Press Release

Oct, 19 2023

Shifting Inclination Towards Circular Economy is Expected to Drive the Growth of the Europe Advanced Recycling Technologies Market

The advanced recycling technologies industry encompasses a diverse range of processes aimed at regenerating polymers or breaking down polymer chains into valuable feedstocks. These technologies, including molecular recycling and chemical recycling, utilize thermochemical reactions to transform plastics into new products such as virgin plastic, monomers, fuels, energy, and other commodities. The market for advanced recycling technologies holds significant potential due to the increasing demand for sustainable and circular economy practices.

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Data Bridge Market Research analyzes that the Europe Advanced Recycling Technologies Market is expected to reach USD 209,752.40 thousand by 2030 from USD 127,633.63 thousand in 2022, growing with a substantial CAGR of 6.9% in the forecast period of 2023 to 2030. A positive outlook toward sustainable plastic waste management contributes to market growth.

Key Findings of the Study

Europe Advanced Recycling Technologies Market

Positive Outlook Towards Sustainable Plastic Waste Management is Expected to Drive the Market Growth

The issue of plastic waste has become a global concern due to its harsh impact on the environment and human health. This has led to an increasing focus on sustainable solutions to manage and recycle plastic waste effectively. Advanced recycling technologies play an important role in achieving sustainable plastic waste management. They help plastic waste to break down into smaller molecules through processes such as pyrolysis or gasification. The broken molecules act as feedstock for new chemical reactions to produce recycled plastics and other chemicals. Such advanced recycling technologies are in demand when compared to traditional mechanical recycling as they can handle difficult-to-recycle plastics that cannot be processed by mechanical recycling.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Year

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Thousand

Segments Covered

Technology (Pyrolysis/Cracking, Gasification, Depolymerization, and Microwave), Process Output (Naphtha, Heavy Gas Oil, and Wax Residue), End Use (Packaging, Infrastructure & Construction, Consumer Electronics, and Automotive)

Countries Covered

Germany, Netherlands, Spain, U.K., Belgium, Italy, Switzerland, Austria, France, Turkey, and Rest of Europe

Market Players Covered

Honeywell International Inc. (U.S.), Chevron Phillips Chemical Company LLC (U.S.), Synova (Netherlands), Gr3n Recycling (Switzerland), Quantafuel ASA (Norway), Agilyx (U.S.), BlueAlp Innovations BV (Netherlands), GARBO SRL (Italy), Mura Technology Limited (U.K.), Olefy Technologies Ltd. (Finland), PLASTIC ENERGY (U.K.), and Recycling Avenue (Netherlands), among others

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Segment Analysis

The Europe advanced recycling technologies market is segmented into three notable segments based on technology, product type, and end use.

  • On the basis of technology, the market is segmented into pyrolysis/cracking, gasification, depolymerization, and microwave.

In 2023, the pyrolysis/cracking segment is expected to dominate the Europe advanced recycling technologies market

In 2023, the pyrolysis/cracking segment is expected to dominate the market with a 55.88% market share due to its ability to efficiently break down complex waste materials into valuable products through high-temperature processes.

  • On the basis of process output, the market is segmented into Naphtha, heavy gas oil, and wax residue

In 2023, the naptha segment is expected to dominate the Europe advanced recycling technologies market

In 2023, the naphtha is expected to dominate the market with a 59.22% market share due to its versatile applications as a valuable feedstock for various industrial processes and fuel production.

  • On the basis of end use, the market is segmented into packaging, infrastructure & construction, consumer electronics, and automotive. In 2023, the packaging segment is expected to dominate the market with a 63.34% market share.

Major Players

Data Bridge Market Research analyzes Honeywell International Inc. (U.S.), Chevron Phillips Chemical Company LLC (U.S.), Synova (Netherlands), Quantafuel ASA (Norway), and PLASTIC ENERGY (U.K.) as the major players in the Europe advanced recycling technologies market.

Europe Advanced Recycling Technologies Market

Market Development

  • In July 2023, Chevron Phillips Chemical Company LLC strengthened its collaboration with Nexus Circular by securing a long-term supply agreement for advanced recycled plastic feedstocks. Nexus Circular, a leader in advanced recycling, utilize technology to convert landfill-bound plastics into high-quality liquids that produce virgin-quality circular plastics. The partnership with Nexus will enable Chevron Phillips Chemical to scale its circular polymers program and contribute to the transition to a circular economy for plastics.
  • In April 2023, BioBTX and Agilyx formed a strategic collaboration to explore the commercial scale-up of BioBTX's renewable aromatics technology. Agilyx will integrate its pyrolysis technology with BioBTX's catalytic technology to produce renewable aromatic chemicals (BTX) from difficult-to-recycle plastic waste streams. The partnership aims to create a high-quality BTX product that meets the chemical industry's specifications and contributes to a circular economy.
  • In March 2023, Garbo SRL partnered with Saipem S.p.A. to advance the industrial development of their chemical recycling technology, Chempet, for plastics. The collaboration includes the construction of the world's first industrial plant for the chemical recycling of PET in Cerano, Italy. This partnership positions Garbo as a leader in chemical recycling and supports the increasing demand for PET recycling, offering a simpler process and a wider range of treatable PET waste.
  • In November 2022, Synova, SABIC Global Technologies B.V., and Technip Energies signed a joint development and cooperation agreement to collaborate on the development of a commercial plant that will produce olefins and aromatics from plastic waste. The plant will integrate Synovia's MILENA solids cracking technology and OLGA gas conditioning and tars removal technology with T.EN's Pure.rGas gas treatment technology. The combined technology efficiently converted plastic waste into high-value chemicals, contributing to SABIC's vision of closing the loop on used plastic.
  • In November 2022, PLASTIC ENERGY, a global leader in chemical recycling technology, announced the opening of its new research and development labs at Loughborough University in the U.K. This lab will be the hub for Plastic Energy’s work on further development and optimization of its unique chemical recycling technology.

Regional Analysis

Geographically, the countries covered in the Europe advanced recycling technologies market are Germany, Netherlands, Spain, U.K., Belgium, Italy, Switzerland, Austria, France, Turkey, and Rest of Europe.

As per Data Bridge Market Research analysis:

Germany is dominant and fastest-growing the Europe advanced recycling technologies market

Germany is expected to dominate the market due to stringent environmental regulations and strong government support for sustainable waste management practices. It is also due to growing industrialization and focus on sustainable waste management practices.

For more detailed information about the Europe advanced recycling technologies market report, click here – https://www.databridgemarketresearch.com/de/reports/europe-advanced-recycling-technologies-market


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