The Global Chemical Recycling Market size was estimated at USD billion in 2021 and is expected to hit around USD billion by 2031, poised to grow at a compound annual growth rate (CAGR) of % from 2022 to 2031.
Source: Primary Research and Secondary Research Analysis
The industry that uses chemical processes to recycle and recover waste plastics in order to create new chemicals, fuels, or materials is referred to as the worldwide chemical recycling market. It is a branch of the larger recycling sector that focuses on turning plastic trash into useful chemical products.
The old mechanical recycling techniques, which entail melting and reprocessing plastics into new goods, are different from chemical recycling. As an alternative, chemical recycling uses a variety of chemical processes such depolymerization, pyrolysis, gasification, and liquefaction to disassemble complex plastic polymers into their component monomers or other usable compounds.
Several important changes are being seen in the chemical recycling industry's global market environment. The widespread adoption of sustainable norms and practises is a significant trend. To encourage recycling and reduce plastic waste, governments and environmental organisations are enacting stronger policies and regulations, which is fostering a favourable market climate for chemical recycling solutions.
The increasing need for recycled chemicals and materials across numerous industries is another trend. Due to customer demand for environmentally friendly products and corporate sustainability goals, businesses are looking for alternatives to virgin materials. The demand for chemical recycling technologies that can turn plastic waste into high-quality, recycled materials fit for use in sectors like packaging, automotive, and textiles is increasing as a result of this trend.
The market environment is also being shaped by developments in chemical recycling technology. Chemical recycling processes are becoming more efficient, scalable, and cost-effective because to ongoing research and development activities, which also increases their appeal to industry players. The market for chemical recycling is expanding as a result of advances in catalysts, reactors, and purification techniques.
RECENT DEVELOPMENTS:
The global market for recycling chemicals has recently seen a number of noteworthy advancements. First of all, there has been a marked increase in government initiatives and legislation designed to promote chemical recycling as a long-term approach to managing plastic trash. Policies that encourage and assist the development of chemical recycling infrastructure have been adopted by numerous nations and regions. Due to these factors, new facilities and technologies have drawn investment and improved the market environment.
Second, the sector has seen the emergence of several partnerships and alliances. To promote innovation and hasten the uptake of chemical recycling, major businesses from all points along the value chain, including waste management companies, chemical producers, and consumer products companies, are creating strategic collaborations. These partnerships seek to construct effective supply chains for recycled materials and to develop comprehensive waste management systems by combining the knowledge and assets of many stakeholders.
Thirdly, technology for recycling chemicals have significantly advanced. Research and development efforts have been concentrated on enhancing the effectiveness and scalability of current technologies while investigating new strategies for the conversion of plastic trash. Chemical recycling is now more economically and environmentally sustainable thanks to these developments' higher-quality outputs, higher process yields, and lower energy usage.
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Global Chemical Recycling Industry Research Report, 2020-2031.
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