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.
Competitive Landscape
Some of the Key Players in 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.
- Neste
- Fuenix
- Brightmark
- Eastman Chemical Company
- BASF
- Axens
- OMV
- Klean Industries
- JGC HOLDINGS
- Other Prominent Players
Key Developments:
- In April 2024, Neste has made major advances in chemical recycling by successfully concluding its initial processing trial with liquefied discarded tires, a raw material that presents a significant challenge. The company effectively produced high-quality raw material that is appropriate for the production of novel plastics and chemicals during this trial. Neste obtained pyrolysis oil for the demonstration from discarded vehicle tires supplied by Scandinavian Enviro Systems, a Swedish company that specializes in technologies for reprocessing materials from end-of-life products. The company’s pilot initiative aimed to evaluate the feasibility of expanding chemical recycling beyond plastic waste, thereby broadening the variety of waste streams that can be converted into high-quality products.
Market Segmentation:
The plastic chemical recycling market is segmented by type. By type the market is segmented into pyrolysis, gasification, dissolution, depolymerization.
Depolymerization Segment is Expected to Drive the Plastic Chemical Recycling Market
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.
Regionally, Asia-Pacific Led 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.
Plastic Chemical Recycling Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 10.1 Bn |
|
Revenue Forecast In 2031 |
USD 66.0 Bn |
|
Growth Rate CAGR |
CAGR of 27.4 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn 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 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 |
|
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 |
|
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. |
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