Fiber-reinforced plastics Market Size, Share & Trends Analysis Report By Product, By Application, By Region, And Segment Forecasts, 2023 To 2030

Fiber-reinforced plastics (FRPs) is a composite material made from a polymer matrix reinforced with fibers. They are widely used in marine, construction, aerospace, wind power, and automotive among others. They are used for self-contained breathing apparatuses in cylinders and ballistic armor on the account of their good durability and high commercial value. They are also used in daily necessities including tanks, bathtubs, fishing ships, and bath units among others.

The market for FRP recycling is rising on the account of various factors such as the rising number of stringent regulations related to composite disposal, increasing accumulation of composite waste, and implementation of new strategies by manufacturers to promote the reuse of FRPs. However, the lack of suitable recycling techniques along with the long shelf life of FRPs is expected to create barriers to the market growth of FRPs recycling over the forecast period. Although, continuous developments in the recycling composites are acting as an opportunity for the growth of the FRP recycling market.

They are commonly used in the building and construction industry on the account of their stability, durability, electrical insulation, lightweight, and ease of installation. They can also be used to create columns, structural beams, and load-beaming elements along with non-structural elements such as facades, panels, and cladding. They are often used for the production of prefabricated building components including windows and doors. The European region is among the prominent regions with few countries such as UK, Germany, and Italy accounting for the largest market share. In Europe, landfilling is prohibited, and thus the adoption of recycled composites and plastics is the only option for reducing composite waste.

The fiber-reinforced plastic recycling market is fragmented with various small and medium-sized manufacturers spread across the globe. The key players tie up with OEM and composites manufacturers for collecting and recycling plastic waste. The major market players include Carbon Conversions, Gen 2 Carbon Limited, Vartega, and Toray Industries Inc. among others. Manufacturers in the market space are expanding their production capacity with the aim to spread their geographical reach and improve their product portfolio and gain a competitive edge across the globe. For instance, in August 2022, Vartega expanded its manufacturing unit with a planned capacity of 2,000 metric tons per year; i.e. ten times its previous capacity.