In 2023, the global chemical recycling service market was valued at USD 13.78 billion. Between 2024 and 2034, this market is expected to experience rapid growth at a noteworthy CAGR of 25.8%, projecting a total market value of USD 149.24 billion by 2034, up from USD 15.71 billion in 2024.
The adoption of chemical recycling services is primarily driven by increasing awareness of environmental issues and evolving consumer preferences. A key concern is the accumulation of plastic waste, which conventional recycling methods struggle to manage due to contamination challenges and limitations in processing certain types of plastics.
Modern consumers are becoming increasingly mindful of the environmental impact of their purchases, leading to a rising demand for more sustainable alternatives. This shift is reshaping market dynamics, prompting businesses to invest in innovative solutions that offer enhanced sustainability and environmental benefits.
Consumers are favoring products and packaging that are recyclable, renewable, or biodegradable, posing challenges for companies to integrate sustainable practices across their supply chains, including adopting advanced recycling technologies like chemical recycling.
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Chemical recycling services hold significant promise in transforming plastic waste management towards a more circular and sustainable economy, aligning with consumer preferences for environmentally responsible products.
Governments worldwide are initiating efforts to transition towards a circular economy, which prioritizes resource efficiency, minimizes waste generation, and promotes the reuse, recycling, and regeneration of materials. Chemical recycling aligns closely with these principles by enabling the recovery of valuable resources from waste materials that would otherwise be discarded.
By addressing the growing issue of plastic pollution through the reuse and recovery of plastic waste, chemical recycling reduces reliance on virgin resources sourced from oil and gas. This not only conserves natural resources but also mitigates greenhouse gas emissions and alleviates pressure on landfill capacities.
Government-led initiatives promoting the shift to a circular economy provide strong incentives for adopting chemical recycling technologies. By addressing environmental concerns, navigating regulatory shifts, and unlocking economic opportunities, these programs foster widespread acceptance of innovative recycling solutions 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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