The Global Advanced Recycling Technologies Market Size is valued at 408.88 million in 2023 and is predicted to reach 9,619.96 million by the year 2031 at a 48.56% CAGR during the forecast period for 2024-2031.
Over the projection period, the demand for recycled plastics is anticipated to increase due to rising plastic use in producing lightweight components in various industries, including building & construction, automotive, electrical & electronics, and other industries. Due to the rise in online sales of electrical & electronic, personal care, and protective equipment products like gloves, face masks, and other products, the demand for various packaging products has increased amid the global COVID-19 pandemic crisis. As a result, recycled plastics are increasingly in need for various packaging applications.
Verge claims that e-commerce companies have seen a significant surge in demand for affordable consumer electronics devices like laptops, smartphones, modems, and other items. The demand for recycled plastics in electrical & electronics, and packaging applications has increased due to the rise in consumer electronics consumption. This demand is anticipated to increase during the projection period.
Recent Developments:
- In May 2019, The future tissue plant in Sherbrooke that KP Tissue Inc. and Kruger Products are building, which will include the most cutting-edge and effective TAD technology in Canada, was dedicated to the construction site. 180 employment in Estrie and 1,700 direct and indirect jobs will be generated by this USD 575 million investment throughout the course of the building phase, which will end in 2021.
Competitive Landscape:
Some of the Advanced Recycling Technologies market players are:
- Agilyx
- Stena Metall
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc.
- Plastic Energy
- Enerkem
- Loop Industries, Inc.
- Gr3n Recycling
- Carbios SA
- Pyrowave
- Polystyvert Inc.
- Recycling Avenue BV
- BlueAlp Innovations BV
- Quantafuel ASA
- Mura Technology Limited
- Alterra
- Aduro Clean Technologies Inc.
- Brightmark
- GreenMantra Technologies
- Axens
Market Segmentation:
Advanced Recycling Technologies market is segmented based on end user, technology, and product types. Based on end users, the market is categorized as Food and Beverage Packaging, Non-Food Packaging, Consumer Electronics, Infrastructure and Construction, Automotive, and Others. By the technology, the market is segmented into Pyrolysis/ Cracking, Gasification, Depolymerization, Microwave, and Others. By product type, the market is segmented as Naphtha, Heavy Gas Oil, Wax Residue, and Others.
Based On End Users, The Packaging Segment Is Accounted As A Major Contributor In The Advanced Recycling Technologies Market
The market was headed by the packaging application sector. The increase in demand for packaged food and beverages, electrical & electronics, and textiles is to blame for this high percentage. The main products that are driving the requirement for recycled plastics are personal hygiene items like electric trimmers and shavers, automobile parts, and apparel made of recycled materials.
The Depolymerization Segment Witnessed Growth At A Rapid Rate
Based on the shorter loop, depolymerization is preferable in terms of life-cycle analysis (LCA) (waste to monomer vs waste to feedstock). The majority of technology vendors, including Eastman, are now mainly concentrating on PET waste because it requires precisely sorted plastic waste streams.
In The Region, The North America Advanced Recycling Technologies Market Holds A Significant Revenue Share
The packaging industry is expanding throughout the Asia Pacific, and the sector has seen technical breakthroughs. The strong demand for consumer goods, electrical & electronics, and building & construction products, particularly from China, India, and Southeast Asia, is what fuels the expansion of the region's packaging business. Furthermore, it is anticipated that a flexible regulatory environment will counteract the limitations that are typically present in Western markets. Moreover, the market was controlled by Asia Pacific. The demand for non-residential construction projects like hospitals, schools, and colleges is predicted to rise over the course of the forecast period, which will increase demand for roofing tiles, insulation, fences, floor tiles, carpets, and other materials that will fuel market expansion.
Advanced Recycling Technologies Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 408.88 Mn |
|
Revenue forecast in 2031 |
USD 9,619.96 Mn |
|
Growth rate CAGR |
CAGR of 48.56 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (KT), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
End User, Technology, And Product Types |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Agilyx, Stena Metall, Chevron Phillips Chemical Company LLC, Honeywell International Inc., Plastic Energy, Enerkem, Loop Industries, Inc., Gr3n Recycling, Carbios SA, Pyrowave, Polystyvert Inc., Recycling Avenue BV, BlueAlp Innovations BV, Quantafuel ASA, Mura Technology Limited, Alterra, Aduro Clean Technologies Inc., Brightmark, GreenMantra Technologies, and Axens. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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