The fiber-reinforced plastic (FRP) recycling market is expected to reach over 95,763 tons by the end of this year and is projected to register a CAGR of around 9% during the forecast period. The COVID-19 pandemic adversely impacted the market in 2020 due to various trade and operational restrictions.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Fiber-Reinforced Plastic (Frp) Recycling Market – Growth, Trends, Covid-19 Impact, And Forecasts (2023 – 2028)”
The fiber-reinforced plastic (FRP) recycling market is expected to reach over 95,763 tons by the end of this year and is projected to register a CAGR of around 9% during the forecast period.
The COVID-19 pandemic adversely impacted the market in 2020 due to various trade and operational restrictions. However, after the loosening of restrictions and the retraction of 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.
Key Highlights
Over the medium term, the growing accumulation of composite waste, stringent regulations on the disposal of composites, 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.
Continuous developments in the field of recycling composites are likely to act as an opportunity for the studied market.
The European region dominated the market. However, the Asia-Pacific region is likely to witness the highest CAGR during the forecast period.