Press release
Plastic Chemical Recycling Market Report Latest Trends and Future Opportunities Analysis
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 involves a suite of advanced technologies aimed at breaking down plastic waste into its fundamental chemical constituents. Key methods include pyrolysis, gasification, depolymerization, and dissolution, which alter the molecular structure of plastics, allowing materials that are otherwise non-recyclable through traditional mechanical processes to be repurposed. The recovered chemical feedstocks can be utilized to manufacture new plastics, supporting a sustainable circular economy. Chemically recycled plastics are employed across diverse industries, including food and beverage packaging, automotive components, textiles, and construction, thereby promoting resource efficiency and sustainability.
The strategic value of plastic chemical recycling lies in its ability to address the environmental challenges posed by increasing plastic waste. As global plastic production continues to rise, effective recycling solutions are essential. Chemical recycling enhances recycling rates, produces high-quality materials comparable to virgin plastics, and contributes to reducing greenhouse gas emissions associated with plastic production and disposal, reinforcing broader environmental and sustainability 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
Market Dynamics:
Drivers-
The plastic chemical recycling market is experiencing significant growth, driven by increasing environmental awareness, stringent regulatory mandates, and government initiatives promoting sustainable waste management practices. Rising demand for recycled plastics across industries-including packaging, automotive, and construction-combined with technological advancements in chemical recycling methods such as pyrolysis, gasification, depolymerization, and dissolution, has enhanced operational efficiency and cost-effectiveness, making chemical recycling an increasingly practical solution for managing plastic waste.
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Challenges:
Market expansion is constrained by high upfront capital requirements for advanced recycling technologies and infrastructure, which may limit adoption among smaller enterprises. Additional challenges include technological limitations related to process efficiency, scalability, and the ability to handle diverse types of plastic waste. Furthermore, the absence of comprehensive regulatory frameworks, including standardized policies, guidelines, and incentive mechanisms, can hinder investment and innovation, restricting overall market growth.
Regional Trends:
The Asia-Pacific region is anticipated to lead the global plastic chemical recycling market, driven by proactive government policies, heightened environmental consciousness, and substantial investments in advanced recycling infrastructure. For instance, initiatives in countries such as China provide regulatory support and incentives to promote recycling, while growing public concern regarding plastic pollution fuels demand for recycled materials across multiple sectors. Investment in recycling infrastructure and capabilities further supports the adoption of circular economy principles. The region's diverse economic landscape-including developed markets like Japan and emerging economies such as India and Vietnam-enables customized recycling strategies, contributing to sustained market growth.
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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