Is it possible to re-use ABS or PLA filament material from printed parts?
If so, what is the techniques to reform it?
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There are a few options.
If you're more interested in the recycling and reuse aspect than the re-print aspect, you could melt all the scrap filament onto a cookie sheet or into a bar (like in a bread ban). You could then manually work the material, or use a CNC machine to carve out your next thing.
This Youtube video refers to HDPE, but the same concept will apply to other thermoplastics:
This Youtube video uses a cookie sheet and failed prints: