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

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

Triton Market Research’s estimates suggest that the North America fiber-reinforced plastic (FRP) recycling market is set for revenue and volume growth at a CAGR of 8.21% and 7.62%, respectively, over the forecast years 2024-2032.

The fiber-reinforced plastic recycling market in North America is gaining traction, supported by various government initiatives aimed at enhancing recycling efforts and reducing plastic pollution. The US Environmental Protection Agency (EPA) has released a ‘National Strategy to Prevent Plastic Pollution,’ which focuses on reducing plastic waste, improving recycling infrastructure, and encouraging the circular economy approach to plastic management. This strategy aims to address plastic pollution across the entire lifecycle—from production to disposal—by implementing policies to minimize the release of plastics into the environment and promoting the recycling of materials like fiber-reinforced plastics.

The countries analyzed in this region include the United States and Canada.

The United States spearheads the market with the highest share, accounting for $127.59 million in 2023

The US Department of Energy (DOE), through the National Renewable Energy Laboratory (NREL), launched a Wind Turbine Materials Recycling Prize as part of the American-Made Challenges program.

This initiative focuses on developing cost-effective and sustainable recycling solutions for wind turbine materials, specifically targeting fiber-reinforced composites like carbon fiber and fiberglass used in turbine blades.

Additionally, the DOE announced a significant investment to enhance R&D in plastics recycling technologies. Such initiatives support the broader goal of reducing plastic waste, cutting down on industrial energy use, and promoting a circular economy.

Market Forecast for Canada

The fiber-reinforced plastic (FRP) recycling market in Canada is gradually gaining attention due to growing environmental concerns and government initiatives. One significant initiative supporting this market is the Government of Canada’s commitment to the Oceans Protection Plan. This plan includes efforts to recycle Glass Fiber Reinforced Plastics (GFRP) from vessel hulls. The government has developed three proofs-of-concept for recycling GFRP, focusing on novel solutions that retain reusable material without emitting greenhouse gases. This work is part of a broader strategy to prevent and significantly reduce marine pollution by 2025, aligning with the Sustainable Development Goals (SDG) set by the United Nations.

The market is sectioned into end-user, product type, and recycling technique. Based on end-user, it is segmented into industrial, building and construction, transportation, sports, and other end-users.

Fiber-reinforced plastics (FRPs) play a crucial role in transportation, offering lightweight yet durable solutions for automobiles, marine vessels, and aerospace components. The recycling of FRPs produces materials that maintain the strength and resilience of their original form, making them invaluable in various transportation applications. In the automotive industry, recycled FRPs are used in body panels, spoilers, and bumpers, enhancing both sustainability and performance.

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

Carbon Fiber Recycling specializes in reclaiming carbon fibers, operating a dedicated facility in Tazewell, Virginia. The company caters to the concrete industry and manufacturers of carbon fiber pellets, which are used in composite products. In addition to recycling, Carbon Fiber Recycling licenses its technology and equipment to businesses generating significant carbon fiber waste, helping them implement sustainable recycling practices.

Other major enterprises in the market consist of Conenor Ltd, Carbon Fiber Recycle Industry Co Ltd, Gen 2 Carbon Limited, and Mitsubishi Chemical Group Corporation.

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