Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "Advanced Recycling Technologies Market - A Global and Regional Analysis: Focus on End User, Technology, Product Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global advanced recycling technologies market is projected to reach $9,339.7 million by 2031 from $270.5 million in 2022, growing at a CAGR of 48.22% during the forecast period 2022-2031.
The demand for advanced recycling technologies is anticipated to grow owing to the implementation of stringent environmental regulations like the restriction of hazardous substances (RoHS) and policies by organizations such as Environmental Protection Agency (EPA) and registration, evaluation, authorization, and restriction of chemicals (REACH).
Furthermore, mechanical recycling limitations such as weakening fiber, difficulty in recycling mixed plastic waste, and prohibition from being utilized in the food packaging sector are driving the need for advanced recycling technologies.
Market Lifecycle Stage
Advanced recycling, also known as chemical recycling, refers to a group of technologies that transform post-consumer plastic into its original building blocks, feedstock for new plastics, specialty chemicals, waxes, chemical products, and other non-fuel items. In recent years, advanced recycling technologies have gained popularity as a complementary solution to conventional or mechanical recycling. Two types of mostly recycled plastics, such as polyethylene terephthalate (PET) and high-density polyethylene, are processed mechanically. The other five categories of plastic, such as colored plastic bottles, fast food containers, and plastic eyeglass frames, cannot be processed by such technologies. Advanced recycling offers a solution for practically all these five types of plastics, while recycled plastic from advanced recycling can also be utilized for food packaging. Therefore, owing to the aforementioned factors, advanced recycling technologies are gaining traction in the market.
However, the key factor limiting the growth of the advanced recycling technologies market is a lack of collection and treatment infrastructure.
Impact
Incentives for better product and plastics design, such as improved extended producer responsibility, product stewardship, tax benefits, and deposit-refund systems, are expected to open significant sales and financing opportunities. This shift was prominently experienced in regions such as Europe and North America.
Market Segmentation
Segmentation 1: by End User
- Food and Beverage Packaging
- Non-Food Packaging
- Consumer Electronics
- Infrastructure and Construction
- Automotive
- Others
Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period (2022-2031).
Segmentation 2: by Technology
- Pyrolysis/ Cracking
- Gasification
- Depolymerization
- Microwave
- Others
In 2021, pyrolysis/ cracking technology held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
Segmentation 3: by Product Type
- Naphtha
- Heavy Gas Oil
- Wax Residue
- Others
In 2021, naphtha held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
- Rest-of-the-World - South America, and Middle East and Africa
Demand - Drivers and Limitations
The following are the demand drivers for the global advanced recycling technologies market:
- Rising Consumer Awareness about the Need for Recycling Plastic
- Implementation of Landfill Fueling Restrictions
- Increasing Demand for New Plastic Products
The market is expected to face some limitations as well due to the following challenges:
- Challenges in Collecting and Sorting Recyclable Materials
- High Price of Advanced Recycled Plastics
Key Companies Profiled
- Agilyx
- Stena Metall
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc.
- Plastic Energy
- Enerkem
- Loop Industries, Inc.
- Gr3n Recycling
- Carbios SA
- Pyrowave
- Polystyvert Inc.
- Recycling Avenue BV
- BlueAlp Innovations BV
- Quantafuel ASA
- Mura Technology Limited
- Alterra
- Aduro Clean Technologies Inc.
- Brightmark
- GreenMantra Technologies
- Axens
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 251 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $270.5 Million |
| Forecasted Market Value (USD) by 2031 | $9339.7 Million |
| Compound Annual Growth Rate | 48.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/fk6k7i
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
