Product Code: 69494
The market for Fiber-Reinforced Plastic (FRP) Recycling is expected to grow at a CAGR of about 9% globally during the forecast period. The growing accumulation of composite waste and stringent regulations on the disposal of composites in Europe is driving the market growth. Difficulties faced during the recycling process, lack of proper recycling techniques for CFRP, and long service life of CFRP, resulting in the limited composite waste availability are hindering the market growth.
- The incineration and co-incineration recycling type is expected to dominate the global fiber-reinforced plastic recycling market over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Incineration and Co-incineration Recycling Type to Dominate the Market
- Incineration and co-incineration are the largest segments in terms of recycling techniques. The co-incineration technique dominated the segment, owing to its growing usage in GFRP recycling. Approximately 60% of the material is recycled from this method.
- In the co-incineration technique, cement kilns are used for recycling. It is a better, cost-effective option for GFRP waste and offers combined material and energy recovering.
- In this process, the size-reduced GFRP waste is fed into cement kiln as raw material to produce cement clinker and as secondary fuel. The resin burns in the kiln providing energy and the mineral constituent turn into calcium oxide (a primary component of portland cement), which acts as a feedstock for the cement clinker. Thus, there is no residue left at the end of the GFRP recycling.
- Incineration is the less commonly adopted method for the disposal of FRP composite waste. It is mostly used for the end-of-life thermoset FRP products and waste. The process allows the recovery of energy from the heat generated during the combustion process, due to the high calorific value of FRP materials.
- Hence, with the growing usage in Glass Fiber-reinforced plastics recycling this segment is expected to dominate.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the increasing demand from the construction industry across major countries like China, India and South Korea.
- The region is also the largest for the Fiber-Reinforced Plastic (FRP) Recycling. Recycling glass fiber-reinforced plastic composites are used in construction activities, as they possess high mechanical performance and high resistance, compared with traditional materials, to sustain in harsh conditions.
- The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of fiber-reinforced polymer (FRP) composites.
- The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities, over the next ten years creating a major scope for construction activity thereby increasing the market for fiber reinforced polymer (FRP) composites over the coming years.
- Apart from Construction, the increasing demand from aerospace, and wind energy in the region is also one of the factors for growth in Fiber-Reinforced Plastic recycling.
- In aerospace industry, recycled FRP (fiber-reinforced plastic) helps in reducing the weight and improves the elastic modulus and mechanical strength.
- The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world's largest single-country market for civil aircraft sales over the next 20 years.
- Moreover, wind turbine rotor blades serve as one of the major applications of recycled glass fiber-reinforced plastics. China has an installed capacity of 200 GW of solar and 210 GW of wind at the end of 2019. By the end of 2020, the country aims to have 210 GW of grid-connected wind energy capacity, and this increase in applications is expected to drive the market for recycled FRPs in the country during the forecast period.
The major recycling companies' partners with the composites and OEM manufacturers to collect the waste and recycle. Some of the recycling companies Ucomposites AS, ELG Carbon Fibre Ltd, Vartega Inc., CFK Valley Stade Recycling GmbH & Co. KG, Carbon Conversions and Aeron Composite Pvt. Ltd., are some of the major recyclers of FRP.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Accumulation of Composite Waste
- 4.1.2 Other Drivers
- 4.2 Restraints
- 4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porters Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Product Type
- 5.1.1 Glass Fiber-reinforced Plastic
- 5.1.2 Carbon Fiber-reinforced Plastic
- 5.1.3 Other Product Types
- 5.2 Recycling Technique
- 5.2.1 Thermal/Chemical Recycling
- 5.2.2 Incineration and Co-incineration
- 5.2.3 Mechanical Recycling (Size Reduction)
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Rest of Europe
- 5.3.4 Rest of the World
- 184.108.40.206 South America
- 220.127.116.11 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Producer Recycler Partnerships**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Aeron Composite Pvt. Ltd
- 6.4.2 Carbon Conversions
- 6.4.3 Carbon Fiber Recycle Industry Co. Ltd
- 6.4.4 Carbon Fiber Recycling
- 6.4.5 CFK Valley Stade Recycling GmbH & Co. KG
- 6.4.6 Conenor Ltd
- 6.4.7 Eco-Wolf Inc.
- 6.4.8 ELG Carbon Fibre Ltd
- 6.4.9 Global Fiberglass Solutions
- 6.4.10 KARBOREK RECYCLING CARBON FIBERS
- 6.4.11 MCR Mixt Composites Recyclables
- 6.4.12 neocomp GmbH
- 6.4.13 ReFiber ApS
- 6.4.14 The Japan Carbon Fiber Manufactures Association
- 6.4.15 Ucomposites AS
- 6.4.16 Vartega Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Continuous Developments in the Field of Recycling Composites
- 7.2 Other Opportunities