Middle East And Africa Fiber-reinforced Plastic (Frp) Recycling Market Forecast Analysis 2024-2032

Middle East And Africa Fiber-reinforced Plastic (Frp) Recycling Market Forecast Analysis 2024-2032

Triton’s research reports infer that the Middle East and Africa fiber-reinforced plastic (FRP) recycling market is expected to progress with a CAGR of 6.78% in revenue and 6.44% in volume during the 2024-2032 forecast period.

Several initiatives support the growth of the FRP recycling market in the Middle East and Africa. For example, the UAE and Saudi Arabia have taken significant steps towards sustainability and recycling to comply with the Paris Agreement. The UAE has introduced a ban on single-use plastic bags and has formed the UAE Circular Packaging Association to promote recycling and a circular economy. Moreover, events like the Plastics Recycling Show Middle East & Africa facilitate discussions on innovations, regulations, and technologies in the recycling sector, highlighting the region’s commitment to advancing its recycling capabilities. Such steps create novel opportunities for players in the fiber-reinforced plastic (FRP) recycling market.

The countries analyzed in this region include UAE, South Africa, Saudi Arabia, and Rest of Middle East & Africa.

South Africa holds the highest share in the regional market, obtaining $3.63 million in 2023

The SA Plastics Pact is a significant initiative aimed at transitioning towards a circular economy for plastics. The Pact involves collaboration between government, businesses, and NGOs to eliminate unnecessary plastic items, increase recycling rates, and enhance the use of recycled content in packaging.

The government, through the Department of Forestry, Fisheries, and the Environment (DFFE), has implemented several policies to manage plastic waste better.

This includes the Extended Producer Responsibility (EPR) schemes, which mandate producers to take responsibility for the lifecycle of their products, including the recycling of waste generated. Such steps to manage waste create demand for fiber-reinforced plastic recycling technologies, thereby driving the FRP market.

Market Forecast for Turkey

The fiber-reinforced plastic (FRP) recycling market in Turkey is gaining momentum, supported by government incentives and initiatives to promote sustainability and waste management. Turkey’s Zero Waste initiative, launched by the Turkish government, aims to minimize waste and increase recycling rates, including those for fiber-reinforced plastics. Additionally, Turkey offers various incentives to investors in this sector, such as VAT exemptions, customs duty exemptions, and support for employment and R&D, which are designed to encourage investment in recycling technologies and infrastructure.

The market is sub-segmented based on recycling technique, end-user, and product type. The recycling technique is sectioned into incineration & co-incineration, thermal/chemical recycling, and mechanical recycling.

Incineration and co-incineration are traditional but important methods for managing fiber-reinforced plastic (FRP) waste, offering benefits in waste reduction and energy recovery. Incineration involves burning FRP waste at high temperatures to produce heat energy, which can be used for electricity generation and heating. However, this method has notable drawbacks, such as contributing to air pollution and producing ash that may harm the environment and require landfill disposal.

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

Vartega Inc specializes in the production and recycling of carbon fiber, offering it in short fiber formats suitable for thermoplastics, nonwoven materials, and molding compounds. The company employs a chemistry-driven approach and advanced hardware to repurpose valuable carbon fiber scrap, preventing it from ending up in landfills or incineration. Vartega’s carbon fiber is widely used in industries such as sporting goods, additive manufacturing, automotive lightweighting, consumer electronics, and musical instruments.

Other notable companies in the market include Carbon Fiber Recycling, Global Fiber Recycling, NeoComp GmbH, Toray Industries Inc, and Vartega Inc.

MIDDLE EAST AND AFRICA FIBER-REINFORCED PLASTIC (FRP) RECYCLING MARKET 2024-2032.pdf