Chemical Recycling Market Size, Share & Trend Analysis By Technology, By Target Feedstock, By End Products, Regional Outlook, Competitive Tactics, and Segment Forecast to 2030

Chemical Recycling Market Overview:

As per Reports and Insights Analysis, the chemical recycling market is expected to grow at a CAGR of 7.1% during the forecast period of 2022 to 2030.

Chemical recycling processes convert waste plastics into raw materials for new plastic, fuel, or other chemicals by the use of heat, chemical reactions, or both.

Plastics, formerly known as "materials of 1,000 uses," are used to produce everything from medical equipment and electronics to clothing and automobiles. Due to increased usage, there are presently 150 million tonnes of solid plastic trash generated annually in the world. The physical attributes of recycled materials may be comparable to those of virgin plastics, but after several processing cycles, most polymers' properties are severely degraded, limiting the amount of money that can be saved. 

Chemical recycling is an alternate method for processing plastic solid waste; its effectiveness depends on how affordable the procedures are and how effective the catalysts are. In this report, we discuss cutting-edge methods for chemically recycling commercial plastics as well as technology for separating and recycling plastic solid waste into feedstocks. The design of novel, high-performing recyclable polymers has recently made some significant strides, which are then reviewed after these evaluations.

This market study on the global chemical recycling market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, chemical recycling market trend, regional outlook, chemical recycling market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the chemical recycling market.

Scope of the Report:

Chemical Recycling Market Drivers: Government restrictions on the usage of plastic and increasing public awareness of plastic disposal are fostering the market's growth

The market for recycled plastic is expanding rapidly as a result of the rise in government limitations on the use of conventional plastic and a growing emphasis on reducing plastic usage due to intensifying environmental contamination. The expected market expansion will also be aided by a rise in public awareness of the advantages of using recycled plastic over conventional plastics. The use of recycled plastic products is also increasing in end-use industries like automotive, packaging, electronics, and other industries, and there are advantageous benefits that encourage the use of these products and their derivatives, which is driving the expansion of the market.

Chemical Recycling Market Restraints: A significant impediment to the market's expansion is the lack of awareness of recycled plastics

Most of the time, consumers choose to use new products than recycled ones due to a lack of awareness regarding the value of recycled plastic products and their derivatives. As a result, the expansion of the plastic recycling market is being severely constrained. Moreover, as bio-plastics become more widely used throughout the world, this will continue to pose a significant obstacle to the market's expansion because of the huge rise and adaptability of the demand for these materials across a range of end-use sectors. As their market share over traditional plastics rises, bioplastics will stifle the demand for chemical recycling in the years to come because they don't require the chemical recycling process.

Chemical Recycling Market Opportunities: Applications in various End-Use Industry

A significant potential for the growth of the plastic recycling market is the continuous expansion of R&D activities to produce biodegradable and environmentally friendly recycled plastics to minimize environmental consequences. The textile industry's increasing usage of recycled plastics for fabric production is another positive aspect that will fuel market expansion in the years to come.

These polymers have also witnessed an increase in demand in the packaging of products including personal care items due to their non-reactive nature. The market will grow as a result of the greater usage of recycled plastic in consumer product packaging.

Chemical Recycling Market, by Technology:

Based on the Technology, the global chemical recycling market is segmented into; Purification, Depolymerization, Feedstock Recycling {Pyrolysis, Gasification, and Hydrothermal Treatment (HTT)}.

Chemical Recycling Market, by Target Feedstock:

Based on the Target Feedstock, the global chemical recycling market is segmented into; PVC, Polyolefins {Polyethylene (PE) (HDPE, LDPE), Polypropylene (PP), Polybutylene (PB)}, Polystyrene (PS), PMMA (poly-methyl methacrylate) - acrylic glass Polycondensates {Polyesters (PET), Polyamides (PA), Polyurethanes.

Chemical Recycling Market, by End Products:

Based on the End Products, the global chemical recycling market is segmented into; Refined Hydrocarbons, Monomers, Polymers, Plastic Products & packaging, and Others.

Chemical Recycling Market, by Region:

North America region earned a noticeable market share in 2021 and is likely to see rapid market expansion during the anticipated year. Governments in North America are taking more steps to implement domestic recycling facilities to reduce conventional plastic waste.

The Asia-Pacific region has dominated the size of the world's plastic recycling industry. This is because of favorable government regulations, available labor, and low costs, the Asia-Pacific area imports and recycles a significant amount of plastic garbage, and these factors are projected to drive the market in the Asia-Pacific region.

Chemical Recycling Market Recent Developments:

• In March 2022, in Germany, Shell and Remondis sign MOU to cooperate in closing the loop on collection and sorting of waste including plastic and biomass.
• In 2022, Clean Planet Energy will process hard-to-recycle waste plastic into naphtha, a petrochemical feedstock that can be used in plastic production to support a circular supply chain. Clean Planet Energy will also be producing Ultra Low Sulphur Diesel.
• In 2022, committed to eliminating plastic waste, Braskem develops next-generation technology for advanced recycling.
• In 2022, Braskem Invests in Nexus Circular to Accelerate Advanced Recycling of Plastics.
• In 2022, Eastman to invest up to $1 billion to accelerate circular economy through building world’s largest molecular plastics recycling facility in France.
• In 2022, Interzero and Eastman reach long term supply agreement for planned molecular recycling facility in France.
• In 2022, Evonik is pooling its activities for circular plastics in a global program. As part of the transition to a circular economy, the company offers its customers solutions for all stages in the polymer value chain.

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