Plastic Chemical Recycling Market Boosted by Rising Demand for Circular Economy Solutions and Sustainable Manufacturing Practices

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Plastic Chemical Recycling Market Size, Share & Trends Analysis Report By Type (Pyrolysis, Gasification, Dissolution, Depolymerization)- Market Outlook And Industry Analysis 2031"

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 encompasses a range of advanced technologies designed to convert plastic waste into its basic chemical constituents. Processes such as pyrolysis, gasification, depolymerization, and dissolution alter the molecular composition of polymers, enabling the recovery and reuse of complex or contaminated plastics that are unsuitable for conventional mechanical recycling.

The resulting chemical feedstocks can be reintroduced into the manufacturing cycle for the production of new, high-quality plastic materials. This approach not only enhances material efficiency but also strengthens the circular economy by promoting resource recovery and reducing reliance on virgin raw materials. Chemically recycled plastics are increasingly adopted across key industries-including packaging, automotive, textiles, and construction-driven by the need for sustainable and high-performance materials.

The strategic importance of chemical recycling lies in its ability to address the growing environmental challenges associated with global plastic waste. With plastic production rising worldwide, the demand for scalable and efficient recycling technologies has become imperative. Chemical recycling offers the dual advantage of improving recycling rates while yielding outputs that match the quality and performance of virgin polymers. Furthermore, it plays a crucial role in lowering greenhouse gas emissions linked to traditional plastic manufacturing and disposal processes, thereby advancing global sustainability objectives and supporting the transition toward a more circular, low-carbon economy.

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:
The plastic chemical recycling market is witnessing substantial growth, driven by increasing global recognition of plastic pollution and the enforcement of rigorous environmental regulations. Government-led initiatives supporting sustainable waste management practices and circular economy frameworks are further accelerating industry expansion.

Rising demand for premium-quality recycled plastics within sectors such as packaging, automotive, and construction is catalyzing the adoption of advanced chemical recycling technologies-including pyrolysis, gasification, depolymerization, and dissolution. Ongoing technological innovations are enhancing operational efficiency, scalability, and cost optimization, thereby establishing chemical recycling as a commercially feasible and environmentally sustainable solution for managing plastic waste at scale.

Challenges:
Despite promising growth prospects, several challenges impede market development. The high capital expenditure required for setting up chemical recycling plants and the associated infrastructure presents a significant entry barrier, particularly for small and medium-sized enterprises. Technical limitations related to process efficiency, energy consumption, and variability in feedstock composition further constrain widespread adoption.

In addition, the lack of standardized global regulations encompassing certification, quality control, and financial incentives contributes to investor uncertainty and slows technological innovation. Overcoming these structural and regulatory challenges will be essential to ensuring the long-term stability, scalability, and competitiveness of the market.

Regional Trends:
The Asia-Pacific region currently holds a leading position in the global plastic chemical recycling market, underpinned by strong policy support, increasing environmental awareness, and growing investments in advanced recycling technologies. Nations such as China and Japan have taken significant strides in developing regulatory frameworks and infrastructure for large-scale recycling operations.

Meanwhile, emerging economies-including India, Indonesia, and Vietnam-are progressively implementing circular economy initiatives to manage rising plastic waste volumes. Accelerating industrialization and the expanding demand for sustainable raw materials are further driving regional market growth. The growing presence of public-private partnerships and collaborative innovation programs continues to reinforce Asia-Pacific's role as a global center for technological advancement and deployment in chemical recycling.

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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 BorcycleTM 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

View Overview Report: https://www.insightaceanalytic.com/report/plastic-chemical-recycling-market/2635

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This release was published on openPR.