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Global Plastic Chemical Recycling Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030

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    Report

  • 190 Pages
  • August 2023
  • Region: Global
  • Fairfield Market Research
  • ID: 5877288
Global Plastics Chemical Recycling Market to Witness Robust Growth at a 30% CAGR, Reaching US$50 Billion by 2030.

Plastics chemical recycling is a transformative process involving the dissolution of discarded plastic into its chemical constituents through various chemical reactions. These recovered chemicals can be used as raw materials to create new polymers, fuels, and other valuable products. Unlike mechanical recycling, which relies on melting and reshaping plastics, chemical recycling focuses on altering the molecular structure of plastic polymers. It is particularly effective in handling contaminated, mixed compositions, or degraded plastics, thus enabling the recovery of a broader range of plastic waste streams.

Plastics Chemical Recycling Market

The chemical industry has played a pivotal role in developing innovative consumer goods such as refrigerator parts, food packaging, carpets, beds, and automobile dashboards. These innovations are now being scaled up for industrial use, driving rapid growth in the plastics chemical recycling market. The market's expansion is further fueled by the global plastic waste challenge, increasing environmental regulations, growing consumer concerns about plastic pollution, and the demand for products made from recycled plastics.

However, challenges like high initial investment costs, technological limitations, and the need for supportive legislative frameworks must be addressed for the market to realize its full potential. Intense competition characterizes the market, with both established companies and new entrants striving to gain a competitive edge through strategic partnerships, collaborations, and investments in research and development.

Key Report Findings

  • Huge Revenue Expansion: The plastics chemical recycling market is poised for significant multifold revenue growth between 2023 and 2030.
  • Environmental Concerns Drive Growth: The global plastic waste problem and the need for more environmentally friendly waste management solutions are key drivers of the plastics chemical recycling market's rapid growth.
  • Depolymerization Boosts Demand: The demand for depolymerization in plastics chemical recycling will propel market growth.
  • Asia Pacific Leads, North America Grows Strong: Asia Pacific will continue to lead the market, while North America's plastics chemical recycling market will experience the strongest growth until 2030.

Growth Drivers

Rising Environmental Concerns and Recycling Advancements: Growing awareness of the environmental impact of plastic waste and the desire to reduce carbon emissions are significant drivers of the plastics chemical recycling industry. Advanced recycling technologies, including chemical recycling and pyrolysis, have expanded the range of plastics that can be recycled. As people become more aware of plastic waste's detrimental effects on the environment, the demand for alternatives and sustainable practices continues to rise. This awareness presents numerous opportunities for entrepreneurs and investors in the plastic recycling industry, from setting up recycling facilities to developing new products made from recycled plastics.

Global Expansion of Government Policies: Government incentives and regulations worldwide are propelling the plastic recycling industry forward. Many countries have implemented policies to encourage sustainable practices and recycling industry growth. Bans on single-use plastics and plastic bag levies are among these policies. For instance, India's Environment Ministry introduced draft regulations in 2021 directing plastic packaging material producers to collect and ensure the recycling of their products by 2024. These policies create a favorable environment for the plastics chemical recycling market, stimulate the development of innovative recycling technologies, and increase demand for recycled plastics.

Market Challenges

High Capital Investments: The substantial upfront capital required for plastic chemical recycling is a significant market barrier. Setting up the necessary technology and infrastructure for chemical recycling, including reactors, processing units, and specialized equipment, involves considerable expenses. Moreover, extensive research and development activities are essential to refine and scale up chemical recycling methods, further increasing capital investments. Building chemical recycling facilities also incurs high construction costs. Navigating complex or unclear regulatory environments can add to the total capital investment.

Overview of Key Segments

Pyrolysis and Gasification Leading the Way: Pyrolysis and gasification are dominant segments in the plastics chemical recycling market, together accounting for approximately 80% of planned chemical recycling capacities. Pyrolysis involves breaking down plastics into basic hydrocarbons through heating in the absence of oxygen. These hydrocarbons can be further distilled into various products, from heavy wax and oils to light oils and gas. Pyrolysis and gasification divert plastic waste from landfills and contribute to environmental sustainability.

