The VOC Recovery Market Size was valued at USD 24.1 Bn in 2023 and is predicted to reach USD 63.7 Bn by 2031 at a 13.2% CAGR during the forecast period for 2024-2031.
The VOC (Volatile Organic Compound) recovery market has been gaining significant traction due to increasing environmental regulations and a heightened focus on reducing emissions of harmful gases. VOCs are organic chemicals with a high vapor pressure at room temperature, leading to significant environmental and health concerns. The recovery of VOCs, rather than simply treating or releasing them, is being increasingly viewed as both an environmentally responsible and economically viable option. The market is primarily driven by stringent environmental regulations, particularly in North America and Europe, where industries are pressured to reduce VOC emissions.
Moreover, growing awareness of the adverse health effects associated with VOC exposure is prompting industries, including oil and gas, chemical manufacturing, and petrochemicals, to adopt VOC recovery technologies. Technological advancements have also played a critical role in boosting the market. Modern VOC recovery systems are more efficient, cost-effective, and capable of handling a more comprehensive range of VOCs. Adopting these advanced systems is particularly strong in industries with high VOC emissions, as they seek to improve sustainability while cutting costs associated with VOC waste.
However, the market faces challenges such as high initial capital investment and operational complexities, which could hinder growth in price-sensitive regions. Nonetheless, the increasing focus on sustainability and stricter regulations are expected to sustain the market's growth trajectory.
Competitive Landscape
Some of the Major Key Players in the VOC Recovery Market are
- Anguil Environmental Systems, Inc.
- DÜRR GROUP
- Linde PLC
- John Zink Hamworthy Combustion
- Air Products and Chemicals, Inc.
- Atlas Copco AB
- Condorchem Enviro Solutions
- CECO ENVIRONMENTAL
- Other Prominent Players
Market Segmentation:
The VOC recovery market is segmented by technology and application. Based on technology, the market is segmented into condensation, adsorption, absorption, membrane separation, cryogenics, and others. By application, the market is segmented into petrochemicals and refineries, chemicals and pharmaceuticals, food and beverages, paints and coatings, printing and packaging, automotive, electronics, and others.
Based on Technology, the Condensation Segment is Accounted as a Major Contributor to the VOC Recovery Market.
The condensation segment is expected to hold a significant share of the global VOC recovery market in 2021. Condensation technology is a key driver in the VOC recovery market because it captures a wide range of VOCs, especially those with higher boiling points. This technology works by cooling the VOC-laden gas stream, causing the VOCs to condense into liquid form, which can then be collected, reused, or disposed of safely. The appeal of condensation technology lies in its high efficiency, relatively low energy consumption, and ability to handle large volumes of VOCs, making it ideal for industries such as petrochemicals, oil and gas, and chemical manufacturing. Additionally, it allows for the recovery and reuse of valuable chemicals, offering economic benefits alongside environmental compliance. As environmental regulations tighten globally, industries increasingly adopt condensation-based VOC recovery systems.
The Petrochemicals and Refineries Segment Witness Growth at a Rapid Rate.
The petrochemicals and refineries segment is projected to grow rapidly in the global VOC recovery market due to their high emission levels of volatile organic compounds during production. Stringent environmental regulations mandate these industries to reduce VOC emissions, making recovery technologies essential. By capturing and reusing VOCs, refineries and petrochemical plants comply with laws and enhance operational efficiency by recycling valuable hydrocarbons.
In The Region, the North American VOC Recovery Market Holds a Significant Revenue Share.
The North American VOC recovery market is expected to register the highest market share in terms of revenue in the near future. This can be due to its stringent environmental regulations and well-established industrial base. The U.S. Environmental Protection Agency (EPA) enforces strict rules on VOC emissions, driving industries to adopt advanced VOC recovery technologies. The presence of large-scale industries, such as oil and gas, petrochemicals, and pharmaceuticals, further fuels the demand for VOC recovery systems. Additionally, technological innovation and significant investments in environmental sustainability contribute to North America's leadership in the market. In addition, Asia Pacific is projected to grow at a rapid rate in the global VOC Recovery market due to the region's growing chemical, manufacturing, and petrochemical sectors, coupled with rising awareness of environmental issues.
Recent Developments:
- In June 2023, Condorchem Enviro Solutions launched an advanced VOC recovery system using a hybrid technology that combines cryogenic condensation and activated carbon adsorption. This innovative system offers enhanced efficiency in capturing and treating a wide range of VOCs, catering to industries with stringent emission regulations.
VOC Recovery Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 24.1 Bn |
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Revenue Forecast In 2031 |
USD 63.7 Bn |
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Growth Rate CAGR |
CAGR of 13.2% 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 Technology, By Application 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; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Anguil Environmental Systems, Inc., DÜRR GROUP, Linde PLC, John Zink Hamworthy Combustion, Air Products and Chemicals, Inc., Atlas Copco AB, Condorchem Enviro Solutions, and CECO ENVIRONMENTAL, along with other prominent players. |
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Customization Scope |
Free customization report with the procurement of the report and 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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