PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490278
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490278
Advanced Recycling Technologies Market size was valued at USD 315.2 Million in 2023, expanding at a CAGR of 50.00% from 2024 to 2032.
Advanced recycling technologies include novel procedures for converting various types of plastic waste into high-quality materials suitable for reuse. These technologies use pyrolysis, gasification, or depolymerization to degrade polymers into molecular components, which can subsequently be refined and reformed into new products. Unlike typical recycling procedures, advanced recycling can handle a broader spectrum of plastics, including mixed or contaminated materials, helping to create a more circular economy and lowering dependency on virgin plastics.
Advanced Recycling Technologies Market- Market Dynamics
Increasing Focus on Investment in the Recycling Industry
Investments allow recycling operations to grow and increase in size. This involves building bigger and more effective recycling plants equipped with cutting-edge technologies, increasing processing capabilities, and supporting market growth. On August 11, 2023, Amcor Packaging and Mondelez International collaborated to invest in Licella, an advanced recycling technology startup based in Australia. The money will be utilized for constructing a state-of-the-art recycling plant in Victoria, Australia. The 'Advanced Recycling Victoria facility will implement Licella's Catalytic Hydrothermal Reactor, which utilizes advanced hydrothermal liquefaction technology.
Advanced Recycling Technologies Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 50.00% over the forecast period (2024-2032)
Based on Technology segmentation, Pyrolysis/Cracking was predicted to show a majority market share in the year 2023
Based on Process Output segmentation, Naphtha was the dominating output in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Advanced Recycling Technologies Market is segmented on the basis of Technology, Process Output, End Use, and Region.
The market is divided into four categories based on Technology: Pyrolysis/Cracking, Gasification, Depolymerization and Microwave. Pyrolysis/Cracking is the largest share in the Advanced Recycling Technologies Market. Pyrolysis/Cracking entails breaking down complex materials into simpler components through the application of heat in the absence of oxygen. This method is broadly utilized in changing numerous types of waste substances into precious merchandise like fuels, chemicals, and feedstocks. Its versatility, efficiency, and large applicability across different industries make Pyrolysis/Cracking a significant segment driving the increase of advanced recycling technology.
The market is divided into three categories based on Process Output: Naphtha, Heavy Gas Oil and Wax Residue. Naphtha is the dominant component in the Advanced Recycling Technologies Market. Naphtha is a flexible feedstock used in many sectors, including petrochemicals and refineries. Its great demand arises from its ability to produce a wide range of goods, including plastics, chemical compounds, and fuels. Naphtha recycling and reprocessing contribute significantly to sustainability efforts and resource optimization within the industrial sector, making it a critical focus area in advanced recycling technologies.
Advanced Recycling Technologies Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In North America is likely to dominate the market due to major technological breakthroughs in sustainable plastic waste management. These innovations, particularly pyrolysis and gasification, are critical in breaking down plastic trash into smaller, more manageable molecules. Using such technology, the United States hopes to effectively address the difficulties of plastic trash contamination, so contributing to a more sustainable and ecologically friendly approach to waste management in the region.
Asia-Pacific is the fastest expanding region of the market, driven by rising awareness of plastic pollution and the need to recycle. Governmental regulatory frameworks play an important role in driving market expansion by establishing tougher regulations. This trend indicates an increasing social awareness of environmental sustainability, resulting in attempts to reduce plastic waste and promote recycling habits. India's proactive posture reflects a larger regional shift toward stricter environmental legislation and sustainable practices in the fight against plastic pollution.
In the competitive landscape of the Advanced Recycling Technologies Market, numerous key players are driving innovation and marketplace increase. Companies like Recycling Avenue (Netherlands), Gr3n Recycling (Italy), PLASTIC ENERGY (U.K.), Quantafuel ASA (Norway), Loop Industries, Inc. (Canada) and Honeywell International Inc. are prominent names inside the enterprise, focusing on developing superior recycling answers for various waste streams. These corporations are investing in research and development to enhance the efficiency and sustainability of recycling tactics. Additionally, partnerships with government businesses, waste control groups, and enterprise stakeholders play a essential position in shaping the aggressive landscape of the advanced recycling technology marketplace.
In July 2023, Chevron Phillips Chemical strengthened its collaboration with Nexus Circular by signing a long-term supply arrangement for innovative recycled plastic feedstocks. Nexus Circular, known for its cutting-edge recycling technology, converts landfill-bound plastics into high-quality liquids capable of manufacturing virgin circular plastics. This agreement enables Chevron Phillips Chemical to extend its circular polymers initiative, playing an important role in encouraging the shift to a circular economy for plastics.
GLOBAL ADVANCED RECYCLING TECHNOLOGIES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BlueAlp Innovations BV (Netherlands)
Pyrowave (Canada)
Enerkem (Canada)
Recycling Avenue (Netherlands)
Gr3n Recycling (Italy)
PLASTIC ENERGY (U.K.)
Quantafuel ASA (Norway)
Loop Industries, Inc. (Canada)
Agilyx (U.S.)
Honeywell International Inc. (U.S.)
Polystyvert (Canada)
Olefy Technologies Ltd. (U.K.)
Mura Technology Limited (U.K.)
Chevron Phillips Chemical Company LLC (U.S.)
GARBO SRL (Italy)
Brightmark (U.S.)
Synova (Switzerland)
Others