Chemical Recycling of Plastics Market Size and Growth
The global Chemical Recycling of Plastics Market was valued at USD 14.92 billion in 2023, and is expected to grow significantly at a CAGR of 9.4%, reaching nearly USD 27.98 billion by 2030. This growth reflects the industry's increasing commitment to addressing plastic waste and supporting the global push for sustainability and circular economy goals.
Market Overview
Chemical recycling refers to a set of processes that break down polymers in plastics to regenerate raw materials that can be used in new plastic production or other products. Key technologies driving chemical recycling include pyrolysis, gasification, hydro-cracking, and depolymerisation. These technologies are playing a crucial role in transforming plastic waste into valuable resources, reducing dependence on fossil fuels, and contributing to the achievement of environmental sustainability goals.
In line with the European Commission's objectives under the Circular Plastics Alliance, chemical recycling initiatives are gaining traction. Investment in this field has surged, expected to rise from USD 2.87 billion in 2025 to USD 8.83 billion by 2030. This is a direct response to the growing global focus on reducing plastic waste and shifting towards a more sustainable, circular economy.
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Key Market Drivers
- Sustainability Goals: The increasing pressure on industries to reduce their carbon footprint is driving significant investments in chemical recycling technologies.
- Regulatory Support: Governments, particularly in Europe, are setting ambitious plastic recycling targets. Regulations such as limiting municipal waste landfilling to 10% by 2035 and increasing plastic packaging recycling rates are pushing companies toward adopting chemical recycling.
- Technological Advancements: Continued innovation in recycling technologies, including collaborations between companies and research institutions, is enhancing the efficiency and scalability of chemical recycling processes.
- Reduction of Plastic Waste: Chemical recycling technologies enable the conversion of complex waste plastics, which are typically non-recyclable, into valuable resources, reducing landfill dependency.
Market Trends
- Innovation in Recycling Technologies: Companies like NOVA Chemicals and BASF are at the forefront, launching initiatives and new technologies such as ChemCycling to further develop the chemical recycling process.
- Strategic Partnerships: Key collaborations are emerging across the chemical recycling industry, as seen in the partnerships between companies like LyondellBasell and Source One Plastics, which are setting up industrial-scale plants to enhance plastic waste recycling.
- Circular Economy Initiatives: With increasing environmental concerns, the chemical recycling of plastics is seen as a major step toward achieving a circular economy, where waste is minimized, and materials are continuously reused.
Segmentation
By Product Type: The market is segmented by plastic type, with Polyethylene (PE) leading the market share in 2023. Other key segments include Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), and Polystyrene (PS). Polyethylene is dominant due to its widespread use across industries, including packaging, automotive, and construction.
By Technology: Chemical recycling technologies such as pyrolysis, gasification, hydro-cracking, and depolymerisation are the key drivers in this segment.
By Application: Major sectors using recycled plastics include packaging, automotive, construction, and electronics.
Regional Analysis
- Europe: Europe is leading the chemical recycling of plastics market, with substantial investments in technology and regulatory frameworks promoting sustainability. The European Union’s strict recycling policies and initiatives like the Circular Plastics Alliance are propelling the market forward.
- North America: The U.S. is increasingly adopting chemical recycling technologies with companies like NOVA Chemicals and BASF leading efforts to scale up operations.
- Asia Pacific: In countries like China and India, rising demand for sustainable solutions and government initiatives supporting recycling are expected to drive growth in the chemical recycling sector.
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Key Players
- NOVA Chemicals: Focused on advancing sustainable plastic management through its Centre of Excellence for Plastics Circularity.
- BASF: Their ChemCycling initiative provides products made from plastic waste, contributing to a circular economy.
- LyondellBasell: Developing large-scale chemical recycling plants with a focus on reducing CO2 emissions.
- SABIC: Innovating chemical recycling solutions for more sustainable plastic production.
- SK Chemicals: Expanding recycling capacities in Asia to support the circular economy and meet sustainability targets.
Key Questions Answered
- What is the current market size of the chemical recycling of plastics industry?
- What are the primary drivers fueling the growth of the chemical recycling market?
- How are companies and governments collaborating to meet global plastic recycling goals?
- What are the major challenges in scaling chemical recycling technologies?
- Which regions are leading the chemical recycling market, and what are their growth projections?
Conclusion
The Chemical Recycling of Plastics Market is poised for significant growth, driven by advancements in technology, increasing investments, and supportive regulatory frameworks globally. As industries seek more sustainable solutions, the market for chemical recycling technologies will continue to expand, reducing plastic waste and promoting a circular economy. By 2030, the market is expected to reach USD 27.98 billion, marking a crucial step toward a more sustainable and resource-efficient future.
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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