Rising environmental awareness and changing consumer preferences drive the adoption of chemical recycling. This method addresses plastic waste, contamination, and recycling limitations, aligning with a circular economy model. Government initiatives further support this shift towards sustainable plastic waste management.
NEWARK, DE / ACCESSWIRE / September 5, 2024 / In 2023, the chemical recycling service market was valued at USD 13.78 billion worldwide. The global market for chemical recycling services is expected to rise at a CAGR of 25.8% between 2024 and 2034. It is anticipated that the total market value will have increased from USD 15.71 billion in 2024 to USD 149.24 billion by 2034.
Projected Growth Rates of Chemical Recycling Services (2024-2034)
Country | CAGR | Description |
|---|---|---|
India | 28.0% | Leading the charge with the highest projected CAGR. |
China | 27.5% | Close contender with significant growth potential. |
Germany | 25.0% | Strong growth driven by advanced recycling policies. |
United Kingdom | 24.0% | Steady expansion supported by sustainable initiatives. |
Japan | 23.0% | Consistent growth with a focus on innovation. |
Rising awareness of environmental issues and shifting preferences of consumers have become significant drivers for the adoption of chemical recycling services. The leading concern is plastic waste accumulation. Traditional plastic has limitations, such as contamination issues and the inability to recycle certain types of plastics effectively.
Consumer preferences have changed significantly. Modern consumers are becoming more aware of the environmental impact of the products they buy. As a result, they are continually searching for more sustainable alternatives.
They prefer products and packaging that are recyclable, renewable, or biodegradable. Hence, companies face challenges in integrating sustainable practices throughout their supply chains, including the use of modern recycling technologies such as chemical recycling.
Chemical recycling services have enormous potential to contribute to more sustainable plastic waste management. These can lead to the development of a more circular and sustainable economy while also aligning with the preferences of environmentally conscious consumers.
Due to this, governments of several countries around the world are taking initiatives to make the switch to a circular economy. This united front is a major driver of chemical recycling adoption.
A circular economy model prioritizes the efficient utilization of resources, significantly reducing waste generation and promoting the reuse, recycling, and regeneration of materials. In this context, chemical recycling is in high demand as it closely aligns with circular economy principles, enabling the recovery of valuable resources from waste materials that would otherwise be discarded. This demand-driven approach enhances sustainability by converting waste into reusable raw materials, thereby supporting the continuous cycle of resource management and minimizing environmental impact.
Chemical recycling tackles the increasing problem of plastic pollution by offering a way to reuse and recover plastic waste, reducing the need for virgin resources that come from oil & gas. This not only helps to slow the depletion of natural resources but also helps to reduce greenhouse gas emissions and relieve pressure on landfill capacity.
Government-led efforts to transition to a circular economy provide a compelling reason to adopt chemical recycling. By tackling environmental concerns, maneuvering regulatory changes, and allowing economic opportunities, these programs promote broad acceptance of groundbreaking recycling technologies and pave the way for a more sustainable future.
Key Takeaways from the Report-
The global market for chemical recycling services is projected to thrive at 25.4% CAGR through 2034.
By technology, the pyrolysis segment is expected to grow by 17.2% CAGR through 2034.
By product, synthetic crude oil is projected to thrive at 16.9% CAGR through 2034.
The global market for chemical recycling services is anticipated to reach a total valuation of USD 15.71 billion by 2024.
Western Europe is expected to account for a significant share of about 49.6% in 2034
The United States industry is projected to thrive at 26% CAGR from 2024 to 2034.
Demand in India is predicted to rise at 28% CAGR through 2034.
"The future growth potential of chemical recycling services is promising, driven by increasing environmental concerns, regulatory pressures, and the need for sustainable waste management solutions. These are likely to fuel investment, innovation, and adoption of advanced recycling technologies." - says an analyst Nikhil Kaitwade at Future Market Insights (FMI).
Competitive Landscape
The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% share. Agilyx, BASF, Chevron Phillips, ExxonMobil, Honeywell, Lyondellbasell, Dupont Teijin Films, Mitsubishi Chemical, Nova Chemicals, Shell, SK Global Chemical, Sumitomo Chemical, Arcus, BiologiQ, Braskem, Covestro, Eastman, Evonik, Forell Pomini, GreenMantra, Interseroh, Licella, Phigenesis, Quantafuel, and Renew ELP (UK) are the leading companies that provide chemical recycling services.
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Core Concepts in Chemical Recycling Service Industry
Market Value in 2023: The global chemical recycling service market was valued at USD 13.78 billion in 2023.
Market Size in 2024: The market value is projected to increase to USD 15.71 billion in 2024.
Growth Rate Through 2034: The global demand for chemical recycling services is anticipated to rise at a 25.8% CAGR through 2034.
Expected Market Size in 2034: By 2034, the chemical recycling service market is expected to reach a substantial USD 149.24 billion.
Definition of Chemical Recycling in Industry: Chemical recycling involves breaking down plastic waste and converting it into novel chemicals.
Example of Chemical Recycling: Depolymerization, pyrolysis, and gasification are prominent examples of chemical recycling processes.
Cost of Chemical Recycling: The high cost of chemical recycling is attributed to the need for significant investments in premium technology and infrastructure.
Recent Developments-
In February 2024, Covestro, LyondellBasell, and Invest-NL announced a collaboration to invest 13 million euros in Pryme, a firm creating cutting-edge chemical recycling solutions. Through this partnership, Pryme's technology for turning mixed plastic waste into premium circular feedstock will be commercialized more quickly.
Reliance was the first company in India to employ chemical recycling in December 2023 to turn plastic waste-based pyrolysis oil into circular polymers that have earned the ISCC-Plus certification for sustainability and carbon footprint.
Get More Insights into the Chemical Recycling Service Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global chemical recycling service market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on technology, products, and region.
Chemical Recycling Service Market Segmentation
By Technology:
Feedstock Recycling
Pyrolysis
Polyolefins
Polystyrene (PS)
PMMA
Gasification
Polycarbonate (PC)
Polypropylene (PP)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
Others
Hydrothermal Treatment
Plastic Packaging Waste
Carbon Fiber Reinforced Plastics (CFRP)
Printed Circuit Boards (PCB)
Polycarbonate
Nylon Derivatives
Purification
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Polythene (PE)
Polypropylene (PP)
Depolymerization
Polyesters (PET)
Polyamides (PA)
Polyurethanes (PU)
By Product:
Feedstock Recycling
Hydrocarbons
Syngas
Synthetic Crude Oil
Purification
Purified Plastic Polymers
Depolymerization
Monomers of the Recycled Polycondensates
By Region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
Middle East & Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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