Global Advanced Recycling Technologies Market - 2023-2030

Overview

Global Advanced Recycling Technologies Market reached US$ 269.8 million in 2022 and is expected to reach US$ 6,381.0 million by 2030, growing with a CAGR of 48.5% during the forecast period 2023-2030.

The industry focused on new techniques for turning waste materials into valuable resources is referred to as advanced recycling technology. The technologies seek to improve resource efficiency, reduce environmental impact and support the concepts of the circular economy.

With the change toward more sustainable goals, advancements in chemical recycling processes and client preference techniques, the need for secondary raw materials is growing every moment. It should be highlighted that chemical recycling-based secondary materials replace virgin raw materials in the manufacturing supply chain, hence lowering carbon emissions.

This innovative recycling technique enables the efficient recovery of high-quality monomers, which may be used to make new polymers or as raw materials in other sectors. Therefore, the pyrolysis/ cracking technology segment dominates the global market with more than 1/3rd of the total segmental shares.

Dynamics

The Growing Investment in Recycling Sector

Investments enable recycling operations to expand and scale up. It includes the construction of larger and more efficient recycling facilities outfitted with the latest technologies, allowing for greater processing capacity and contributing to market growth.

For instance, on August 11, 2023, Amcor Packaging and Mondelez International have invested in Licella, an Australian advanced recycling technology startup. The funds will be used to build an advanced recycling facility in Victoria, Australia. The 'Advanced Recycling Victoria' plant will use Licella's Catalytic Hydrothermal Reactor, which uses advanced hydrothermal liquefaction technology.

The new factory will initially have a capacity of 20,000 tons (t) of end-of-life plastics per year. In the future, the company intends to grow this to 120,000t each year. The investment will allow Amcor to meet the region's growing demand for recycled content and accelerate its goal of achieving 30% recycled content throughout its portfolio by 2030.

Advanced Recycling Regulations Drives the Market Growth

According to a new consumer perception study, advanced recycling is a broadly approved way to help U.S. recycle more plastics. The survey asked Americans about recycling and environmental marketing claims that are pertinent to the Federal Trade Commission's (FTC) planned modifications to its Green Guides. Consumers support varied procedures used to recycle post-use plastics, according to the findings - both mechanical and advanced recycling are considered as equally acceptable techniques in the need to raise plastic recycling rates and reduce waste.

On April 10, 2023, Kansas Governor Laura Kelly (D) signed bipartisan legislation classifying advanced recycling plants as manufacturing facilities. The unique recycling processes transform difficult-to-recycle polymers, such as agricultural sheeting, into lucrative new plastics. The American Chemistry Council (ACC) is thrilled that it discovered that the Kansas legislature strongly supported SB 114, making Kansas the 23rd state in U.S. to pass similar legislation.

Environmental Concerns and Challenges

More companies have stated intentions to employ recycled content in their plastic products and packaging in recent years in order to advance the circular economy. Traditional mechanical recycling methods are widely utilized to secure the postconsumer resin (PCR) required for these products and packaging, but contamination can be an issue with this method for some types of packaging.

A lack of effective waste management infrastructure in numerous regions might impede the efficient collection, sorting and processing of recyclable materials. Recycling technologies cannot attain their full potential without a strong waste management system, limiting the growth of the advanced recycling sector.

The Rising Advanced Sorting Techniques

The increased usage and innovation of sophisticated sorting processes is opening up several growth prospects in the globally advanced recycling technologies market. The sorting procedures greatly improve the efficiency, accuracy and sustainability of recycling processes, hence contributing to the recycling industry's overall growth and development.

Robotics and artificial intelligence (AI) technology have transformed garbage sorting by increasing accuracy, speed and efficiency. Intelligent robotic systems can recognize and sort various forms of waste depending on their qualities, speeding the recycling process and enhancing material recovery rates.

Sensor-based sorting methods identify and separate various materials based on their physical properties using a combination of sensors, detectors and imaging systems. The systems offer precise and automated waste stream sorting, increasing recycling efficiency and lowering contamination. NIR spectroscopy is a non-destructive analytical technique used to identify and characterize materials. It is extensively used in waste sorting plants to successfully separate recyclable items and assess the composition of different waste streams. Therefore, the growing advance sorting technique creates the lucrative growth opportunities in the global advanced recycling technologies market.