Depolymerization Offers Versatility: Depolymerization is another essential process in chemical recycling. It allows for the recycling of a wide variety of plastic types and reduces greenhouse gas emissions compared to producing plastics from fossil fuels. While depolymerization offers versatility and contributes to the circular economy, it may require additional technological development to achieve commercial and economic feasibility due to its energy-intensive nature.

Growth Opportunities Across Regions

Asia Pacific's Dominance Continues: Asia Pacific is expected to lead in initiating new projects in the plastics chemical recycling market. The region faces challenges related to insufficient recycling facilities and disposal issues, making plastic chemical recycling a potential solution. Several countries in Asia Pacific have implemented policies supporting circular economy practices and sustainable waste management. Government incentives and policies have encouraged investments in advanced recycling technologies, spurring market growth.

Europe Provides a Fertile Ground: The European plastics chemical recycling market will experience significant growth over the forecast period. Concerns about plastic pollution, overflowing landfills, and inadequate recycling infrastructure have driven governments, corporations, and consumers to seek sustainable solutions. Companies in Europe have set ambitious sustainability goals, including the use of more recycled materials in their products. As consumers increasingly support products made from recycled materials, companies are investing in cutting-edge recycling technologies. Europe has also enacted regulations and policies to promote eco-friendly recycling and waste management, fostering a favorable environment for innovative recycling technology development.

Plastics Chemical Recycling Market Players

Leading players in the plastics chemical recycling market include Agilyx ASA, NextChem S.p.A., INEOS, Recycling Technologies Ltd., Exxon Mobil Corporation, JEPLAN Inc., and BlueAlp Innovations BV. These companies are at the forefront of advancing plastics chemical recycling technologies and contributing to sustainable waste management solutions.

