Fiber-reinforced Plastic (FRP) Recycling Market Size (2024 - 2029)

Fiber Reinforced Plastic Market Analysis

The Fiber-reinforced Plastic Recycling Market size is estimated at 114.49 tons in 2024, and is expected to reach 178.91 tons by 2029, growing at a CAGR of 9.34% during the forecast period (2024-2029).

The COVID-19 pandemic adversely impacted the market in 2020 due to various trade and operational restrictions. However, after the loosening of restrictions and retracting the pandemic in the latter half of 2021, the market recorded a positive growth rate due to the increased use of recycled fiber plastic composites in various end-user industries, such as automotive, building and construction, and others.

• Over the medium term, the growing accumulation of composite waste, stringent regulations on composite disposal, and new strategies to promote the reuse of carbon-fiber-reinforced plastic (CFRP) are expected to drive the market's growth.
• On the flip side, difficulties faced during the recycling process, lack of proper recycling techniques for CFRP, and the long service life of CFRP resulting in the limited composite waste availability, are expected to hinder the growth of the market studied.
• Nevertheless, continuous developments in the recycling composites will likely act as an opportunity for the studied market.
• The European region dominated the market. However, the North American region will likely witness the fastest growth during the forecast period.

Fiber Reinforced Plastic Industry Segmentation

Fiber-reinforced plastics are light and strong. It possesses high chemical resistance, better tensile strength, tolerance to temperature, low thermal expansion, and stiffness. Thus, the production and consumption of these products have grown significantly in recent years, leading to an increasing amount of FRP waste. Hence, FRP waste management became an important concern for several countries. The fiber-reinforced plastic recycling market is segmented by product type, recycling technique, end-user industry, and geography. By product type, the market is segmented into glass fiber-reinforced plastic, carbon fiber-reinforced plastic, and other product types. By recycling technique, the market is segmented into thermal/chemical recycling, incineration and co-incineration, and mechanical recycling (size reduction). By end-user industry, the market is segmented into industrial, transportation, building and construction, sports, and other end-user industries. The report also covers the market size and forecasts for the fiber-reinforced plastic recycling market in 13 countries across major regions. For each segment, the market sizing and forecast have been done based on volume (tons).