Advanced Recycling Technologies Market to Grow at CAGR of 46.5% between 2024 and 2031 | Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Global Advanced Recycling Technologies Market
The worldwide advanced recycling technologies market is expected to reach USD 9.45 billion by 2031, up from USD 0.245 billion in 2022, with a CAGR of 46.5% between 2022 and 2031.
Advanced recycling technologies, such as pyrolysis, gasification, and depolymerization, comprises advanced approach to convert plastic waste into advanced materials that can be used again. Polymers can be degraded to components at the molecular level using these versatile techniques. These may then be purified and rearranged in new configurations to create other products entirely. If you broaden the categories of plastics that can be processed with these technologies it includes mixed and contaminated plastics, too. This support of a circular economy means that dependency on virgin plastics will be lower. In the packaging industry, Advanced Recycling Technologies (ART) are crucial when it comes to recycling complex materials like multi-layered plastics and composites. Companies who use ART are able to cut their use of virgin plastics, reduce waste and thereby promote a more environmentally friendly packaging system.
Advanced Recycling Technologies Market Dynamics
- Rising Plastic Pollution Drives Demand for Advanced Recycling Technology and Sustainable Packaging Solutions
The growing plastic pollution has led to increased demand for sustainable disposal activities. Government, business, and the mass of consumers are all turning to Advanced Recycling Technologies (ART) in their drive to reduce plastic waste and protect the environment. Companies making an investment in ART are seen as farsighted, law-abiding and more reputable. Major consumer goods manufacturers, even Unilever, are busily incorporating recycled plastics into their products. Their aim, by 2025 at the latest, is to use no more than 25% virgin plastic in packaging. That underscores a broader trend for the industry as a whole to adopt sustainable packaging approach.
- Breakthrough Innovations in Advanced Recycling Technologies Propel Market Growth and Sustainability
Innovation, such as upgraded sorting technology, novel chemical methods of recycling and the creation of new catalysts, is making ART higher effective, cheaper and more readily industrially scalable. Such developments mean that ART can indeed become a sustainable alternative industry looking to return to nature instead of simply consume her resources and discard spoils. Consequently, market growth accelerates. Such as plastic waste. In another case, a research team has developed an innovative enzymatic recycling process (using special enzymes to decompose the polyester plastic into its constituent molecular segments), that has given businesses more efficient and also little impact plastic recycling.
- Advanced Recycling Technologies Drive Sustainability in Packaging Amid Rising Demand for Recycled Materials
As consumers favor green products more these days, the popular demand for recycled material conversely is growing even faster. This is a common fact, because corporate social responsibility programs (CSR) increasingly require domestic enterprises to use green materials and that the government has strict environmental laws with harsh penalties for violations. One could also say the same about Aftermarket Technology -- Technology which by definition must reduce costs and provide more environmentally friendly alternatives to new resources due to the inextricable link between Earth's leaves on one end and the end consumers.
The global economy is killing two birds with one stone. Just like factory waste, debased recycled materials also drive up their price cost and environment pollution. At the same time, major beverage makers in the world, including Coca-Cola and PepsiCo, have vowed to use more recycled plastics to make its packaging. This is further proof of businesses leading industry efforts toward sustainability; such as can be found at a new company like ART.
- Challenges and Market Insights for Advanced Recycling Technologies Amidst Competition with Traditional Methods
Due to the high cost of initial investment, tradition able recycling methods still compete with advanced recycling technologies (ART) on the one hand. Furthermore, ART is boxed in by existing recycling infrastructure and systems which already reign supreme throughout China's cities and towns. Tourism thus provides a way around these obstacles: it has been used to make many underdeveloped Chinese communities more prosperous. Traditionally smaller ventures with tightly constrained budgets or even one-person enterprises may be unable to take advantage of ART technologies because of the truly formidable amounts of capital, infrastructure, specialized technology, and R&D required. Hence their willingness and ability to adopt such solutions are called into question. The generally long payback period for ART projects (as compared with traditional recycling) will further deter potential capital investment. Future requirements of this nature must hence be resolved through public administration in a broader context---requiring for instance that any venue or function which takes on increased garbage and foreign substances coming from abroad and mixes them in will first attach proper sorting and processing facilities to the general dumping area. Nor is there any sign that rogue healthcare service providers, who have long been accustomed to disposing of their wastes by flushing or incineration, are changing their ways anytime soon. For the waste management sector, this poses a monumental problem. As a result of these bottlenecks, ART (advantageously capable of handling complex or contaminated plastics and of producing regenerated high-grade materials) remains trapped between its advantages and the existence of legacy recycling systems.
https://exactitudeconsultancy.com/reports/40302/advanced-recycling-technologies-market/
Impact of Raw Material Shortages and Shipping Delays on the Market
Our analysis delves into the effects of raw material shortages and shipping delays on the current market landscape. We evaluate strategic opportunities, develop actionable plans, and support businesses in making informed decisions. Beyond standard reporting, we provide comprehensive analyses including forecasted shipping delays, regional distributor mapping, commodity and production analysis, price trend mapping, sourcing strategies, category performance evaluation, supply chain risk management, advanced benchmarking, and additional procurement and strategic support services.
