Chemical Recycling of Plastics Market Overview:
The global Chemical Recycling of Plastics Market is poised for significant growth, with an estimated market value of USD 14.92 billion in 2023. This market is projected to expand at a Compound Annual Growth Rate (CAGR) of 9.4%, reaching approximately USD 27.98 billion by 2030. This growth is driven by increased investment in sustainable technologies and a global shift towards a circular economy, aiming to minimize plastic waste and reduce environmental impacts.
Chemical Recycling of Plastics Market Scope:
Chemical recycling refers to technologies that break down plastic polymers into their chemical building blocks, enabling their reuse as raw materials. The most commonly employed methods include pyrolysis, gasification, hydro-cracking, and depolymerisation. These processes offer a solution to the growing challenge of plastic waste, providing an efficient way to recycle complex plastic types that traditional mechanical recycling cannot process. The market growth is being fueled by technological advancements, heightened environmental concerns, and regulatory pressure for sustainable plastic management.
Market Drivers:
- Circular Economy Commitment: The global movement towards reducing plastic waste and promoting recycling has led to an increased reliance on chemical recycling. This technology enables the regeneration of plastics, making it a key contributor to a sustainable circular economy.
- Technological Advancements: Ongoing innovations in recycling technologies are enhancing the efficiency and scalability of chemical recycling, attracting significant investments from leading corporations such as BASF, NOVA Chemicals, and LyondellBasell.
- Regulatory Pressures: Governments worldwide are implementing stricter regulations to combat plastic waste, such as the European Union’s Circular Plastics Alliance, which aims to integrate 10 million tons of recycled plastics into European products by 2025.
- Corporate Initiatives: Industry leaders are heavily investing in chemical recycling to address waste, including NOVA Chemicals’ Centre of Excellence for Plastics Circularity and BASF’s ChemCycling initiative. These projects promote collaboration and innovation to drive sustainability in the plastics industry.
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Market Trends:
- Increasing Investment: From USD 2.87 billion in 2025, investment in chemical recycling technologies is expected to rise to USD 8.83 billion by 2030.
- Focus on Feedstock Technologies: The majority of the new recycling capacities are focused on feedstock technologies like pyrolysis and gasification.
- Expansion of Recycling Plants: Companies like LyondellBasell, SABIC, and SK Chemicals are expanding their global presence with new industrial-scale plants to support the growth of the market.
Segmentation: The chemical recycling market is segmented based on plastic types and technology:
By Type
- Cosmetic Grade
- Industrial Grade
- Others
By End Use
- Personal Care & Cosmetics
- Chemical Intermediate
- Others
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Key Players:
Ashland
BASF SE
Clariant AG
Dow
Evonik Industries AG
Inolex, Inc.
Lonza Group Ltd.
Lotioncrafter
Symrise
Thor Personal Care
Regional Analysis:
- North America: The region is seeing strong investments from major companies like BASF and SABIC to develop recycling plants and meet sustainability targets.
- Europe: With aggressive goals set by the European Commission, Europe leads the charge in chemical recycling, with countries like Germany, France, and Spain investing heavily in the sector.
- Asia-Pacific: Rapid urbanization and a growing focus on sustainability are driving the demand for chemical recycling in this region, particularly in China and South Korea.
Key Questions Answered:
- What are the leading drivers of market growth?
- Which technologies are most widely used in chemical recycling?
- What are the potential environmental benefits of chemical recycling?
- Which regions are leading the growth of the chemical recycling market?
Conclusion:
The Chemical Recycling of Plastics Market is positioned for substantial growth as global efforts to reduce plastic waste gain momentum. With advanced technologies, increasing investments, and regulatory support, the market will play a crucial role in advancing a circular economy. The ongoing innovations and partnerships among key industry players are expected to drive market growth, creating a more sustainable future for plastics recycling.
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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