August 25, 2023 11:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Aug. 25, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global Fiber-reinforced Plastic (FRP) Recycling Market is set to reach a valuation of US$ 482.0 million in 2023. Over the forecast period, global FRP recycling demand is anticipated to increase at 8.0% CAGR, taking the overall market valuation to US$ 1.0 billion by 2033. FRP Water Tank
In 2022, the FRP recycling market was valued at US$ 442.2 million. The target market is projected to generate an absolute $ growth of US$ 557.0 million during the forecast period.
The adoption of thermal and chemical recycling techniques is expected to remain high due to their several benefits. As per the latest analysis, the thermal/chemical recycling segment is forecast to progress at 7.7% CAGR during the assessment period.
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Surging demand from end-use sectors such as transportation, building and construction, sports and leisure, and industrial is expected to drive the global FRP recycling market forward.
Rising environmental concerns and the implementation of stringent regulations are expected to uplift fiber-reinforced plastic (FRP) recycling demand during the assessment period.
Fiber-reinforced plastic recycling refers to recovering and reusing materials from FRPs. The recycled materials are then utilized for manufacturing new products across several sectors.
End-use sectors use multiple recycling techniques for recycling FRPs. These include mechanical recycling, thermal/chemical recycling, and incineration and co-incineration.
A growing focus on reducing waste and conserving resources is expected to fuel demand for fiber-reinforced plastic recycling during the projection period.
Escalating environmental awareness and enforcing strict waste management and disposal regulations are compelling sectors to employ recycling for materials like FRPs. Adopting recycling techniques helps reduce landfill waste and the overall environmental impact.
Rising demand for recycled products such as recycled FRPs will positively impact global fiber-reinforced plastic recycling sales revenues during the assessment period. Similarly, partnerships and collaborations between recycling companies, end-use sectors, and research institutions to drive innovative investments in FRP recycling technologies might foster market development.
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Key Takeaways from the Fiber-reinforced Plastic (FRP) Recycling Market Report:
“Growing environmental concerns coupled with enforcement of new regulations for reducing composite waste is creating a conducive environment for the growth of the fiber-reinforced plastic recycling industry. Key companies are likely to invest in new FRP recycling technologies and processes to take advantage of emerging opportunities,” says a lead Future Market Insights (FMI) analyst.
These top companies are concentrating on launching new fiber-reinforced plastic recycling technologies and establishing new recycling facilities. They also employ strategies such as mergers, alliances, collaborations, acquisitions, partnerships, and agreements to solidify their market positions.
Scope of the Fiber-reinforced Plastic Recycling Market
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Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the fiber-reinforced plastic (FRP) recycling industry, presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product (glass-fiber reinforced plastic and carbon-fiber-reinforced plastic), recycling technique (thermal/chemical recycling, incineration & co-incineration, and mechanical recycling), end use (industrial, transportation, building & construction, and sports & Leisure), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
About FMI – Chemicals and Materials
The Chemicals and Materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies reference market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward.’
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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