Chicago, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Global Solvent Recovery and Recycling Market size is estimated to be USD 1,384 million by 2028 from USD 1,085 million in 2023, at a CAGR of 5.0%, as per the recent study by MarketsandMarkets™. Stringent regulations promoting the reduction of emissions and hazardous waste, increasing demand for solvent recovery in end-use industries, and financial benefits through reduced procurement costs and waste disposal expenses will propel solvent recovery and recycling market growth during the forecast period.
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Browse in-depth TOC on “Solvent Recovery and Recycling Market”.
229 - Market Data Tables
41 - Figures
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List of Key Players in Solvent Recovery and Recycling Market:
- Veolia (France)
- CycleSolv LLC (US)
- Tradebe Environmental Services (US)
- Clean Harbors (US)
- Indaver (Belgium)
Drivers, Restraints, and Opportunities in Solvent Recovery and Recycling Market:
- Driver: Stringent regulations promoting the reduction of emissions and hazardous waste
- Restrain: High initial capital investments of solvent recovery and recycling systems
- Opportunity: Growing awareness on environmental issues
- Challenge: Availability of low-cost virgin solvents
Key Findings of the Study:
- Cresol is the fastest growing solvent type, in terms of value, during the forecast period.
- Based on end-use industry, printing end-use industry is estimated to be the fastest-growing segment of solvent recovery and recycling market.
- Europe is the second fastest growing region, in terms of value, during the forecast period in the solvent recovery and recycling market.
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Based on solvent type, DMF (Dimethylformamide) is expected to lead the market in terms of value in 2023, due to its versatile properties, including high solvency, low boiling point, and compatibility with various compounds. These characteristics make DMF a preferred solvent in diverse industries, leading to increased demand and consequently driving the need for efficient solvent recovery and recycling processes.
Based on end-use industry, the paints & coatings end-use industry is projected to lead the solvent recovery and recycling market in terms of value during the forecast period. The growth of this segment of the market can be attributed to its substantial solvent consumption. As environmental sustainability gains prominence and regulatory pressures intensify, industry is increasingly adopting solvent recovery solutions. This strategic shift is prompted due to a dual objective: aligning with eco-friendly practices and optimizing cost-effectiveness. Consequently, the paint and coatings sector's commitment to reducing environmental impact while efficiently utilizing resources positions it at the forefront of the evolving landscape for solvent recovery and recycling technologies.
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Based on region, Asia Pacific region accounted for the largest market share in 2022 and it is also expected to be the largest market for solvent recovery and recycling during the forecast period, in terms of value. Owing to factors such as the region's swift industrialization and key end-use industries such as textiles, automotive, and construction. The robust growth in manufacturing, particularly in China, Japan, and India, intensifies solvent demand. As these nations prioritize sustainability and stringent environmental regulations, solvent recovery and recycling become integral. The presence of major players in diverse industries, coupled with a proactive approach towards eco-friendly practices, solidifies Asia Pacific's dominance in the solvent recovery and recycling market.
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