The Global Chemical Recycling Market size is valued at around USD 15.5 billion in 2024 is estimated to grow at a CAGR of around 9.8% during the forecast period, i.e., 2024-30.
Key Findings of the Study: Chemical Recycling Market
Global Chemical Recycling Market Opportunity: Rising People’s Awareness About the Harmful Impact of Plastic Waste Offering Lucrative Opportunities
People across the world become aware of the harmful impact of plastic waste. About how these plastics waste contaminate the air, soil, and water and eventually find their way into the ocean through rivers. Plastic a non-biodegradable material over time breaks down into smaller plastics known as “microplastic” which find their way into the human body through water or food and can lead to many health issues. For instance,
In March 2024, the World Economic Forum published a report that highlights the presence of microplastics in the human body can increase a person's chances and risk exposure of getting heart attacks and strokes.
As such discoveries become more prominent, the rising awareness can change consumer behavior prompting the government to implement necessary regulations for it and businesses to recycle their plastic waste. This trend can likely support the market growth and boost plastic recycling from the current 9%. Such trends highlight the growth potential of the market over the forecasted period.
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Scope of the Report and Chemical Recycling Market Segmentation
By Technology
-Pyrolysis
--Non-catalytic
--Catalytic
-Gasification
-Hydrothermal Treatment
-Purification
-Depolymerization
--Hydrolysis
--Enzymolysis
--Methanolysis
--Glycolysis
--Aminolysis
By Product
-Polyethylene (PE)
-Polyethylene Terephthalate (PET)
-Polypropylene (PP)
-Polyvinyl Chloride (PVC)
-Polystyrene (PS)
-Polycarbonate
-Others
- The polyethylene (PE) segment holds the largest market share primarily due to its extensive application across various industries in the world.
By End User
-Packaging
-Automotive
-Building Construction
-Electronics
-Others
Top leading companies in the Chemical Recycling Market includes:
Agilyx, BASF SE, Eastman Chemical Company, JEPLAN, Inc., Recycling Technologies, Veolia Environment S.A., Loop Industries, Inc., Plastic Energy, Carbios, GFL Environmental Inc., Clean Harbours, Inc., Brightmark, and others
Chemical Recycling Market Development
- February 2024: BASF launches chemical recycling at Port Arthur, Texas in the United States of America. This is the first time the company to brought its products from recycled plastic feedstock into the US market.
- March 2024: Eastman Chemical Company will receive an investment of up to USD 375 million for the second recycling project from the US Department of Energy.
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Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East Africa: Saudi Arabia, The UAE, South Africa
- Europe holds the largest share in the Global Chemical Recycling Market, due to its adherence to strict environmental regulations.
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