Global Chemical Recycling Market Overview:
According to MarkNtel Advisors study the Global Chemical Recycling Market size is valued at around USD 15.5 billion in 2024 & is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30. The huge growth potential in the market is primarily due to two factors, one is that the world is witnessing a large amount of plastic waste generation due to it being a versatile product that is used extensively across many industries. The second factor is the rising awareness of people and governments about the harmful environmental impact plastics have on the environment as they are dumped into landfills or incinerated causing huge CO2 emissions. These scenarios led governments across the globe to make a major policy change to implement regulations for adopting sustainable measures to recycle plastic waste effectively.
Key Findings of the Study: Chemical Recycling market
Global Chemical Recycling Market Challenge:
High Setup & Installation Costs – Chemical recycling is an effective technique to recycle plastic waste and also get back the basic constituents of it, as a high-quality output. However, the implementation, running, and maintenance costs associated with it are very high. This is primarily due to some key factors such as the setup and installation costs of the plant being substantial, the need for the massive infrastructure requirement that supports the process from collection to segregation, and finally, the very operation that runs constantly for a prolonged period consumes massive electricity adds significant cost and makes the entire process an expensive implementation. Thus, high setup and installation costs are hindering the growth & expansion of the market.
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Scope of the Chemical Recycling Market Report Segmentation
-By Technology
- Pyrolysis- Market Size & Forecast 2019-2030, Kilo Tons
- Gasification- Market Size & Forecast 2019-2030, Kilo Tons
- Hydrothermal Treatment- Market Size & Forecast 2019-2030, Kilo Tons
- Purification- Market Size & Forecast 2019-2030, Kilo Tons
- Depolymerization- Market Size & Forecast 2019-2030, Kilo Tons
-By Product
- Polyethylene (PE) – Market Size & Forecast 2019-2030, Kilo Tons
- Polyethylene Terephthalate (PET) – Market Size & Forecast 2019-2030, Kilo Tons
- Polypropylene (PP) – Market Size & Forecast 2019-2030, Kilo Tons
- Polyvinyl Chloride (PVC) – Market Size & Forecast 2019-2030, Kilo Tons
- Polystyrene (PS) – Market Size & Forecast 2019-2030, Kilo Tons
- Polycarbonate- Market Size & Forecast 2019-2030, Kilo Tons
- Others- Market Size & Forecast 2019-2030, Kilo Tons
-By End User
- Packaging- Market Size & Forecast 2019-2030, Kilo Tons
- Automotive- Market Size & Forecast 2019-2030, Kilo Tons
- Building & Construction- Market Size & Forecast 2019-2030, Kilo Tons
- Electronics- Market Size & Forecast 2019-2030, Kilo Tons
- Others- Market Size & Forecast 2019-2030, Kilo Tons
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Geographical analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Europe holds the largest share in the Global Chemical Recycling Market, due to its adherence to strict environmental regulations. European Union has also launched a circular economy action plan under which the EU aims to achieve a circular economy by 2050. However, the Asia-Pacific region is showing quick revenue growth and will show solid momentum over the forecasted period. The primary rationale for this is due to the presence of large economies like India and China with their huge population and consumption generate significant volumes of plastic waste that needs to be recycled. Additionally, the policy push by governments in the region towards the recycling of waste in a sustainable way pushes the need for chemical recycling and indicates the growth prospects of it coming from the region.
Global Chemical Recycling Industry Recent Development:
- February 2024: BASF launches chemical recycling at Port Arthur, Texas in the United States of America. This is the first time the company to brought its products from recycled plastic feedstock into the US market.
- March 2024: Eastman Chemical Company will receive an investment of up to USD 375 million for the second recycling project from the US Department of Energy.
- October 2023: Plastic Energy comes under an agreement with PETRONAS Chemical Group Berhad (PCG) to provide chemical recycling technology to it. PCG is planning to construct Asia’s largest Advanced Chemical Recycling plant.
Current Landscape of Chemical Recycling Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Chemical Recycling market. The research report profiles major players, including
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- Agilyx
- BASF SE
- Eastman Chemical Company
- JEPLAN, Inc.
- Recycling Technologies
- Veolia Environment S.A.
- SABIC
- LyondellBasell Industries Holdings B.V.
- Plastic Energy
- Remondis
- Carbios
- Loop Industries
- GFL Environmental Inc.
- Clean Harbours, Inc.
- Neste
- Ioniqa Technologies
- Borealis
- Mura Technology
- Sulzer Chemtech
- Others
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