Table of Contents

1. Executive Summary
1.1. Global Plastics Chemical Recycling Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Plastic Recycling Techniques - Overview
2.8. Economic Overview
2.8.1. World Economic Projections
2.9. PESTLE Analysis
3. Global Plastics Chemical Recycling Market Outlook, 2018 - 2030
3.1. Global Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Pyrolysis
3.1.1.2. Gasification
3.1.1.3. Dissolution
3.1.1.4. Depolymerization
3.2. Global Plastics Chemical Recycling Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. North America
3.2.1.2. Europe
3.2.1.3. Asia Pacific
3.2.1.4. Latin America
3.2.1.5. Middle East & Africa
4. North America Plastics Chemical Recycling Market Outlook, 2018 - 2030
4.1. North America Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Pyrolysis
4.1.1.2. Gasification
4.1.1.3. Dissolution
4.1.1.4. Depolymerization
4.1.2. Market Attractiveness Analysis
4.2. North America Plastics Chemical Recycling Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. U.S. Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
4.2.1.2. Canada Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
4.2.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Plastics Chemical Recycling Market Outlook, 2018 - 2030
5.1. Europe Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Pyrolysis
5.1.1.2. Gasification
5.1.1.3. Dissolution
5.1.1.4. Depolymerization
5.1.2. BPS Analysis/Market Attractiveness Analysis
5.2. Europe Plastics Chemical Recycling Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Germany Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.2. U.K. Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.3. France Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.4. Italy Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.5. Turkey Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.6. Russia Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.1.7. Rest of Europe Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
5.2.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Plastics Chemical Recycling Market Outlook, 2018 - 2030
6.1. Asia Pacific Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Pyrolysis
6.1.1.2. Gasification
6.1.1.3. Dissolution
6.1.1.4. Depolymerization
6.1.2. BPS Analysis/Market Attractiveness Analysis
6.2. Asia Pacific Plastics Chemical Recycling Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. China Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.1.2. Japan Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.1.3. South Korea Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.1.4. India Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.1.5. Southeast Asia Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.1.6. Rest of Asia Pacific Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
6.2.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Plastics Chemical Recycling Market Outlook, 2018 - 2030
7.1. Latin America Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Pyrolysis
7.1.1.2. Gasification
7.1.1.3. Dissolution
7.1.1.4. Depolymerization
7.1.2. BPS Analysis/Market Attractiveness Analysis
7.2. Latin America Plastics Chemical Recycling Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Brazil Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
7.2.1.2. Mexico Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
7.2.1.3. Rest of Latin America Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
7.2.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Plastics Chemical Recycling Market Outlook, 2018 - 2030
8.1. Middle East & Africa Plastics Chemical Recycling Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Pyrolysis
8.1.1.2. Gasification
8.1.1.3. Dissolution
8.1.1.4. Depolymerization
8.1.2. BPS Analysis/Market Attractiveness Analysis
8.2. Middle East & Africa Plastics Chemical Recycling Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. GCC Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
8.2.1.2. South Africa Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
8.2.1.3. Rest of Middle East & Africa Plastics Chemical Recycling Market by Type, Value (US$ Mn), 2018 - 2030
8.2.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Type vs Application Heatmap
9.2. Manufacturer vs Application Heatmap
9.3. Company Market Share Analysis, 2022
9.4. Competitive Dashboard
9.5. Company Profiles
9.5.1. Agilyx ASA
9.5.1.1. Company Overview
9.5.1.2. Product Portfolio
9.5.1.3. Financial Overview
9.5.1.4. Business Strategies and Development
9.5.2. NextChem S.p.A.
9.5.2.1. Company Overview
9.5.2.2. Product Portfolio
9.5.2.3. Financial Overview
9.5.2.4. Business Strategies and Development
9.5.3. INEOS
9.5.3.1. Company Overview
9.5.3.2. Product Portfolio
9.5.3.3. Financial Overview
9.5.3.4. Business Strategies and Development
9.5.4. Recycling Technologies Ltd.
9.5.4.1. Company Overview
9.5.4.2. Product Portfolio
9.5.4.3. Financial Overview
9.5.4.4. Business Strategies and Development
9.5.5. Exxon Mobil Corporation
9.5.5.1. Company Overview
9.5.5.2. Product Portfolio
9.5.5.3. Financial Overview
9.5.5.4. Business Strategies and Development
9.5.6. JEPLAN Inc.
9.5.6.1. Company Overview
9.5.6.2. Product Portfolio
9.5.6.3. Financial Overview
9.5.6.4. Business Strategies and Development
9.5.7. Trinseo
9.5.7.1. Company Overview
9.5.7.2. Product Portfolio
9.5.7.3. Financial Overview
9.5.7.4. Business Strategies and Development
9.5.8. Shaw Industries Group
9.5.8.1. Company Overview
9.5.8.2. Product Portfolio
9.5.8.3. Financial Overview
9.5.8.4. Business Strategies and Development
9.5.9. Borealis AG
9.5.9.1. Company Overview
9.5.9.2. Product Portfolio
9.5.9.3. Financial Overview
9.5.9.4. Business Strategies and Development
9.5.10. Ioniqa Technologies B.V.
9.5.10.1. Company Overview
9.5.10.2. Product Portfolio
9.5.10.3. Financial Overview
9.5.10.4. Business Strategies and Development
9.5.11. Sepco Industries Co., Ltd.
9.5.11.1. Company Overview
9.5.11.2. Product Portfolio
9.5.11.3. Financial Overview
9.5.11.4. Business Strategies and Development
9.5.12. BlueAlp Innovations BV
9.5.12.1. Company Overview
9.5.12.2. Product Portfolio
9.5.12.3. Financial Overview
9.5.12.4. Business Strategies and Development
9.5.13. Clean Planet Group
9.5.13.1. Company Overview
9.5.13.2. Product Portfolio
9.5.13.3. Financial Overview
9.5.13.4. Business Strategies and Development
9.5.14. Versalis
9.5.14.1. Company Overview
9.5.14.2. Product Portfolio
9.5.14.3. Financial Overview
9.5.14.4. Business Strategies and Development
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • NextChem S.p.A.
  • Agilyx ASA
  • INEOS
  • Recycling Technologies Ltd.
  • Exxon Mobil Corporation
  • Trinseo
  • JEPLAN Inc.
  • Borealis AG
  • Ioniqa Technologies B.V.
  • Sepco Industries Co., Ltd.
  • BlueAlp Innovations BV
  • Clean Planet Group
  • Versali

Methodology

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