In 2023, the chemical recycling service market was valued at US$ 13.78 billion worldwide. The global market for chemical recycling services is expected to rise at a CAGR of 25.8% between 2024 and 2034. It is anticipated that the total market value will have increased from US$ 15.71 billion in 2024 to US$ 149.24 billion by 2034.
Rising awareness of environmental issues and shifting preferences of consumers have become significant drivers for the adoption of chemical recycling services. The leading concern is plastic waste accumulation. Traditional plastic has limitations, such as contamination issues and the inability to recycle certain types of plastics effectively.
Consumer preferences have changed significantly. Modern consumers are becoming more aware of the environmental impact of the products they buy. As a result, they are continually searching for more sustainable alternatives.
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They prefer products and packaging that are recyclable, renewable, or biodegradable. Hence, companies face challenges in integrating sustainable practices throughout their supply chains, including the use of modern recycling technologies such as chemical recycling.
Chemical recycling services have enormous potential to contribute to more sustainable plastic waste management. These can lead to the development of a more circular and sustainable economy while also aligning with the preferences of environmentally conscious consumers.
Due to this, governments of several countries around the world are taking initiatives to make the switch to a circular economy. This united front is a major driver of chemical recycling adoption.
A circular economy model chooses the efficiency of resources, lowers waste generation, and encourages material reuse, recycling, and regeneration. Chemical recycling is closely aligned with circular economy principles since it allows valuable resources to be recovered from waste materials that would otherwise be discarded.
Chemical recycling tackles the increasing problem of plastic pollution by offering a way to reuse and recover plastic waste, reducing the need for virgin resources that come from oil & gas. This not only helps to slow the depletion of natural resources but also helps to reduce greenhouse gas emissions and relieve pressure on landfill capacity.
Government-led efforts to transition to a circular economy provide a compelling reason to adopt chemical recycling. By tackling environmental concerns, maneuvering regulatory changes, and allowing economic opportunities, these programs promote broad acceptance of groundbreaking recycling technologies and pave the way for a more sustainable future.
“The future growth potential of chemical recycling services is promising, driven by increasing environmental concerns, regulatory pressures, and the need for sustainable waste management solutions. These are likely to fuel investment, innovation, and adoption of advanced recycling technologies.” – says FMI analyst.
Key Takeaways from the Report-
- The global market for chemical recycling services is projected to thrive at 25.4% CAGR through 2034.
- By technology, the pyrolysis segment is expected to grow by 17.2% CAGR through 2034.
- By product, synthetic crude oil is projected to thrive at 16.9% CAGR through 2034.
- The global market for chemical recycling services is anticipated to reach a total valuation of US$ 15.71 billion by 2024.
- Western Europe is expected to account for a significant share of about 49.6% in 2034
- The United States industry is projected to thrive at 26% CAGR from 2024 to 2034.
- Demand in India is predicted to rise at 28% CAGR through 2034.
Competitive Landscape
The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% share.
The global chemical recycling service market is fragmented, with leading players accounting for about 25% to 30% of the share. Agilyx, BASF, Chevron Phillips, ExxonMobil, Honeywell, Lyondellbasell, Dupont Teijin Films, Mitsubishi Chemical, Nova Chemicals, Shell, SK Global Chemical, Sumitomo Chemical, Arcus, BiologiQ, Braskem, Covestro, Eastman, Evonik, Forell Pomini, GreenMantra, Interseroh, Licella, Phigenesis, Quantafuel, and Renew ELP (UK) are the leading companies that provide chemical recycling services.
Recent Developments-
- In February 2024, Covestro, LyondellBasell, and Invest-NL announced a collaboration to invest 13 million euros in Pryme, a firm creating cutting-edge chemical recycling solutions. Through this partnership, Pryme’s technology for turning mixed plastic waste into premium circular feedstock will be commercialized more quickly.
- Reliance was the first company in India to employ chemical recycling in December 2023 to turn plastic waste-based pyrolysis oil into circular polymers that have earned the ISCC-Plus certification for sustainability and carbon footprint.
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Chemical Recycling Service Market Segmentation
By Technology:
- Feedstock Recycling
- Purification
- Depolymerization
By Product:
- Feedstock Recycling
- Purification
- Depolymerization
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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