Plastic Chemical Recycling Market Know the Scope and Trends

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 technologies designed to break down plastic waste into its basic chemical components, including methods such as pyrolysis, gasification, depolymerization, and dissolution. These processes modify the molecular structure of plastics, enabling the recycling of materials that are typically non-recyclable through conventional mechanical methods. The recovered chemical feedstocks can be reused to manufacture new plastics, supporting a sustainable circular economy. Chemically recycled plastics find applications across multiple sectors, including food and beverage packaging, automotive components, textiles, and construction materials, thereby enhancing sustainability and promoting resource circularity.

The strategic importance of plastic chemical recycling lies in its capacity to mitigate the environmental impact of growing plastic waste. As global plastic production continues to increase, the need for efficient recycling solutions becomes more critical. Chemical recycling not only improves recycling rates but also generates high-quality materials that can compete with virgin plastics. Furthermore, these technologies contribute to the reduction of greenhouse gas emissions associated with both plastic production and waste management, aligning with broader sustainability and environmental objectives.

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

Market Dynamics:
Drivers-
The plastic chemical recycling market is being driven by increasing public concern over plastic pollution, stringent environmental regulations, and government initiatives promoting sustainable waste management solutions. Growing demand for recycled plastics across industries such as packaging, automotive, and construction, coupled with technological advancements in chemical recycling methods including pyrolysis, gasification, depolymerization, and dissolution has enhanced process efficiency and cost-effectiveness, making chemical recycling an increasingly viable option for managing plastic waste.

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Challenges:
The market faces challenges related to high initial investment costs for advanced technologies and infrastructure, which may limit adoption by smaller market participants. Technological constraints, including limitations in efficiency, scalability, and the capacity to process diverse plastic waste types, also pose significant obstacles. Additionally, the absence of comprehensive legislative frameworks, including clear regulations, standards, and incentive structures, can impede investment and innovation, restraining market growth.

Regional Trends:
The Asia-Pacific region is projected to lead the plastic chemical recycling market, driven by proactive government policies, heightened environmental awareness, and substantial investments in advanced recycling technologies. For example, initiatives in countries such as China provide regulations and incentives to encourage recycling, while public concern regarding plastic pollution is fueling demand for recycled plastics across multiple sectors.

Significant investments in recycling infrastructure and capabilities support the region's adoption of circular economy principles. Furthermore, the region's diverse economic landscape, encompassing advanced economies like Japan and emerging markets such as India and Vietnam, enables tailored approaches to recycling, further driving market expansion.

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).

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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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This release was published on openPR.