Market Insights
“The Microplastic Recycling Market size was estimated to be US$ 284.37 Million in 2023 and is likely to grow at a decent CAGR of 6.7% in the long run to reach US$ 447.8 Million in 2030.”
Market Dynamics
Introduction
The nurturing microplastic recycling market, with continuous efforts aiming at sustainability and related research in the technological advancements by public and private players around the world, is expected to grow at a decent rate to have a market size of US$447.8 million by the year 2030. The earlier limitations to the market due to factors like difficulties in sorting (due to smaller size, <5mm), contamination and heterogeneity of microplastic, and economical ineffectiveness (making a new plastic was cheaper than recycling) hindered the growth of the market. The latest trends are being driven by technologies (like “enzymatic recycling” (by Carbios), “ionic polymerization” (by Ioniqa), filtration and sorting using electrostatics attraction, Fourier transform infrared (FTIR) spectroscopy) backed by government policies and awareness about microplastics and sustainability. The emergence of 3D printing also affected the market as melted microplastics can be used as a feedstock for 3D printing. Statistics (according to the US Environmental Protection Agency) show that at least 267 species worldwide are affected by microplastics which includes 44% of birds, 43% of mammals, 86% of turtles, and many species of fish. The global plastic demand being 400.3 million metric tons in 2022 and the recycling rate of merely 9%, with 13% of them entering the environment (majorly oceans) has raised serious concerns resulting in the creation of demands for the microplastic recycling market.
Recent Market JVs and Acquisitions:
- Purecycle Technologies acquired Polycycle (specializes in recycling of polypropylene (PP)), in 2021, which in turn strengthened their position in the market.
- Carbios entered into a LoI (letter of intent) with SELENIS in September 2024 to make sustainable cooperation over the development of PETG. They would offer combined efforts as a means to manufacture quality PETG to be applied in cosmetics and healthcare packaging within Europe and the U.S., marking a great advancement in the field of recycling.
- Calyxia raised funding of US$35 million, which will aid global manufacturers in product enhancement and tackling microplastic pollution.
Recent Product Development:
The major development in the industry revolves majorly around improving the sorting techniques effectively at initial stages and completion of plastic lifecycle through efficient degradation.
- ECOFARIO High-G-Technology which advanced cost-effective filtration.
- ·Regen. ™ - patented self-cleaning filter solution of Matter which captures microplastics from commercial laundry.
Market Drivers:
- Technological advancement
The surge in the research concerning the degradation of plastics around the globe gave birth to several technologies surrounding the market and affecting its components, hence making the process relatively feasible and efficient.
- Development in automation
The minute size of microplastics making it difficult to handle manually is being overcome through automation. Thus, expanding the scope of the microplastics being recycled.
- Awareness of sustainability
Consumer awareness about harmful effects and toxicity concerning microplastics has risen in recent years. Hence compelling the companies to look for alternatives to the product and improve their recyclability.
- Government policies and organization’s participation
EU’s ban on specific single-use plastic the vision of a circular economy and its plastics strategy has aided the players in the recycling market. The microplastic Recycling Market is set to be propelled by various government policies and funds by world organizations, backing the companies, escalating demand for an ecosystem of recycled microplastics to achieve the global SDG.
Challenges
The major challenges restraining the growth of the market involve the lack of precise identification of different types of microplastics and efficient sorting due to their size. Also, the amateur technology and infrastructure concerning the industry have not yet developed a standardized procedure for the same with an economically viable method.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Plastic-Type Analysis
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Primary, Secondary
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Secondary Microplastics dominated the market in recent years due to continuous emphasis on the recovery of already-made plastics and the circular economy. The Secondary Microplastic recycling market is expected to grow and hold up to 75%+ of the market share.
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Application-Type Analysis
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Packaging, Textile, Agriculture, Consumer goods, Automobile and Transportation, Construction, and others
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The Packaging industry holds a major share of the market due to major businesses preferring sustainable packaging. The Packaging segment is forecasted to lead the market with nurdles and microbeads being major products out of recycling.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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The European market had a major share (47%) in recent years and is expected to lead the market in coming years, but North America with greater infrastructure investment is expected to be the fastest-growing market of Microplastic recyclin
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By Plastic Type
“Secondary Microplastic“is forecasted to lead the market during the forecast period.”
- Primary Microplastics are discouraged due to the already existing volume of the material which is affecting the environment.
- The Secondary Microplastics segment dominated the market in recent years due to their relative cost-effectiveness and their application impact in minimizing the existing tons of material in landfills and dump yards.
- Secondary Microplastics are forecasted to grow due to continuous emphasis by organizations on tackling the issue of completing the life cycle of existing plastics, circular economy, and allotted funds for the same. With Public-Private collaborations on the issue, this segment will lead the market
By Application Type
“The Packaging segment is anticipated to lead the market during the forecast period driven by increasing sustainable preference.”
- The businesses going for sustainable packaging options, to provide the aware consumers, have driven the recent trends with major cosmetics like Loreals dealing with the Microplastic Recycling ventures like Carbios.
- The Textile segment is expected to grow owing to the trend in consumer choices of sustainable fashion.
- The Automobile and Transportation segment is expected to grow with the majority of companies looking for a lighter material (like microplastics) to reduce the weight of their product, for efficient performance, which will drive the trend.
Region analysis
“The European region is forecasted to lead the market for Microplastic Recycling in the mentioned period”
- The European region had the major share of the market, owing to its substantial policies and ambitions of circular economy backed by technological advancements of the region. Ireland led Europe with 20.70 kg of recycled plastics per capita annually. Europe is forecasted to lead the market with the region aiming for a 25% target for recycled content in plastic bottles by 2025 and 30% by 2030.
- The North American region is forecasted to be the fastest-growing region in the market due to its rapid investment in infrastructure and climate-tackling funds.
The Asia-Pacific region with relatively less technology and funds, and a large population dependent on single-use plastics is forecasted to struggle in the market in upcoming years.
Key Players
It would be fair to say that the market is fairly fragmented with a lot of regional players contributing significantly to the market. The leading players in the industry contend with several critical factors including pricing strategies, service portfolios, regional presence, and other governing parameters. The following are the key players in the Microplastic Recycling market. These big players often engage in mergers and acquisition activities as a key strategy to enhance their portfolios and regional presence.
Here is the list of the Top Players (Based on Dominance)
- Carbios (France)
- Ioniqa (Netherlands)
- Calyxia (France)
- Purecycle Technologies (USA)
- Matter (UK)
- ECOFARIO (Germany)
- Polygonesystems (USA)
- Oceanwork (USA)
- Planetcare (UK)
- Ocean Diagnostics (Canada)
- Plastic Energy (UK)
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 Product 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 global Microplastic Recycling Market is segmented into the following categories.
Microplastic Recycling Market, by Plastic Type
- Primary Plastic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Secondary Plastic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Microplastic Recycling Market, by Application Type
- Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Textiles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Agriculture (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Automobile and Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Microplastic Recycling Market, by Region Type
- 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 Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Microplastic Recycling Market realities and future market possibilities for the forecast period.
- The report segments and analyses 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 methodology 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 papers, 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 parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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