Germany’s chemical recycling service market is projected to exhibit a CAGR of around 25% in the assessment period. Increasing developments in industries such as chemical, packaging, and automotive in Germany are anticipated to lead to a high demand for premium recycled materials to cater to stringent norms and sustainability goals.
NEWARK, Del, April 02, 2024 (GLOBE NEWSWIRE) — In 2023, the chemical recycling service market was valued at US$ 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 US$ 15.71 billion in 2024 to US$ 149.24 billion by 2034.
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.
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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 chooses the efficiency of resources, lowers waste generation, and encourages material reuse, recycling, and regeneration. Chemical recycling is closely aligned with circular economy principles since it allows valuable resources to be recovered from waste materials that would otherwise be discarded.
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.
“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.” – comments Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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 US$ 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.
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Competitive Landscape
The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% share.
| Key Companies Profiled in Chemical Recycling Service Market |
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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.
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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
- Pyrolysis
- 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
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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.
Explore FMI’s Extensive Coverage in the Chemical and Materials Domain:
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Originally published at https://www.einpresswire.com/article/700511877/chemical-recycling-service-market-to-total-us-149-24-billion-by-2034-amid-surging-demand-for-circular-and-sustainable-economy-future-market
