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The fiber reinforced plastic (FRP) recycling market will accelerate at a CAGR of 4.49% and is expected to rise by USD 54.51 million by 2026. This research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches.
The fiber reinforced plastic (FRP) recycling market report extensively covers market segmentation by the following:
The fiber reinforced plastic (FRP) recycling market report also offers information on several market vendors, including Aeron Composite Pvt. Ltd, Bedford Reinforced Plastics Inc., Carbon Conversions, Carbon Fiber Recycle Industry Co. Ltd, Carbon Fiber Recycling Inc., Conenor Ltd, DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Eco Wolf Inc., Gen 2 Carbon Ltd., Global Fiberglass Solutions, Karborek RCF Srl, MCR Mixt Composites Recyclables, Mitsubishi Chemical Holdings Corp., Neocomp GmbH, PROCOTEX BELGIUM SA, ReFiber ApS, Strongwell Corp., Toray Industries Inc., Ucomposites AS, and Vartega Inc. among others.
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The stringent regulations on the disposal of composites in Europe is notably driving the fiber reinforced plastic (FRP) recycling market growth, although factors such as long service life of CFRP may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fiber reinforced plastic (FRP) recycling industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Fiber Reinforced plastic (FRP) Recycling Market Driver
One of the key factors driving the global fiber reinforced plastic (FRP) recycling market growth is the stringent regulations on the disposal of composites in Europe. The European market is a leader in composites recycling, owning to the strict environmental rules implemented by governments in this region and the Horizon 2020 project. Significant events have recently increased the sociotechnical push to find sustainable composite recycling solutions. For example, in 2019-2020, the first major wave of composite wind turbines approached their end-of-life (EoL) and got decommissioned. During the forecast period, this sociotechnical pressure will only increase as more countries follow European countries in limiting and banning landfill options and the ever-increasing amount of expired composites EoL waste. This will drive market growth in the coming years.
Key Fiber Reinforced Plastic (FRP) Recycling Market Trend
Cost-effective alternative is one of the key FRP recycling market trends that is expected to impact the industry positively in the forecast period. Infrastructure is costly to build and considerably more expensive to maintain. The expensive cost of construction, maintenance, repair, and replacement of conventional materials in infrastructures such as bridges, overpasses, and bridge decks has driven current technology to implement FRPs. Benefits of FRP as an infrastructure material include:
Key Fiber Reinforced Plastic (FRP) Recycling Market Challenge
One of the key challenges to the global fiber reinforced plastic recycling market growth is the long service life of CFRP (anticipated to be used for over 50 years). External CFRP composite durability and service life, whether in beams or columns, are determined by their purpose and service life. This is because, depending on the function, CFRP composites have varying characteristics and different attachment orientations. These materials have high strength, low density, high ultimate strain, high fatigue resistance, and low thermal conductivity. The effective implementation of CFRP might significantly reduce the amount of maintenance required and increase the life of structures. Such factors may limit the concerned market growth during the forecast period.
This fiber reinforced plastic (FRP) recycling market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global fiber reinforced plastic (FRP) recycling market as a part of the global environmental and facilities services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fiber reinforced plastic (FRP) recycling market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the fiber reinforced plastic (FRP) recycling market encompasses successful business strategies deployed by the key vendors. The fiber reinforced plastic (FRP) recycling market is fragmented and the vendors are deploying growth strategies such as technological developments to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The fiber reinforced plastic (FRP) recycling market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the fiber reinforced plastic (FRP) recycling market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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42% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for fiber-reinforced plastic (FRP) recycling in Europe. Market growth in this region will be faster than the growth of the market in South America, APAC, and MEA.
The significant increase in the demand for recycled plastics and composites from major countries such as Germany, Italy, and the UK will facilitate the fiber reinforced plastic (FRP) recycling market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected various industries such as fiber reinforced plastic (FRP) recycling. This is affected the growth of the regional fiber reinforced plastic (FRP) recycling market. The outbreak led to the imposition of restrictions on industrial and manufacturing activities in various countries to prevent the spread of the disease. However, in 2021, with the initiation of large-scale vaccination drives, the number of COVID-19 cases reduced in the region. This has led to the lifting of lockdowns and the resumption of industrial activities. Hence, the regional fiber reinforced plastic (FRP) recycling market is expected to witness growth during the forecast period.
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The fiber reinforced plastic (FRP) recycling market share growth by the carbon fiber segment will be significant during the forecast period. Established metallic structures, such as manipulators, are modified using CFRP, resulting in a reduction in weight and an increase in performance. Carbon fiber is a popular material in aerospace, automotive, and robotics end-use industries because of its load-bearing capability, lightweight, and high fatigue strength. All of these factors combine to increase demand for carbon fiber, boosting global fiber reinforced plastic (FRP) recycling market growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the fiber reinforced plastic (FRP) recycling market size and actionable market insights on the post-COVID-19 impact on each segment.
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Fiber Reinforced plastic (FRP) Recycling Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.49% |
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Market growth 2022-2026 |
$54.51 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.4 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 42% |
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Key consumer countries |
US, Canada, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aeron Composite Pvt. Ltd, Bedford Reinforced Plastics Inc., Carbon Conversions, Carbon Fiber Recycle Industry Co. Ltd, Carbon Fiber Recycling Inc., Conenor Ltd, DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Eco Wolf Inc., Gen 2 Carbon Ltd., Global Fiberglass Solutions, Karborek RCF Srl, MCR Mixt Composites Recyclables, Mitsubishi Chemical Holdings Corp., Neocomp GmbH, PROCOTEX BELGIUM SA, ReFiber ApS, Strongwell Corp., Toray Industries Inc., Ucomposites AS, and Vartega Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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