DUBLIN--(BUSINESS WIRE)--The "Advanced Recycling Technologies Market - A Global and Regional Analysis: Focus on End User, Technology, Product Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global advanced recycling technologies market is projected to reach $9,339.7 million by 2031 from $270.5 million in 2022, growing at a CAGR of 48.22% during the forecast period 2022-2031.
The demand for advanced recycling technologies is anticipated to grow owing to the implementation of stringent environmental regulations like the restriction of hazardous substances (RoHS) and policies by organizations such as Environmental Protection Agency (EPA) and registration, evaluation, authorization, and restriction of chemicals (REACH).
Furthermore, mechanical recycling limitations such as weakening fiber, difficulty in recycling mixed plastic waste, and prohibition from being utilized in the food packaging sector are driving the need for advanced recycling technologies.
Market Lifecycle Stage
Advanced recycling, also known as chemical recycling, refers to a group of technologies that transform post-consumer plastic into its original building blocks, feedstock for new plastics, specialty chemicals, waxes, chemical products, and other non-fuel items. In recent years, advanced recycling technologies have gained popularity as a complementary solution to conventional or mechanical recycling.
Two types of mostly recycled plastics, such as polyethylene terephthalate (PET) and high-density polyethylene, are processed mechanically. The other five categories of plastic, such as colored plastic bottles, fast food containers, and plastic eyeglass frames, cannot be processed by such technologies.
Advanced recycling offers a solution for practically all these five types of plastics, while recycled plastic from advanced recycling can also be utilized for food packaging. Therefore, owing to the aforementioned factors, advanced recycling technologies are gaining traction in the market.
However, the key factor limiting the growth of the advanced recycling technologies market is a lack of collection and treatment infrastructure.
Impact
Incentives for better product and plastics design, such as improved extended producer responsibility, product stewardship, tax benefits, and deposit-refund systems, are expected to open significant sales and financing opportunities. This shift was prominently experienced in regions such as Europe and North America.
Market Segmentation
Segmentation 1: by End User
- Food and Beverage Packaging
- Non-Food Packaging
- Consumer Electronics
- Infrastructure and Construction
- Automotive
- Others
Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period (2022-2031).
Segmentation 2: by Technology
- Pyrolysis/ Cracking
- Gasification
- Depolymerization
- Microwave
- Others
In 2021, pyrolysis/ cracking technology held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
Segmentation 3: by Product Type
- Naphtha
- Heavy Gas Oil
- Wax Residue
- Others
In 2021, naphtha held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
- Rest-of-the-World - South America, and Middle East and Africa
In the global advanced recycling technologies market, Europe dominates the market due to the presence of several leading companies, such as Plastic Energy, Brightmark, Quantafuel ASA, and many more, along with strict government regulations.
Recent Developments in the Global Advanced Recycling Technologies Market
- In August 2022, Cyclyx International, a subsidiary of Agilyx, announced the opening of a new plastics testing laboratory in Portsmouth, the U.S. This strategy enabled the company to enhance its recycle process testing capacity and expand the types of waste plastic waste range to be recycled with the use of company's recycling technology.
- In November 2022, Honeywell and Egypt's Environ Adapt for Recycling Industries signed a memorandum of understanding (MoU) to advance plastic recycling in the country. The joint efforts of the two organizations would examine the creation of Egypt's first chemical recycling facility, which would feature cutting-edge Honeywell technology and be able to recycle waste plastic into useful recycled polymer feedstock (RPF).
- In July 2022, Carbios collaborated with Salomon, On, PUMA, and Patagonia to develop solutions that improve the recyclability and circularity of their products. Carbios and the four businesses are also expected to conduct research into the recycling of products, create take-back strategies for used polyester items, including sorting and deconstruction technologies, and compile information on fiber-to-fiber recycling and circularity models.
Demand - Drivers and Limitations
The following are the demand drivers for the global advanced recycling technologies market:
- Rising Consumer Awareness about the Need for Recycling Plastic
- Implementation of Landfill Fueling Restrictions
- Increasing Demand for New Plastic Products
The market is expected to face some limitations as well due to the following challenges:
- Challenges in Collecting and Sorting Recyclable Materials
- High Price of Advanced Recycled Plastics
Key Companies Profiled
- Agilyx
- Stena Metall
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc.
- Plastic Energy
- Enerkem
- Loop Industries, Inc.
- Gr3n Recycling
- Carbios SA
- Pyrowave
- Polystyvert Inc.
- Recycling Avenue BV
- BlueAlp Innovations BV
- Quantafuel ASA
- Mura Technology Limited
- Alterra
- Aduro Clean Technologies Inc.
- Brightmark
- GreenMantra Technologies
- Axens
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