New York, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Global Microplastic Recycling Market size is to Grow from USD 257.45 Million in 2022 to USD 483.27 Million By 2032, at a Compound Annual Growth Rate CAGR of 6.5% during the forecast period.
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Microplastic recycling involves the collection and reprocessing of tiny plastic particles to minimize their environmental impact. These microplastics, which result from the degradation of larger plastic items or intentional manufacturing, are found everywhere, from oceans to the air. The recycling process includes collection, sorting, cleaning, and processing through innovative techniques such as filtration and electrostatic separation. By recovering microplastics, they can be transformed into new products, reducing the need for virgin plastic and decreasing waste. Microplastic recycling plays a crucial role in addressing the global plastic pollution crisis, contributing to a circular economy and promoting sustainability.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Microplastic Recycling Market Size, Share, and COVID-19 Impact Analysis, By Product (Primary and Secondary), By End-Use (Packaging, Agriculture, Consumer Goods, Textile, Automotive & Transportation, Building & Construction, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The secondary segment is expected to grow at a CAGR of around 6.7% during the forecast period.
Based on the product, the global microplastic recycling market is segmented into primary and secondary. The secondary product segment is anticipated to experience significant growth during the forecast period in the microplastic recycling market. The increasing focus on sustainability and circular economy principles is driving the demand for secondary products derived from recycled microplastics. As businesses and industries seek alternatives to virgin plastics, the utilization of recycled microplastics as raw materials for secondary product manufacturing becomes more attractive. Additionally, advancements in recycling technologies have improved the quality and versatility of recycled microplastics, expanding their application potential. Furthermore, the presence of well-established markets and industries that are receptive to incorporating recycled microplastics into their production processes further supports the projected growth of the secondary product segment.
The packaging segment is expected to grow at a CAGR of around 6.4% during the forecast period.
Based on the end-use, the global microplastic recycling market is segmented into packaging, agriculture, consumer goods, textile, automotive & transportation, building & construction, and others. The packaging segment is projected to witness significant growth during the forecast period in the microplastic recycling market. The increasing global emphasis on sustainability and eco-friendly practices is pushing the packaging industry to adopt recycled materials, including microplastics, to reduce environmental impact. As consumer awareness about plastic pollution grows, the demand for sustainable packaging solutions rises. The advancements in recycling technologies have improved the quality and reliability of recycled microplastics, making them a viable alternative to virgin plastics. The packaging industry's shift towards more eco-conscious practices and the compatibility of recycled microplastics with various packaging formats further contribute to the segment's expected growth.
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North America is predicted to grow at a significant CAGR of around 6.8% over the projected period.
North America is expected to witness significant growth in the microplastic recycling market during the forecast period. Several factors contribute to this projected growth, the increasing environmental awareness and concerns about plastic pollution are driving the demand for effective microplastic recycling solutions in the region. Additionally, the region has been actively implementing recycling initiatives and adopting circular economy principles, promoting sustainable waste management practices. Technological advancements in microplastic recycling processes are also driving market growth. Furthermore, the presence of key market players and research institutions focusing on developing innovative recycling technologies further supports the anticipated growth of the microplastic recycling market in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global microplastic recycling market include Carbios, Purecycle technologies, Ioniqa, Calyxia, Polygonesystems, PlanetCare, ECOFARIO, Ocean Diagnostics, Oceanworks, and Matter.Other key players.
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Recent Development
- In February 2023, The REMEDIES initiative aims to gather more than 400 tonnes of microplastic. The European Union is funding the project, which is valued at around USD 8.8 million. Furthermore, via the construction of modern technologies to recycle, collect, monitor, and transform the extracted trash into new products, this project intends to create a sustainable model to reduce the effect of microplastics in various Mediterranean locations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global microplastic recycling market based on the below-mentioned segments:
Microplastic Recycling Market, By Product
- Primary
- Secondary
Microplastic Recycling Market, By End-Use
- Packaging
- Agriculture
- Consumer Goods
- Textile
- Automotive & Transportation
- Building & Construction
- Others
Microplastic Recycling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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