Segment Analysis

The global advanced recycling technologies market is segmented based on technology, process output, end-user and region.

Promoting Packaging Sustainability Through Circular Economy Principles and Innovative Collaborations

Packaging materials such as plastics, paper, cardboard and glass contribute significantly to global trash generation. The high volume of packaging waste fuels the demand for sophisticated recycling technology to treat and recycle these materials efficiently. Governments, businesses and consumers are increasingly emphasizing a circular economy strategy, particularly in the packaging industry. Advanced recycling technologies, which enable the recycling and reuse of packaging materials in accordance with circular economy principles, play a critical role in closing the loop.

On September 27, 2023, Pactiv Evergreen Inc., a leading North American manufacturer of fresh food and beverage packaging and ExxonMobil, a leader in advanced recycling technology, are collaborating to provide certified-circular packaging solutions to major food brands and food service providers. Pactiv Evergreen will soon deliver certified circular polypropylene (PP) packaging materials to its customers, utilizing ExxonMobil's Exxtend technology for enhanced recycling. The revolutionary products will meet all food contact regulation criteria and specifications.

Geographical Penetration

In Europe's Sustainable Markets, Advanced Recycling Technologies is Thriving

Technological developments unveil the untapped potential of established industrial methods, allowing organizations to achieve levels that humans cannot. It also applies to recycling technologies. With growing environmental concerns and a shift toward more sustainable practices, technical advancement has become essential in recycling activities.

The recycling rate in U.S. has historically been low. According to municipal solid waste material surveys, recycling rates in countries such as Germany, Slovenia and other European countries have excelled, leaving U.S. with a 32% recycling rate (including composting). Therefore, the European markets accounts for majority of the global advanced recycling technologies market.

COVID-19 Impact Analysis

The pandemic's economic uncertainty caused delays in planned initiatives and investments in the recycling sector. Many companies postponed or reduced their investment plans, affecting the growth and expansion of the market for advanced recycling technology.

Economic concerns and uncertainty impacted recycling project funding and financing alternatives. Some investors and financial organizations became more cautious, making it difficult to secure finance for the development and implementation of advanced recycling technology. Priorities were diverted to immediate health and safety problems, as well as economic recovery, as a result of the pandemic. During the crisis, several environmental projects, such as recycling and sustainability, may have been temporarily deprioritized or received less attention and financing.

Russia-Ukraine War Impact Analysis

Supply chains can be disrupted by geopolitical tensions, affecting the availability of raw materials, components and technology important to the advanced recycling sector. It could cause delays and cost increases. In response to geopolitical events, governments may change policies and regulations, influencing the support and incentives provided to the recycling industry, including advanced recycling technology.

By Technology

• Pyrolysis / Cracking
• Gasification
• Depolymerization
• Others

By Process Output

• Naphtha
• Heavy Gas Oil
• Wax Residue

By End-User

• Packaging
• Building and Construction
• Consumer Electronics
• Automotive
• Healthcare
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On October 3, 2023, Lummus Technology, a global provider of process technologies and value-driven energy solutions, has announced a collaboration with Dongyang Environment Group to introduce Lummus' innovative plastics recycling technology to South Korea. Dongyang Environment's subsidiary, Seohae Green Chemical, will run the facility in Seosan, Chungcheongnam-do, Korea.
• On April 25, 2023, Cyclic Materials, a Kingston, Ontario-based advanced metals recycling company focused on producing critical minerals, has raised US$ 27 million in an oversubscribed Series.
• On December 24, 2022, ExxonMobil has announced the successful launch of one of North America's largest advanced recycling facilities. The plant, located at the company's integrated manufacturing complex in Baytown, Texas, employs patented technology to degrade difficult-to-recycle polymers and convert them into raw materials for new products. It can process more than 80 million pounds of plastic trash per year, promoting a circular economy for post-use plastics and diverting plastic waste from landfills.

Competitive Landscape

major global players in the market include: Honeywell International Inc., Chevron Phillips Chemical Company LLC, Synova, Erema Group, Brightmark, Sierra International Machinery, Metso Outotec Corporation, Machinex Industries Inc., Vecoplan AG and Tomra Systems ASA.

Why Purchase the Report?

• To visualize the global advanced recycling technologies market segmentation based on technology, process output, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of advanced recycling technologies market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global advanced recycling technologies market report would provide approximately 61 tables, 60 figures and 189 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies