The Global Chemical Recycling Market size was estimated at USD billion in 2021 and is expected to hit around USD billion by 2031, poised to grow at a compound annual growth rate (CAGR) of % from 2022 to 2031.
Source: Primary Research and Secondary Research Analysis
The industry that uses chemical processes to recycle and recover waste plastics in order to create new chemicals, fuels, or materials is referred to as the worldwide chemical recycling market. It is a branch of the larger recycling sector that focuses on turning plastic trash into useful chemical products.
The old mechanical recycling techniques, which entail melting and reprocessing plastics into new goods, are different from chemical recycling. As an alternative, chemical recycling uses a variety of chemical processes such depolymerization, pyrolysis, gasification, and liquefaction to disassemble complex plastic polymers into their component monomers or other usable compounds.
Several important changes are being seen in the chemical recycling industry's global market environment. The widespread adoption of sustainable norms and practises is a significant trend. To encourage recycling and reduce plastic waste, governments and environmental organisations are enacting stronger policies and regulations, which is fostering a favourable market climate for chemical recycling solutions.
The increasing need for recycled chemicals and materials across numerous industries is another trend. Due to customer demand for environmentally friendly products and corporate sustainability goals, businesses are looking for alternatives to virgin materials. The demand for chemical recycling technologies that can turn plastic waste into high-quality, recycled materials fit for use in sectors like packaging, automotive, and textiles is increasing as a result of this trend.
The market environment is also being shaped by developments in chemical recycling technology. Chemical recycling processes are becoming more efficient, scalable, and cost-effective because to ongoing research and development activities, which also increases their appeal to industry players. The market for chemical recycling is expanding as a result of advances in catalysts, reactors, and purification techniques.
The global market for recycling chemicals has recently seen a number of noteworthy advancements. First of all, there has been a marked increase in government initiatives and legislation designed to promote chemical recycling as a long-term approach to managing plastic trash. Policies that encourage and assist the development of chemical recycling infrastructure have been adopted by numerous nations and regions. Due to these factors, new facilities and technologies have drawn investment and improved the market environment.
Second, the sector has seen the emergence of several partnerships and alliances. To promote innovation and hasten the uptake of chemical recycling, major businesses from all points along the value chain, including waste management companies, chemical producers, and consumer products companies, are creating strategic collaborations. These partnerships seek to construct effective supply chains for recycled materials and to develop comprehensive waste management systems by combining the knowledge and assets of many stakeholders.
Thirdly, technology for recycling chemicals have significantly advanced. Research and development efforts have been concentrated on enhancing the effectiveness and scalability of current technologies while investigating new strategies for the conversion of plastic trash. Chemical recycling is now more economically and environmentally sustainable thanks to these developments' higher-quality outputs, higher process yields, and lower energy usage.
Market Breakup: By Type
Market Breakup: By Technology
Market Breakup: By End-Use Industry
Market Breakup: By Waste Source
The size and scope of the global Chemical Recycling industry vary by region and are important and expanding. Below is a quick summary of the industry's regional analysis:
North America: Because of its strict rules, strong environmental awareness, and sophisticated waste management infrastructure, the area has been in the forefront of the chemical recycling sector. Significant investments are being made in chemical recycling technology in North America, with various pilot projects and facilities built on a commercial basis. The main drivers of market expansion in this region are the United States and Canada.
Europe: Because of its stringent rules and ecological goals, Europe is a significant market for chemical recycling. The deployment of chemical recycling technologies has been accelerated by the Circular Economy Package and Plastic Waste Strategy of the European Union. Many nations, notably Germany, France, and the Netherlands, have put supportive laws into place, which has resulted in the growth of a strong chemical recycling industry. The two main trends in this area are stakeholder collaboration and infrastructural spending.
Asia-Pacific: As a result of rising industrialization, population expansion, and growing concerns about plastic waste, the Asia-Pacific area is seeing a significant increase in the chemical recycling market. Countries like China, Japan, South Korea, and India are putting an emphasis on sustainability and garbage management. Strong manufacturing infrastructure and a rising market for recyclable materials favour the area. Technology developments, government programmes, and partnerships are propelling market expansion in the Asia-Pacific region.
South America: Led mostly by Brazil, South America is emerging as a prospective market for chemical recycling. The nation has put in place laws and goals to lower plastic trash production and boost recycling rates. Opportunities for chemical recycling technology are being created by Brazil's sizable consumer market and rising environmental consciousness. Argentina and Colombia are two nations in the region looking into programmes to address plastic waste and encourage recycling.
Middle East & Africa: Due to the need to diversify economies and lessen reliance on industries reliant on oil, the Middle East & Africa region is seeing an increase in interest in chemical recycling. Initiatives related to the circular economy and waste management methods are being prioritised by nations including Saudi Arabia, the United Arab Emirates, and South Africa. The region's rich resources of plastic trash and investments in cutting-edge recycling technologies are helping the chemical recycling sector expand.
Market Breakup By Region
The Chemical Recycling Industry competitive landscape provides details by competitor. Details included are company outline, company financials, revenue generated, market potential, investment in research and development, new market initiatives, worldwide occurrence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The overhead data points providing are only related to the businesses’ focus related to Chemical Recycling marketplace.
Major players operating in the Global Chemical Recycling Industry are:
Table of Content
Global Chemical Recycling Industry Research Report, 2020-2031.
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