Projected Impact of Economic Slowdown on Product Pricing and Availability
Industries are affected during an economic slowdown as the pricing and availability both are depended on in effect of the economy. The market reports and the intelligence services we produce can have forecasted implications for downturns, allowing clients to predict shifts early in time to adapt, outpace the competition and improve accuracy in their sales, revenue, p&l responsibility. This allows companies to steer through economic challenges more strategically and protects their market position.
Competitive Landscape and Advanced Recycling Technologies Market Share Analysis
Some of the major players operating in the market are:
- PLASTIC ENERGY (U.K.)
- Quantafuel ASA (Norway)
- GARBO SRL (Italy)
- Brightmark (U.S.)
- Synova (Switzerland)
- Loop Industries, Inc. (Canada)
- Agilyx (U.S.) BlueAlp Innovations BV (Netherlands)
- Pyrowave (Canada)
- Enerkem (Canada)
- Polystyvert (Canada)
- Olefy Technologies Ltd. (U.K.)
- Recycling Avenue (Netherlands)
- Gr3n Recycling (Italy)
- Honeywell International Inc. (U.S.)
- Mura Technology Limited (U.K.)
- Chevron Phillips Chemical Company LLC (U.S.)
Recent Developments
- December 2023: Plastic Energy Partners with TotalEnergies
Plastic Energy, a pioneer in chemical recycling, entered into a strategic partnership with TotalEnergies to scale up the production of advanced recycled plastic feedstocks. Plastic Energy’s proprietary technology converts end-of-life plastics into high-quality feedstocks, while TotalEnergies aims to integrate these materials into its manufacturing processes, enhancing its circular economy efforts and reducing reliance on virgin plastics.
- June 2023: Dow Launches New Chemical Recycling Facility
Dow Chemical Company inaugurated a new chemical recycling facility in the United States focused on converting mixed plastics into reusable raw materials. This facility utilizes innovative technologies to process a wide range of plastic waste, improving the sustainability of Dow’s supply chain and significantly contributing to the reduction of plastic waste in landfills.
- October 2023: Veolia and Mura Technology Joint Venture
Veolia, a global leader in optimized resource management, partnered with Mura Technology to establish a joint venture aimed at expanding advanced recycling capabilities. The collaboration focuses on implementing Mura’s HydroPRP technology to convert plastic waste into valuable feedstocks, supporting Veolia’s goal of creating a circular economy for plastics and enhancing waste-to-resource solutions.
- August 2023: Shell Invests in Biofuel Production from Agricultural Residues
Shell announced a major investment in a new biofuel production facility that utilizes agricultural residues as feedstock. This facility, located in the Netherlands, employs innovative processes to convert waste residues into sustainable aviation fuel (SAF), underscoring Shell’s commitment to reducing carbon emissions and promoting sustainable fuel alternatives.
- September 2023: Unilever Collaborates with Loop Industries for Plastic Waste Recycling
Unilever formed a partnership with Loop Industries to enhance its plastic recycling initiatives. Loop Industries’ technology deconstructs PET plastic waste into its base monomers, which can then be used to create new, high-quality PET resin. This collaboration aligns with Unilever’s sustainability goals and its aim to increase the use of recycled plastics in its products.
https://exactitudeconsultancy.com/reports/40302/advanced-recycling-technologies-market/
Advanced Recycling Technologies Market Scope
By Technology
- Pyrolysis/Cracking
- Gasification
- Depolymerization
- Microwave
By Process Output
- Naphtha
- Heavy Gas Oil
- Wax Residue
By End Use
- Packaging
- Infrastructure and Construction
- Consumer Electronics
- Automotive
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Advanced Recycling Technologies Market Analysis/Insights
Regional Insights:
- Europe: Germany is anticipated to lead the market in Europe, driven by its strong focus on sustainable plastic waste management. The country’s adoption of advanced recycling technologies is essential for achieving efficient waste processing, thereby contributing to market growth. The growing shift towards a circular economy model that emphasizes resource efficiency and waste reduction is gaining momentum, highlighting the demand for innovative solutions to address environmental concerns while ensuring economic sustainability.
- Asia-Pacific: India is expected to emerge as a dominant market player in the region, fuelled by increasing public awareness of plastic pollution and the urgent need for recycling solutions. Government regulations have become more stringent, further driving the market as policies aim to reduce plastic waste and promote sustainable recycling practices. This shift reflects a broader regional movement toward stricter environmental standards, positioning India as a leader in fostering environmentally responsible policies and practices.
- North America: The U.S. is set to dominate the market in North America, thanks to significant advancements in plastic waste management technologies. Innovative processes such as pyrolysis and gasification, which break down plastic waste into smaller, reusable molecules, are at the forefront of this growth. By leveraging these technologies, the U.S. is addressing the plastic waste problem effectively, promoting a more sustainable approach to waste management throughout the region.
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