Plastic Chemical Recycling Market Size is valued at 10.1 Bn in 2023 and is predicted to reach 66.0 Bn by the year 2031 at an 27.4% CAGR during the forecast period for 2024-2031.
Plastic chemical recycling refers to a range of technologies that decompose plastic waste into its fundamental chemical components through methods such as pyrolysis, gasification, and depolymerization. These processes transform hard-to-recycle plastics into usable raw materials by altering their molecular structure, allowing for a broader array of plastic types to be recycled compared to conventional methods. The applications of chemically recycled plastics are extensive, spanning various industries. Recovered materials are used in high-quality food and beverage packaging, ensuring safety and sustainability; in the automotive industry for manufacturing parts that contribute to lighter and more sustainable vehicle designs; in the fashion industry for creating clothing and accessories that promote circularity; and in the construction industry for building materials that enhance sustainability.
One of the primary driving factors behind the growth of the plastic chemical recycling market is the rising public concern over the environmental impacts associated with plastic waste. As awareness of plastic pollution increases, consumers and governments are demanding more sustainable waste management solutions. This shift is prompting companies to invest in advanced recycling technologies to meet sustainability goals and comply with stricter environmental regulations. For instance, Agilyx ASA, a technology company enabling the recycling of challenging post-use plastics into high-value, virgin-equivalent products, exemplifies this trend. The company recently demonstrated its depolymerization technology at Toyo Styrene's 10-ton-per-day chemical recycling facility in Japan, showcasing the practical implementation of advanced recycling solutions in response to growing environmental concerns and regulatory pressures.
The plastic chemical recycling market is segmented by type. By type the market is segmented into pyrolysis, gasification, dissolution, depolymerization.
The depolymerization segment is driving the growth of the plastic chemical recycling market due to its ability to process a wider range of plastic waste, including mixed and contaminated plastics that conventional methods struggle with. By breaking down plastics into monomers or oligomers, depolymerization enables the recovery of high-quality feedstocks that can be repolymerized into new, virgin-equivalent plastics. This meets the rising demand for recycled plastics across industries such as packaging, automotive, and consumer goods. Depolymerization also supports the circular economy by converting plastic waste back into monomers, reducing reliance on virgin resources, and aligning with sustainability goals. Technological advancements are further enhancing the efficiency and cost-effectiveness of depolymerization, making it a key driver of the plastic chemical recycling market.
Growing environmental concerns, proactive government initiatives, a diverse economic landscape, and technological innovations are driving the growth of plastic chemical recycling in Asia-Pacific. As the region faces significant plastic pollution, both consumers and governments are pushing for sustainable waste management. Many countries have implemented regulations like Extended Producer Responsibility (EPR) to promote recycling, fostering investment and innovation in recycling technologies. The diverse economic landscape allows for tailored approaches, with advanced economies like Japan having comprehensive recycling laws and developing economies like India rapidly building infrastructure. Significant investment in advanced recycling technologies, particularly in China and India, is enhancing recycling rates and efficiency, making chemical recycling a more viable option for managing plastic waste.
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Report Attribute |
Specifications |
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Market Size Value In 2022 |
USD 10.1 Bn |
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Revenue Forecast In 2031 |
USD 66.0 Bn |
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Growth Rate CAGR |
CAGR of 27.4 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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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 structure, growth prospects, and trends |
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Segments Covered |
By Type and By Region |
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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 |
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Competitive Landscape |
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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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Plastic Chemical Recycling Market Snapshot
Chapter 4. Global Plastic Chemical Recycling Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Type Estimates & Trend Analysis
5.1. by Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type:
5.2.1. Pyrolysis
5.2.2. Gasification
5.2.3. Dissolution
5.2.4. Depolymerization
Chapter 6. Plastic Chemical Recycling Market Segmentation 2: Regional Estimates & Trend Analysis
6.1. North America
6.1.1. North America Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
6.1.2. North America Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
6.2. Europe
6.2.1. Europe Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
6.2.2. Europe Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
6.3. Asia Pacific
6.3.1. Asia Pacific Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
6.3.2. Asia Pacific Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
6.4. Latin America
6.4.1. Latin America Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
6.4.2. Latin America Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
6.5. Middle East & Africa
6.5.1. Middle East & Africa Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
6.5.2. Middle East & Africa Plastic Chemical Recycling Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 7. Competitive Landscape
7.1. Major Mergers and Acquisitions/Strategic Alliances
7.2. Company Profiles
7.2.1. NextChem S.p.A.
7.2.2. Agilyx ASA
7.2.3. Exxon Mobil Corporation
7.2.4. INEOS
7.2.5. Recycling Technologies Ltd.
7.2.6. Trinseo
7.2.7. JEPLAN Inc.
7.2.8. Borealis AG
7.2.9. Ioniqa Technologies B.V.
7.2.10. Sepco Industries Co., Ltd.
7.2.11. BlueAlp Innovations BV
7.2.12. Clean Planet Group
7.2.13. Versalis
7.2.14. Veolia Environnement SA
7.2.15. SABIC
7.2.16. LyondellBasell Industries Holdings B.V.
7.2.17. Neste
7.2.18. Fuenix
7.2.19. Brightmark
7.2.20. Eastman Chemical Company
7.2.21. BASF
7.2.22. Axens
7.2.23. OMV
7.2.24. Klean Industries
7.2.25. JGC HOLDINGS
7.2.26. Other Prominent Players
Plastic Chemical Recycling Market by Type -
Plastic Chemical Recycling Market by Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
