Press release
Engineering Plastic Recycling Market Expanding at a Healthy 5.89% CAGR, To Reach a Value of $ 10.5 Billion by 2035
Engineering Plastic Recycling Market
The global engineering plastic recycling market is experiencing significant growth, driven by increasing environmental concerns, stringent government regulations, and the rising demand for sustainable materials. Engineering plastics, known for their superior mechanical, thermal, and chemical properties, are widely used in industries such as automotive, electronics, construction, and consumer goods. However, the disposal of these materials poses a significant environmental challenge, leading to a surge in recycling efforts.
The Engineering Plastic Recycling Market [https://www.marketresearchfuture.com/reports/engineering-plastic-recycling-market-41941] Size was estimated at 5.28 (USD Billion) in 2023. The Engineering Plastic Recycling Industry is expected to grow from 5.59(USD Billion) in 2024 to 10.5 (USD Billion) by 2035. The Engineering Plastic Recycling Market CAGR (growth rate) is expected to be around 5.89% during the forecast period (2025 - 2035).
Key Drivers
* Environmental Regulations: Governments worldwide are implementing stringent regulations to reduce plastic waste and promote recycling. The European Union's Circular Economy Action Plan and the United States' Save Our Seas 2.0 Act are examples of legislative efforts driving the recycling market.
* Corporate Sustainability Initiatives: Companies are increasingly adopting sustainability goals, including the use of recycled materials in their products. This shift is particularly evident in the automotive and electronics industries, where manufacturers are incorporating recycled engineering plastics into their supply chains.
* Technological Advancements: Innovations in recycling technologies, such as chemical recycling and advanced sorting techniques, are enhancing the efficiency and quality of recycled engineering plastics. These advancements are making it economically viable to recycle complex plastic waste streams.
* Consumer Awareness: Growing consumer awareness about the environmental impact of plastic waste is driving demand for recycled products. This trend is encouraging companies to invest in recycling infrastructure and develop sustainable product lines
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Market Segmentation
The engineering plastic recycling market can be segmented based on type, process type, end-use industry, and region.
* By Type: The market includes various types of engineering plastics, such as polycarbonate (PC), acrylonitrile butadiene styrene (ABS), polyamide (PA), polyoxymethylene (POM), and others. Polycarbonate and ABS are the most commonly recycled engineering plastics due to their widespread use in automotive and electronics applications.
* By Process Type: The market is divided into mechanical recycling, chemical recycling, and energy recovery. Mechanical recycling is the most widely used process, involving the physical reprocessing of plastic waste into new products. Chemical recycling, which breaks down plastics into their monomers for repolymerization, is gaining traction due to its ability to handle mixed and contaminated plastic waste.
* By End-Use Industry: The automotive industry is the largest consumer of recycled engineering plastics, followed by electronics, construction, and consumer goods. The automotive sector's focus on lightweighting and sustainability is driving the adoption of recycled plastics in vehicle components.
* By Region: Europe is the leading market for engineering plastic recycling [https://www.marketresearchfuture.com/reports/plastic-recycling-market-2859], driven by stringent regulations and a strong emphasis on sustainability. North America and Asia-Pacific are also significant markets, with growing investments in recycling infrastructure and increasing consumer awareness.
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Key Companies in the Engineering Plastic Recycling Market Include
* SABIC
* DuPont
* Eastman Chemical Company
* Solvay
* Polycycle
* LANXESS
* BASF
* Mitsubishi EngineeringPlastics
* Mitsui Chemicals
Company News
BASF: BASF has been at the forefront of chemical recycling innovations. In 2022, the company announced the expansion of its ChemCycling project, aiming to increase the production of recycled plastics and reduce its carbon footprint. BASF has also partnered with several automotive manufacturers to develop sustainable materials for vehicle components.
Dow: Dow has made significant strides in advancing plastic recycling technologies. In 2023, the company announced a new partnership with Mura Technology to build a large-scale chemical recycling plant in the United States. The facility will use Mura's HydroPRS technology to convert plastic waste into valuable raw materials.
SABIC: SABIC, a global leader in the chemical industry, has been actively promoting the use of recycled engineering plastics. In 2022, the company launched a new line of recycled polycarbonate resins under the brand name LEXAN Trademark PCR. These resins are made from post-consumer recycled materials and are suitable for use in automotive, electronics, and consumer goods applications.
Veolia: Veolia, a leading environmental services company, has been expanding its plastic recycling capabilities. In 2023, the company announced the acquisition of a major plastic recycling facility in Europe, enhancing its ability to process and recycle engineering plastics. Veolia is also collaborating with several automotive manufacturers to develop closed-loop recycling systems.
Plastic Energy: Plastic Energy, a pioneer in chemical recycling, has been making significant progress in converting plastic waste into valuable resources. In 2022, the company announced a partnership with TotalEnergies to build a chemical recycling plant in France. The facility will use Plastic Energy's patented TAC Trademark process to transform mixed plastic waste into a recycled oil called TACOIL, which can be used to produce new plastics.
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