Newark, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global microplastic recycling market will grow from USD 284.46 Million in 2023 to USD 533.97 Million by 2033. Effective recycling mechanisms need to be developed due to the widespread distribution of microplastics. Traditional waste management and recycling practices must be more capable of handling their small size and broad dissemination across various environmental compartments, making collection difficult. Additionally, microplastics can absorb hazardous pollutants that pose an environmental and health risk, emphasizing the need for inventive recycling solutions. Adopting circular economy principles could help revolutionize plastic production approaches from the traditional level towards maintenance by reusing older resources for maximum time intervals with minimum wastage while minimizing the creation opportunity for generating more pollution by designing eco-friendly materials. Implementing these strategies may reduce potential generation opportunities for new forms of micro-plastic accumulation over time, providing overall better general surroundings and environmental sustainability.
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Key Insight of the Microplastic Recycling Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to hold the second largest market share within the global microplastic recycling market. The Asia Pacific region will significantly expand. The surge of industrialization and urbanization in the Asia Pacific region has resulted in a substantial portion of the global microplastic recycling market being held there. China, India, Japan, and South Korea are experiencing significant economic growth, leading to higher plastic consumption rates and waste generation. Therefore, successful recycling solutions must be implemented to tackle environmental issues caused by escalating plastic waste. Moreover, with rapid urban development across this area comes an urgent need for robust infrastructure designed for effective management of all types of wastes, including those comprising microplastics. As these economies continue expanding, so will requirements change towards sustainable practices, especially when dealing with waste management such as microplastic retrieval, thus increasing demand accordingly. These factors are contributing towards the regional market growth and development.
The primary segment is expected to grow at the highest CAGR during the forecast period.
The product segment includes primary and secondary. The primary segment is expected to grow at the highest CAGR during the forecast period. The extensive utilization of primary microplastics across various industries is a substantial contributor to the issue of microplastic pollution. Notably, cosmetic and personal care products formerly incorporated numerous microbeads in their formulations, which have been regulated and reduced due to legal prohibitions imposed by several states. Despite this reduction, nurdles remain an enduring obstacle as they are essential raw materials for plastic manufacturing processes. Furthermore, synthetic fibers utilized within the textile industry also contribute considerably to exacerbating water system contamination during washing procedures through fiber-shedding activities.
The automotive & transportation security segment is expected to grow at the highest CAGR during the forecast period.
The application segment includes packaging, agriculture, consumer goods, textile, automotive & transportation and others. The automotive & transportation segment is expected to grow at the highest CAGR during the forecast period. Microplastic pollution predominantly derives from the automotive and transportation industry, particularly through tire erosion, plastic car parts, and plastic-based infrastructure. Urban and rural areas are impacted by this kind of contamination, which arises mainly due to particles released from tires while driving or debris stemming from vehicle components. Additional input comes in via decaying plastics used for roadway maintenance/construction purposes. The automotive and transportation industries play a significant role in the global microplastic recycling market. This is largely due to their extensive use of plastics in vehicles and infrastructure. The economic benefits of plastic, such as cost-effectiveness, lightweight properties, and high durability, drive this extensive usage. However, this also underscores the industries' responsibility in addressing the issue of microplastic pollution.
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Recent Developments:
• In March 2023: In line with the UK Plastics Pact, UKRI has announced financing of USD 3.4 million for 17 projects under the Smart Sustainable Plastic Packaging Challenge, which aims to transform plastic packaging management in the UK.
Market Dynamics
Driver: Growing Research & Development Investments
Investments in research and development (R&D) are crucial to advance the microplastic recycling market. There is a need for ongoing R&D efforts to enhance current recycling technologies, innovate new methods, and overcome technical challenges associated with microplastic recycling. Various organizations, including governments, academic institutions, and private companies, are conducting R&D projects that concentrate on comprehending the behaviour of microplastics while developing efficient collection techniques and finding sustainable alternatives to conventional plastics. These vital financial supports promote novelty, guaranteeing scalability and effectiveness regarding solutions for microplastic recyclability concerns.
Restraint: Material Heterogeneity and Contamination
Microplastics comprise a varied assortment of polymers, additives and impurities. This non-uniformity presents major obstacles in the recycling procedure because diverse plastics, including polyethylene, polypropylene and polystyrene, possess unique chemical compositions accompanied by individual physical properties that mandate specified procedures for effective reuse. Further aggravating this situation is the existence of damaging constituents like plasticizers, stabilizers or flame retardants within microplastics alongside pollution from heavy metals & organically polluting agents as well as biological detritus, which renders any attempt at reprocessing complex and inclined to failure.
Opportunity: Market Opportunities from Emerging Economies
Microplastic recycling solutions can benefit from emerging market economies that face increased plastic waste due to industrialization and urbanization. Though these nations experience higher levels of microplastic pollution, they often lack expansive infrastructure for handling this environmental challenge. Substantial investments into innovative recycling technologies and infrastructures within regions like these could provide a solution while generating economic opportunities. International support through development programs geared towards lending aid with enhanced waste management abilities would further bolster the industry's growth.
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Some of the major players operating in the Microplastic Recycling Market are:
• Carbios
• Purecycle technologies
• PlanetCare
• ECOFARIO
• Ocean Diagnostics
• Calyxia
• Ioniqa
• Polygonesystems
• Oceanworks
• Matter
Key Segments Cover in the Market:
By Product:
• Primary
• Secondary
By Application:
• Packaging
• Agriculture
• Consumer goods
• Textile
• Automotive & Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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