Market Size –
The solvent recovery and recycling market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.10 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growing focus on environmental sustainability and stringent regulations, increasing solvent usage, growing public awareness about the impact of solvent waste, the growing focus on sustainable practices and cost-effective manufacturing processes, and growing awareness of climate change.
The solvent recovery and recycling market size is expected to see strong growth in the next few years. It will grow to $1.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing adoption of circular economy principles, growing rapid industrialization, growth in chemicals industries, the rising demand for green solvents, and growth in strict waste management legislation. Major trends in the forecast period include innovations in solvent recovery technologies, growing initiatives towards eco-friendly practices, the development and adoption of green and bio-based solvents, adoption of temperature-swing molecular imprinting technology, and growing shift towards sustainable alternatives of solvent recovery and recycling.
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Scope Of Solvent Recovery And Recycling Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Solvent Recovery And Recycling Market Overview
Market Drivers –
The growing awareness of environmental issues is expected to propel the growth of the solvent recovery and recycling market going forward. The awareness of environmental problems is due to more media coverage, education, and advocacy, leading to increased public concern and understanding. Solvent recovery and recycling addresses environmental issues by minimizing hazardous waste, reducing the consumption of virgin resources, and lowering greenhouse gas emissions. This sustainable approach aligns with regulatory requirements and contributes to a circular economy, promoting the responsible management of chemicals while mitigating their environmental impact. For instance, in July 2023, according to the Office for National Statistics, a UK-based government department, in Great Britain, 86.5% of adults have made lifestyle changes to address environmental issues, with 73.6% reporting some changes and 12.8% having made significant adjustments. Therefore, growing awareness of environmental issues is driving the growth of the solvent recovery and recycling market.
Market Trends –
Major companies operating in the solvent recovery and recycling market are focused on developing advanced solutions, such as on-site solvent recycling systems, to reduce waste generation and lower operational costs. An on-site solvent recycling system enables the collection, purification, and reuse of solvents within industrial processes. It reduces the need for new solvents, cuts hazardous waste disposal costs, and enhances environmental sustainability. For instance, in July 2022, Unified Technologies, a US-based technology company, launched SR Series batch-type solvent recyclers. This product series includes SR30 solvent recyclers, larger batch solvent recyclers, and continuous flow solvent recyclers that offer a cost-effective solution for recycling solvents and hazardous chemicals from industrial processes. It is built with durable, corrosion-free stainless steel tanks. These systems are designed to require minimal maintenance, with just a simple 4-hour routine every 2,000 hours. Featuring fully automated operation controlled by a PLC with preset parameters and alarm signals, the SR Series recyclers can perform a complete distillation cycle every six hours. It is available in various tank capacities and provides a quick return on investment (ROI), often within 4 to 12 months of use.
The solvent recovery and recycling market covered in this report is segmented –
1) By Type: On-Site Solvent Recycling, Off-Site Solvent Recycling
2) By Technology: Distillation, Adsorption, Crystallization, Membrane Separation, Other Technologies
3) By Solvent Type: Alcohols, Amides, Esters, Ketones, Aromatic Solvents, Chlorinated Solvents, Other Solvent Types
4) By End-Use Industry: Paints And Coatings, Printing, Chemicals, Electronics, Pharmaceuticals, Other End-Use Industries
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Regional Insights –
North America was the largest region in the solvent recovery and recycling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solvent recovery and recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the solvent recovery and recycling market are Veolia Environnement SA, GFL Environmental Inc., CLEAN HARBORS INC., Indaver NV, Hydrite Chemical Co. Inc., Tradebe, Gage Products Company, Maratek Environmental, Progressive Recovery Inc., Altiras, OFRU Recycling GmbH & Co. KG, CBG Biotech Ltd., Solvent Waste Management Inc., CleanPlanet Chemical Inc., CYCLESOLV LLC, Refine Americas Inc., Polaris Srl, Rufouz Hitek Engineers Pvt. Ltd., ECOVE Solvent Recycling Corporation, Banashankari Chemicals Pvt.Ltd., Tidychem Recycling Pte Ltd.
Table of Contents
1. Executive Summary
2. Solvent Recovery And Recycling Market Characteristics
3. Solvent Recovery And Recycling Market Trends And Strategies
4. Solvent Recovery And Recycling Market – Macro Economic Scenario
5. Global Solvent Recovery And Recycling Market Size and Growth
….
32. Global Solvent Recovery And Recycling Market Competitive Benchmarking
33. Global Solvent Recovery And Recycling Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solvent Recovery And Recycling Market
35. Solvent Recovery And Recycling Market Future Outlook and Potential Analysis
36. Appendix
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