Chemical Recycling Of Plastics Market Report

Market Insights

“The Chemical Recycling of Plastics Market size was US$ 14.82  billion in 2023 and is likely to grow at a decent CAGR of 9.4% in the long run to reach US$ 25.4 billion in 2030.”

Market Dynamics

Introduction

Chemical recycling is the next-gen solution for the escalating issue of plastic waste wherein the conventional methods of recycling are useful only for a certain type of plastic that cannot be processed through homologous methods. Products can be recycled back to their monomers in simple processes and can be used to produce new high-quality products and also enhance the cyclical economy. However, the technology is still rather nascent, and issues of energy, cost, and scalability of the technology need to be resolved to make it a realistic fully realized solution.

Drivers

The chemical recycling market is evolving, as there is greater public awareness and legislation about the environment, and because of the problems associated with the technical recycling process. As more people become aware of the threat that plastics pose especially in the seas and on land, the government, companies, and even individuals are demanding changes in the handling of waste. Corporate sustainability strategies of responsible brands and regulatory frameworks include advanced recycling, circularity innovations, the EU Circular Economy Action Plan, and EPR schemes. The requirement for quantity reduction in landfilling and incineration is another driving force for chemical recycling that focuses on plastic materials that are difficult to recycle such as multilayered and contaminated plastics. Chemical recycling is different from mechanical recycling practices that lower the quality of plastic, chemically recycling dissolves plastic into its base chemical ingredients thus creating high-quality virgin plastic-like materials

Other factors that contribute deeply to the growth of this market include technological innovations as well as companies’ sustainability strategies. Many corporations are allocating budgets for recycling technology building up consumer demand for green products and packaging and to fulfill different sustainability goals. The advantages of using chemical recycling are that the quality of recycled plastics is high, especially for industries such as the F&B and pharmaceutical industries where material purity is important making chemical recycling preferred to the other methods. Further, as industries are looking for ways to minimize their utilization of fossil fuels, chemical recycling can play its part as one of the ways of recycling plastics by converting waste into useful petrochemical feeds. Public and private funding, as well as collaboration between chemical firms and recycling companies, is driving the growth of this market, and chemical recycling is becoming increasingly central to the process of moving toward a circular economy on an international level.

Segments Analysis

By Process Type

“Depolymerization expected to remain dominant as well as the fastest-growing type in the market during the forecast period”.

• The Chemical Recycling of Plastics Market is segmented into Depolymerization and Dissolution.
• Depolymerization is expected to remain dominant as well as the fastest-growing in the market during the forecast period.
• Depolymerization offers several advantages, including the ability to recycle different types of plastics, which helps reduce waste. Additionally, it results in lower greenhouse gas emissions compared to the traditional production of plastics from fossil fuels. This process also supports a circular economy by promoting the recycling of plastic waste.

By End-Use Type

“Packaging is expected to be the fastest-growing End-Use in the market during the forecast period”.

• The market is segmented into Packaging, and Automotive
• Packaging is expected to remain the dominant in the market during the forecast period.
• Among the end-use segment, packaging dominated and held a major market revenue share in 2023. Increased growth of key application industries such as medicines, personal & household care, food & drinks, as well as global perception towards e-commerce are fundamental drivers to the growth of plastic packaging.
• These materials are common because they offer high performance, cost efficiency, and are highly durable. Plastic packaging is used in food, beverage, and oil using plastics. In addition, designed plastic is not going to break under harsh environmental conditions it is more proper for use for sensitive products like cosmetics and food and beverages. Besides, plastics are cheaper and easily printable making packaging solutions a lucrative product.
• Nonetheless, continuing challenges regarding environmental clues have been addressed effectively through improving methods of recycling and the introduction of better plastics in the market.

Regional Analysis

“The Asia-Pacific is expected to remain the largest market for Chemical Recycling of Plastics during the forecast period”.

• In terms of region, Asia-Pacific is expected to remain the largest market for chemical recycling of plastic during the forecast period.
• In 2023, the market for Asia Pacific had its largest revenue share. The primary markets for plastic chemical recycling are likely to be Asian countries, including China, Vietnam, and Indonesians as well as India Thailand, and Japan respectively.

Various industries, including building & construction, packaging, and automotive, are expected to use recycled plastics to increase the demand. 

Key Players

The market is highly concentrated with the presence of 10 players across the region.  The following are the key players in the Chemical Recycling of Plastics Market

Here is the list of the Top Players (Based on Dominance)

• Agilyx
• BASF SE
• MaireTecnimont S.p.A.
• INEOS AG
• Recycling Technologies
• Veolia Environnement SA
• JEPLAN, INC.
• Eastman Chemical Company
• SABIC
• LyondellBasell Industries Holdings B.V.

 Note: The above list does not necessarily include all the top players of the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New   Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The Chemical Recycling of Plastics Market is segmented into the following categories. 

Chemical Recycling of Plastics, by  Process Type

• Depolymerization (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Dissolution (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Chemical Recycling of Plastics, by End-Use Type

• Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Chemical Recycling of Plastics, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Automotive)

Research End-Useology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Chemical Recycling of Plastics Market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research End-Useology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white Automotives, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and  Dissolution, please send your inquiry to [email protected]