New York, May 28, 2024 (GLOBE NEWSWIRE) -- Market Overview
The global Microplastic Recycling Market size is expected to reach USD 342.5 million in 2024 and is further anticipated to reach USD 666.9 million by 2033 at a CAGR of 7.7 % according to Dimension Market Research.
Microplastic recycling is a vital process to mitigate the ecological impact of tiny plastic particles. Recycling involves collection, sorting, cleaning, & innovative techniques such as electrostatic separation and filtration for further processing. This process plays a significant role in tackling the plastic pollution crisis, improving economic conditions, & advancing sustainable solutions.
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The microplastic recycling market is experiencing growth driven by several factors including the enforcement of strict government policies, increasing environmental concerns, advancements in recycling technologies, growing consumer awareness, & the expanding utilization of microplastics across various industries.
Important Insights
- The global microplastic recycling market is expected to grow by USD 666.9 million by 2033 from 2024 with a CAGR of 7.7 %.
- Secondary product is projected to be the dominant force in the market based on product capturing the largest revenue share of 78.1% in 2024 as it involves the recovery of already utilized microplastics, like plastic bottles or any consumer goods or other waste materials made out of plastics.
- The packaging segment is forecasted to hold the largest market share of 65.2% and dominate the market based on end-use in 2024 due to the increasing use of recycled plastics, like microplastics, which becomes an effective strategy for reducing the environmental impact of packaging.
- Europe is anticipated to dominate the microplastic recycling market, leading with 47.1 % of the share in 2024 due to its strong market presence is majorly accredited to the imposition of stringent policies by the European Union concerning the usage of plastics and the management of waste.
Trends
- Increased collaboration among governments, corporations, and non-profit organizations is crucial for driving resources, sharing technological innovations, and accessing financial backing to advance recycling initiatives. These partnerships facilitate the development of more effective recycling technologies and the formulation of policies that encourage sustainability.
- Businesses focusing on the reuse, repair, and recycling of materials are gaining traction, with models emphasizing circular resource utilization, such as microplastic recycling, witnessing significant growth in the recycling sector.
Competitive Landscape
Key players in the microplastic recycling market have embraced an integrated strategy, merging raw material production and distribution functions to elevate product standards and broaden their market reach.
These strategic strategies followed by these market players’ offers companies many advantages that results in higher profit margins. To maintain a competitive edge and address evolving customer needs, firms are heavily involved in research and development endeavors.
Some of the prominent market players:
- Purecycle technologies
- Polygonesystems
- Carbios
- PlanetCare
- Ioniqa
- Calyxia
- Oceanworks
- Ocean Diagnostics
- Other Key Players
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Microplastic Recycling Market Scope
| Report Highlights | Details |
| Market Size (2023) | USD 342.5 Mn |
| Forecast Value (2033) | USD 666.9 Mn |
| CAGR (2024-2033) | 7.7% |
| Leading Region in terms of Revenue Share | Europe |
| Percentage of Revenue Share by Leading Region | 47.1% |
| Historical Data | 2017 - 2022 |
| Forecast Data | 2025 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By End Use |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
The packaging segment is expected to lead the microplastic recycling market, comprising a significant 65.2% share by 2024, driven by increasing government regulations & consumer awareness regarding environmental & health concerns, prompting a shift towards eco-friendly packaging solutions.
Furthermore, there's a growing trend in the textile sector towards utilizing recycled microplastics to produce sustainable fabrics, catering to the rising demand for environmentally friendly materials. Driven by ecological concerns, key market players of the automotive sector are also concentrating on lightening vehicle loads, a step that will aid in emissions reduction & enhance fuel efficiency.
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Microplastic Recycling Market Segmentation
By Product
- Secondary
- Primary
By End-Use
- Packaging
- Agriculture
- Textile Industry
- Consumer goods
- Automotive & Transportation
- Building & Construction
Drivers
- Government regulations globally are tightening to curb plastic waste, acting as a significant catalyst for the microplastic recycling market.
- Growing consumer consciousness about environmental issues is driving the preference for sustainable products, leading to increased demand for items made from recycled materials like microplastics.
Restraints
- Technical challenges, such as the smaller size of microplastics, make collection, sorting, and processing more difficult, resulting in lower recycling rates and increased operational costs.
- Insufficient raw material and inadequate infrastructure limit the demand for microplastic recycling products, presenting a major challenge.
- Higher costs compared to traditional plastic recycling methods add to the competitiveness issues faced by recycling companies in the microplastic recycling market.
Opportunities
- Emerging economies with increasing populations are driving up plastic consumption, leading to an increase in plastic waste which presents a significant opportunity for the expansion of the microplastic recycling market.
- Ongoing research aims to discover new applications for recycled materials, particularly in sectors like construction and electronics, further fuels opportunities for microplastic recycling ventures.
Regional Analysis
Europe is expected to show its dominance in the global microplastic recycling market, as it holds 47.1% of revenue share in 2024. This is primarily due to their strict policies on plastic usage & waste management. The European Union promotes an eco-friendlier & sustainable approach, with microplastic recycling being a key component of this initiative.
North America is the second largest region in the market as microplastics are becoming an important ecological concern, driven by increasing consumer awareness of the adverse impacts of micro plastics on fauna in this region.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments in the Microplastic Recycling Market
- March 2024: NOVA Chemicals introduced its center of excellence for plastics circularity, serving as a hub for advancing sustainable plastics management globally.
- March 2023: UKRI announces USD 3.4 million funding for 17 projects under the Smart Sustainable Plastic Packaging Challenge, aiming to revolutionize the UK's plastic packaging management in alignment with the UK Plastics Pact.
- February 2023: REMEDIES project aims to gather over 400 tons of microplastic, funded by the European Union with an estimated value of USD 8.8 million which aims to develop advanced systems to recycle, collect, monitor, and transform extracted microplastic waste into new products, aiming to mitigate the impact of microplastics in various Mediterranean regions while promoting sustainability.
- January 2022: California implemented legislation mandating manufacturers to incorporate a minimum percentage of recycled plastic into their products, with plastic beverage containers requiring at least 15% recycled content.
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