Plastic Chemical Recycling Market 2024: Trends, Innovations, and Growth Forecast

Plastic Chemical Recycling Market is valued at US$ 10.1 Bn in 2023, and it is expected to reach US$ 66.0 Bn by 2031, with a CAGR of 27.4% during the forecast period of 2024-2031.
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The Global Plastic Chemical Recycling Market is valued at US$ 10.1 Bn in 2023, and it is expected to reach US$ 66.0 Bn by 2031, with a CAGR of 27.4% during the forecast period of 2024-2031.

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Plastic chemical recycling refers to a range of technologies that decompose plastic waste into its fundamental chemical components, including methods such as pyrolysis, gasification, depolymerization, and dissolution. These processes transform hard-to-recycle plastics into usable raw materials by altering their molecular structure, enabling the recycling of a wider variety of plastic types that are typically non-recyclable through conventional means. The recovered chemicals can be repurposed for manufacturing new plastics, contributing to a sustainable circular economy. Chemically recycled plastics have diverse applications across multiple industries, including food and beverage packaging, automotive parts, textiles, and construction materials, enhancing sustainability and promoting circularity.

The significance of plastic chemical recycling lies in its ability to address the pressing environmental challenges posed by plastic waste. As global plastic production continues to rise, the urgency to develop effective recycling solutions grows. Chemical recycling not only increases recycling rates but also produces high-quality materials that can compete with virgin plastics. Additionally, it plays a crucial role in reducing greenhouse gas emissions associated with plastic production and waste disposal, supporting broader sustainability and environmental goals.

List of Prominent Players in the Plastic Chemical Recycling Market:

* NextChem S.p.A.
* Agilyx ASA
* Exxon Mobil Corporation
* INEOS
* Recycling Technologies Ltd.
* Trinseo
* JEPLAN Inc.
* Borealis AG
* Ioniqa Technologies B.V.
* Sepco Industries Co., Ltd.
* BlueAlp Innovations BV
* Clean Planet Group
* Versalis
* Veolia Environnement SA
* SABIC
* LyondellBasell Industries Holdings B.V.
* Mura Technology
* Plagazi
* Fuenix
* Brightmark
* Shell
* Eastman Chemical Company
* BASF
* Axens
* OMV
* Klean Industries
* JGC HOLDINGS

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Market Dynamics:

Drivers-

Rising public concerns about plastic pollution, stringent environmental regulations, and government initiatives are driving the demand for sustainable waste management solutions like chemical recycling. The increasing demand for recycled plastics across various industries, including packaging, automotive, and construction, coupled with technological advancements in chemical recycling processes, such as pyrolysis, gasification, depolymerization, and dissolution, are improving efficiency and cost-effectiveness, making chemical recycling a more viable option for managing plastic waste.

Challenges:

High initial investment costs for advanced technologies and infrastructure can deter smaller players from adopting chemical recycling processes. Additionally, technological limitations in efficiency, scalability, and the ability to handle diverse plastic waste types pose challenges. The lack of supportive legislative frameworks, including clear regulations, standards, and incentives, further hinders market growth by impeding investment and innovation in chemical recycling.

Regional Trends:

Asia-Pacific leads the plastic chemical recycling market due to proactive government initiatives, rising environmental awareness, and significant investment in advanced recycling technologies. Governments, like China's, are implementing regulations and incentives to promote recycling, while growing public concern about plastic pollution drives demand for recycled plastics across various sectors. Substantial investments are enhancing recycling infrastructure and capabilities, aligning with the region's focus on circular economy principles. The diverse economic landscape, with both advanced economies like Japan and emerging markets like India and Vietnam, enables tailored approaches to recycling, further fueling market growth.

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Recent Developments:

* In March 2024, Borealis has received Letters of No Objection (LNOs) from the US FDA for using specific grades of its Borcycle Trademark M post-consumer recycled plastics in food-grade packaging, reinforcing its leadership in value-added circular economy solutions.
* In Sep 2023, Pennsylvania-based Trinseo has expanded its polymethyl methacrylate (PMMA) depolymerization facility in Rho, Italy, to full production. The plant, which began operations last December, uses chemical recycling technology to convert end-of-life acrylic products into the monomer methyl methacrylate (MMA).

Segmentation of Plastic Chemical Recycling Market-

By Type:

* Pyrolysis
* Gasification
* Dissolution
* Depolymerization

By Region-

North America-

* The US
* Canada
* Mexico

Europe-

* Germany
* The UK
* France
* Italy
* Spain
* Rest of Europe

Asia-Pacific-

* China
* Japan
* India
* South Korea
* South East Asia
* Rest of Asia Pacific

Latin America-

* Brazil
* Argentina
* Rest of Latin America

Middle East & Africa-

* GCC Countries
* South Africa
* Rest of Middle East and Africa

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