Global Advanced Recycling Technologies Market Analysis and Forecasts, 2022-2023 & 2031 - Growing Demand for New Plastic Products Necessitating the Development of New Recycling Technologies
DUBLIN, April 24, 2023 /PRNewswire/ -- The "Advanced Recycling Technologies Market - A Global and Regional Analysis: Focus on End User, Technology, Product Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global advanced recycling technologies market is projected to reach $9,339.7 million by 2031 from $270.5 million in 2022, growing at a CAGR of 48.22% during the forecast period 2022-2031.
The demand for advanced recycling technologies is anticipated to grow owing to the implementation of stringent environmental regulations like the restriction of hazardous substances (RoHS) and policies by organizations such as Environmental Protection Agency (EPA) and registration, evaluation, authorization, and restriction of chemicals (REACH).
Furthermore, mechanical recycling limitations such as weakening fiber, difficulty in recycling mixed plastic waste, and prohibition from being utilized in the food packaging sector are driving the need for advanced recycling technologies.
Market Lifecycle Stage
Advanced recycling, also known as chemical recycling, refers to a group of technologies that transform post-consumer plastic into its original building blocks, feedstock for new plastics, specialty chemicals, waxes, chemical products, and other non-fuel items. In recent years, advanced recycling technologies have gained popularity as a complementary solution to conventional or mechanical recycling.
Two types of mostly recycled plastics, such as polyethylene terephthalate (PET) and high-density polyethylene, are processed mechanically. The other five categories of plastic, such as colored plastic bottles, fast food containers, and plastic eyeglass frames, cannot be processed by such technologies.
Advanced recycling offers a solution for practically all these five types of plastics, while recycled plastic from advanced recycling can also be utilized for food packaging. Therefore, owing to the aforementioned factors, advanced recycling technologies are gaining traction in the market.
However, the key factor limiting the growth of the advanced recycling technologies market is a lack of collection and treatment infrastructure.
Industry Impacts
Incentives for better product and plastics design, such as improved extended producer responsibility, product stewardship, tax benefits, and deposit-refund systems, are expected to open significant sales and financing opportunities. This shift was prominently experienced in regions such as Europe and North America.
Recent Developments in the Global Advanced Recycling Technologies Market
- In August 2022, Cyclyx International, a subsidiary of Agilyx, announced the opening of a new plastics testing laboratory in Portsmouth, the U.S. This strategy enabled the company to enhance its recycle process testing capacity and expand the types of waste plastic waste range to be recycled with the use of company's recycling technology.
- In November 2022, Honeywell and Egypt's Environ Adapt for Recycling Industries signed a memorandum of understanding (MoU) to advance plastic recycling in the country. The joint efforts of the two organizations would examine the creation of Egypt's first chemical recycling facility, which would feature cutting-edge Honeywell technology and be able to recycle waste plastic into useful recycled polymer feedstock (RPF).
- In July 2022, Carbios collaborated with Salomon, On, PUMA, and Patagonia to develop solutions that improve the recyclability and circularity of their products. Carbios and the four businesses are also expected to conduct research into the recycling of products, create take-back strategies for used polyester items, including sorting and deconstruction technologies, and compile information on fiber-to-fiber recycling and circularity models.
Market Segmentation
- Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period (2022-2031).
- In 2021, pyrolysis/ cracking technology held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
- In 2021, naphtha held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031).
- In the global advanced recycling technologies market, Europe dominates the market due to the presence of several leading companies, such as Plastic Energy, Brightmark, Quantafuel ASA, and many more, along with strict government regulations.
How can this report add value to an organization?
Key players in the global advanced recycling technologies market analyzed and profiled in the study involve advanced recycling technologies manufacturers and the overall ecosystem.
Moreover, a detailed competitive benchmarking of the players operating in the global advanced recycling technologies market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
The global advanced recycling technologies market has been segmented by different end users, among which food and beverage packaging captured around 46% of the market as of 2021.
Other end users, including non-food packaging, accounted for around 27%, consumer electronics accounted for 9%, infrastructure and construction accounted for 7%, automotive accounted for 1%, and other end-use industries accounted for 10% of the total share in 2021 in terms of value.
Industry Outlook
Trends: Current and Future
- Growing Demand for New Plastic Products Necessitating the Development of New Recycling Technologies
- Government Policies Encouraging Advanced Plastic Recycling
Supply Chain Network
- Ecosystem/Ongoing Programs
- Consortiums and Associations
- Regulatory Bodies
Impact of COVID-19 on the Advanced Recycling Technologies Market
Global Plastic Waste Management Statistics
Comparative Analysis of Key Technologies
Business Dynamics
Business Drivers
- Rising Consumer Awareness
- Implementation of Landfill Fueling Restrictions
Business Challenges
- Challenges in Collecting and Sorting Recyclable Materials
- High Price of Advanced Recycled Plastics
Business Strategies
- Product Development
- Market Development
Corporate Strategies
- Partnerships and Joint Ventures
- Collaborations and Alliances
- Mergers and Acquisitions
- Business Opportunities
- Advancements in Recycling Technologies
Start-Up Landscape
- Key Start-Ups in the Ecosystem
Key Companies Profiled
- Agilyx
- Stena Metall
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc.
- Plastic Energy
- Enerkem
- Loop Industries, Inc.
- Gr3n Recycling
- Carbios SA
- Pyrowave
- Polystyvert Inc.
- Recycling Avenue BV
- BlueAlp Innovations BV
- Quantafuel ASA
- Mura Technology Limited
- Alterra
- Aduro Clean Technologies Inc.
- Brightmark
- GreenMantra Technologies
- Axens
For more information about this report visit https://www.researchandmarkets.com/r/mw16zt
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