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 Global Advanced Recycling Technologies Market is expected to reach USD 577,215.00 thousand by 2030 from USD 348,250.00 thousand in 2022, growing with a substantial CAGR of 7.0% 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
Positive Outlook Toward Sustainable Plastic Waste Management
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
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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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)
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Countries Covered
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Germany, Netherlands, Spain, U.K., Belgium, Italy, Switzerland, Austria, France, Turkey, and Rest of Europe, India, China, South Korea, Japan, Taiwan, Australia & New Zealand, Malaysia, Philippines, Indonesia, Singapore, Thailand, and Rest of Asia-Pacific, U.S., Canada, and Mexico, South Africa, Saudi Arabia, United Arab Emirates, Egypt, Israel, and Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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BlueAlp Innovations BV (Netherlands), Pyrowave (Canada), Enerkem (Canada), Recycling Avenue (Netherlands), Gr3n Recycling (Switzerland), PLASTIC ENERGY (U.K.), Quantafuel ASA (Norway), Loop Industries, Inc. (Canada), Agilyx (U.S.), Honeywell International Inc. (U.S.), Polystyvert (Canada), Olefy Technologies Ltd. (Finland), Mura Technology Limited (U.K.), Chevron Phillips Chemical Company LLC (U.S.), GARBO SRL (Italy), Brightmark (U.S.), and Synova (Netherlands) among others
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Data Points Covered in the Report
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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 depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The global advanced recycling technologies market is segmented into three notable segments based on technology, process output, and end user.
- 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 global advanced recycling technologies market
In 2023, the pyrolysis/cracking segment is expected to dominate the market with a 55.71% 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 naphtha segment is expected to dominate the global advanced recycling technologies market
In 2023, the naphtha segment is expected to dominate the market with a 59.51% 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 63.46% market share.
Major Players
Data Bridge Market Research recognizes the following companies as the major advanced recycling technologies players in the global advanced recycling technologies market that include BlueAlp Innovations BV (Netherlands), Pyrowave (Canada), Enerkem (Canada), Recycling Avenue (Netherlands), Gr3n Recycling (Switzerland), PLASTIC ENERGY (U.K.), Quantafuel ASA (Norway), Loop Industries, Inc. (Canada), Agilyx (U.S.), Honeywell International Inc. (U.S.), Polystyvert (Canada), Olefy Technologies Ltd. (Finland), Mura Technology Limited (U.K.), Chevron Phillips Chemical Company LLC (U.S.), GARBO SRL (Italy), Brightmark (U.S.), and Synova (Netherlands) among others.
Market Development
- In July 2023, Chevron Phillips Chemical 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, utilizes technology to convert landfill-bound plastics into high-quality liquids that produce virgin-quality circular plastics. The partnership with Nexus enables Chevron Phillips Chemical to scale its circular polymers program and contribute to the transition to a circular economy for plastics.
- In June 2023, Brightmark, in partnership with Downtown Fort Wayne, launched a plastic recycling pilot plant at the Lunch on the Square summer series. The pilot plant aims to raise awareness about plastic pollution and demonstrate the power of community engagement in combating the global plastic waste crisis. This initiative shows the importance of advanced recycling solutions to create new, high-quality materials.
- In May 2023, Loop Industries, Inc. and SK Geo Centric Co. Ltd. (“SKGC”), a subsidiary of the South Korean SK Group, has announced to sign a definitive Joint Venture Agreement (JVA) to deploy Loop’s technology in the Asian market through multiple commercial manufacturing facilities. SKGC will own 51% of the venture, which will be headquartered in Singapore, and Loop will have the remaining 49% ownership. Under the JVA, the venture will have exclusive rights to commercialize Loop’s technology in the Asian market for a prescribed period, and Loop will license its technology for an annual royalty for each of the commercial plants.
- In April 2023, LG Chem, in partnership with Mura Technology, began construction of its first waste plastic advanced recycling plant in South Korea. This facility will utilize Mura's innovative HydroPRS technology, which converts waste plastics into petrochemical feedstocks using supercritical steam. The plant, expected to be operational in 2025, aims to produce 20,000 tonnes of recycled hydrocarbons annually, contributing to establishing a circular economy for plastics.
- In January 2023, Quantafuel increased the intake of plastic by 32% over the month of December, and a total of 1,436 production hours resulted in 548 tonnes of plastic processed in the month.
Regional Analysis
Geographically, the countries covered in the global advanced recycling technologies market are Germany, Netherlands, Spain, U.K., Belgium, Italy, Switzerland, Austria, France, Turkey, and Rest of Europe, India, China, South Korea, Japan, Taiwan, Australia & New Zealand, Malaysia, Philippines, Indonesia, Singapore, Thailand, and Rest of Asia-Pacific, U.S., Canada, and Mexico, South Africa, Saudi Arabia, United Arab Emirates, Egypt, Israel, and Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
As per Data Bridge Market Research analysis:
Europe is expected to dominate the global advanced recycling technologies market during the forecast period 2023 - 2030
In 2023, Europe is expected to dominate the market with a 36.61% market share. It is expected to reach 209,752.40 thousand by 2030 due to stringent environmental regulations and strong government support for sustainable waste management practices.
Asia-Pacific is expected to be the fatest-growing region in the market in the forecast period
In 2023, Asia-Pacific is expected to be the fastest-growing region with the highest CAGR of 7.4% due to growing industrialization and a focus on sustainable waste management practices.
For more detailed information about the global advanced recycling technologies market, click here – https://www.databridgemarketresearch.com/reports/global-advanced-recycling-technologies-market
