Advanced Recycling Technologies Market is Expected To Grow at the Highest CAGR During the Forecast Period 2021 - 2032

Advanced recycling technologies convert recycled plastics into new polymers, fuels, or chemicals through the use of heat or chemical solvents. By enabling the processing of mixed plastics and offering up value-added opportunities for difficult-to-recycle polymers, advanced recycling technologies have the potential to outperform other recycling technologies.  Advanced recycling technologies, for instance, can meet the need for food-contact grade recycled polyethylene (PE) and polypropylene (PP) by converting plastic waste into a material similar to virgin plastic. This reduces waste as well as the climatic effect associated with the extraction of virgin material.

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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.

Food and Beverage Packaging Dominates the Advanced Recycling Technologies Market (by End-User)

Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period (2022-2031). In the case of packaging made of recycled plastics, there is a significant possibility that dangerous substances would contaminate food. However, this is not the case with advanced recycled packaging. In addition, in the EU Plastic Strategy, advanced recycling is acknowledged as having "a powerful effect" (EU Plastic Strategy, 2018). Therefore, its demand in the food and beverage packaging sector is increasing.

Naphtha/ Distillate Gas Oil Segment Dominates the Advanced Recycling Technologies Market (by Product Type)

In 2021, naphtha/ distillate gas oil held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031). Advanced recycling technologies transform plastic waste into useful feedstock such as naphtha that is further utilized in making other products such as plastics, fuels, and so on.

Europe Dominates the Advanced Recycling Technologies Market (by Region)

Europe led the advanced recycling technologies market in 2021 and is anticipated to uphold its dominance throughout the forecast period, owing to the numerous government initiatives compelling the packaging industry stakeholders to adopt sustainable and recyclable packaging. In addition, taxes levied by the European Union on packaging and plastic bags to reduce marine pollution are helping to advance the expansion of the nation's advanced recycling technologies market.

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Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.

The global advanced recycling technologies market has been segmented by different end users, among which food and beverage packaging captured around 46% of the market as of 2021. Other end users, including non-food packaging, accounted for around 27%, consumer electronics accounted for 9%, infrastructure and construction accounted for 7%, automotive accounted for 1%, and other end-use industries accounted for 10% of the total share in 2021 in terms of value.

Key Questions Answered by This Report:

* Which are the most promising advanced recycling technologies available in the market?
* What are the various sustainability targets such as usage of recycling materials in packaging applications adopted by food, cosmetics, and other producers?
* How does the supply chain function in the global advanced recycling technologies market?
* What are the major patents filed by the companies active in the global advanced recycling technologies market?
* Who are the prominent players catering to the demand for the advanced recycling and What are the key offerings?
* What are the major factors and trends that are impacting the adoption of advanced recycling technologies market?
* What are the regulations affecting the advanced recycling technologies market?
* How much plastic waste is recycled globally?
* What is the market's leading technology and most promising end-product, and how it would emerge in the coming years?
* What are the bottle necks in the adoption of advanced recycling technologies in various regions and countries?
* Which regions and countries are leading in the advanced recycling technologies market, and which of them are expected to witness high demand growth during 2022-2031? 

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