growth.

The countries reviewed in this region include Brazil, Mexico, and Rest of Latin America.

Mexico dominates the region’s market, accounting for around $8.55 million in 2023

• Mexico City is leading initiatives to tackle plastic waste, including fiber-reinforced plastics. The city has joined the Global Plastic Action Partnership (GPAP), an initiative of the World Economic Forum (WEF) aimed at transitioning towards a circular economy by reducing plastic pollution.
• The partnership involves various stakeholders, including government bodies, the private sector, and civil society, working together to develop a roadmap for reducing plastic waste.
• Enhancing recycling infrastructure and policies, particularly focusing on materials like fiber-reinforced plastics, could significantly improve the recycling rates and drive market growth.

Market Forecast for Brazil

One of the significant steps taken by the Brazilian government is the strengthening of its national solid waste policy. This includes the introduction of the ‘Atlas of Energy Potential of Solid Waste,’ which aims to utilize solid waste for energy production, highlighting the potential for recycling materials like fiber-reinforced plastics. The government’s ‘National Solid Waste Plan,’ which had been awaiting regulation for a decade, is now set to be a cornerstone for green investments, particularly in recycling and reuse of materials. Hence, these factors are expected to widen the scope of the fiber-reinforced plastic (FRP) recycling market.

The market is sectioned in terms of product type, end-user, and recycling technique. The product type segment includes carbon and glass-fiber-reinforced plastics.

Carbon-fiber-reinforced plastics (CFRPs) are a significant innovation in composite engineering, utilizing carbon fibers within an epoxy resin matrix. These advanced materials are widely used in industries such as aerospace, construction, automotive, sports, consumer goods, and wind energy. Their appeal lies in their exceptional qualities, including high tensile strength, stiffness, thermal and chemical resistance, and minimal thermal expansion.

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

Mitsubishi Chemical Group Corporation is a leading chemical company with a diverse portfolio. It offers a wide range of products and services, including advanced polymers, high-performance chemicals, films, moldings, composites, petrochemicals, etc., for environmental and living needs. The company also specializes in ethical pharmaceuticals, diagnostic reagents and instruments, pharmaceutical equipment and capsules, active pharmaceutical ingredients, and self-health check services. MCGC serves various industries such as mobility, environmental and renewable energy, information technology, electronics and display, medical, food and biotechnology, packaging, labeling, and healthcare. The company has operations across multiple regions, including Latin America.

Mitsubishi Chemical’s carbon fiber reinforced plastics division addresses environmental challenges by offering high-performance materials that support global sustainability. By replacing traditional materials in aircraft and automobiles, carbon fiber-reinforced plastics significantly reduce weight, leading to improved fuel efficiency.

Other companies in the market consist of Gen 2 Carbon Limited, Carbon Fiber Recycling, Global Fiberglass Solutions, Mitsubishi Chemical Group Corporation, and Carbon Conversions.

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