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Advanced Recycling Technologies Market Size,Share,Growth,Industry Analysis and Forecast (2024-2031)
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Market Dynamics
Investments enable recycling operations to expand and scale up. It includes the construction of larger and more efficient recycling facilities outfitted with the latest technologies, allowing for greater processing capacity and contributing to market growth.For instance, on August 11, 2023, Amcor Packaging and Mondelez International have invested in Licella, an Australian advanced recycling technology startup. The funds will be used to build an advanced recycling facility in Victoria, Australia. The 'Advanced Recycling Victoria' plant will use Licella's Catalytic Hydrothermal Reactor, which uses advanced hydrothermal liquefaction technology. The new factory will initially have a capacity of 20,000 tons (t) of end-of-life plastics per year. In the future, the company intends to grow this to 120,000t each year. The investment will allow Amcor to meet the region's growing demand for recycled content and accelerate its goal of achieving 30% recycled content throughout its portfolio by 2030.
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Segment Analysis
Packaging materials such as plastics, paper, cardboard and glass contribute significantly to global trash generation. The high volume of packaging waste fuels the demand for sophisticated recycling technology to treat and recycle these materials efficiently. Governments, businesses and consumers are increasingly emphasizing a circular economy strategy, particularly in the packaging industry. Advanced recycling technologies, which enable the recycling and reuse of packaging materials in accordance with circular economy principles, play a critical role in closing the loop.On September 27, 2023, Pactiv Evergreen Inc., a leading North American manufacturer of fresh food and beverage packaging and ExxonMobil, a leader in advanced recycling technology, are collaborating to provide certified-circular packaging solutions to major food brands and food service providers. Pactiv Evergreen will soon deliver certified circular polypropylene (PP) packaging materials to its customers, utilizing ExxonMobil's Exxtend technology for enhanced recycling. The revolutionary products will meet all food contact regulation criteria and specifications.
Competitive Landscape
The major global players in the market include Honeywell International Inc., Chevron Phillips Chemical Company LLC, Synova, Erema Group, Brightmark, Sierra International Machinery, Metso Outotec Corporation, Machinex Industries Inc., Vecoplan AG and Tomra Systems ASA.
Related Reports :-
Recycled Metal Market :- https://www.datamintelligence.com/research-report/recycled-metal-market
Metal Recycling Market :- https://www.datamintelligence.com/research-report/metal-recycling-market
Recyclate PET Market :- https://www.datamintelligence.com/research-report/recyclate-pet-market
Plastic Recycling Market :- https://www.datamintelligence.com/research-report/plastic-recycling-market
Battery Recycling Market :- https://www.datamintelligence.com/research-report/battery-recycling-market
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