Global Advanced Recycling Technologies Market to Reach $9.33 Billion by 2031 - Exclusive DeepTech M-A-P™ Analysis by BIS Research
Food and beverage packaging captured around 46% of the market as of 2021.
FREMONT, Calif., April 13, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Advanced Recycling Technologies Market – A Global and Regional Analysis.
According to this study, the global advanced recycling technologies market was valued at $270.5 million in 2022 and is projected to reach $9.33 billion by 2031, growing at a staggering CAGR of 48.22%.
The following factors are responsible for the increase in demand for advanced recycling technologies:
- Rising consumer awareness about the need to recycle plastic
- Implementation of landfill fueling restrictions
- Increasing demand for new plastic products
The detailed study is a compilation of 141 market data tables and 29 figures spread across 251 pages.
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Analyst's Take on the Market Projection
According to Sachin Singh, Lead Analyst, BIS Research, "In recent years, there has been an increased emphasis on employing recyclable, reusable, or biodegradable materials, which has given rise to advanced recycling technologies. With the growth of plastic waste, there is an increasing need for advanced recycling. For instance, according to United Nations, the amount of plastic garbage increased dramatically, from 2 million tonnes in 1950 to more than 460 million tonnes in 2021, and it is predicted that this amount will double by the year 2040. This is creating the need for stricter regulations on recycling and influencing the advanced recycling technologies market. Various companies such as Nestlé and PepsiCo have announced to replace all their packaging with recyclable materials by 2025. Therefore, the growing interest of food and beverage and consumer goods companies in employing recyclable materials is likely to supplement the market growth."
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Food and Beverage Packaging to be the Leading End User Segment
Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period 2022-2031. In the case of packaging made of recycled plastics, there is a significant possibility that dangerous substances would contaminate food. However, this is not the case with advanced recycled packaging. In addition, in the EU Plastic Strategy, advanced recycling is acknowledged as having "a powerful effect" (EU Plastic Strategy, 2018). Therefore, its demand in the food and beverage packaging sector is increasing.
Major Industry Leaders in the Advanced Recycling Technologies Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Agilyx, Stena Metall, Chevron Phillips Chemical Company LLC, Honeywell International Inc., Plastic Energy, Enerkem, Loop Industries, Inc., Gr3n Recycling, Carbios SA, Pyrowave, Polystyvert Inc., Recycling Avenue BV, BlueAlp Innovations BV, Quantafuel ASA, Mura Technology Limited, Alterra, Aduro Clean Technologies Inc., Brightmark, GreenMantra Technologies, Axens, and more.
Recent Developments in the Global Advanced Recycling Technologies Market
- In November 2022, Honeywell and Egypt's Environ Adapt for Recycling Industries signed a memorandum of understanding (MoU) to advance plastic recycling in the country. The joint efforts of the two organizations would examine the creation of Egypt's first chemical recycling facility, which would feature cutting-edge Honeywell technology and be able to recycle waste plastic into useful recycled polymer feedstock (RPF).
- In August 2022, Cyclyx International, a subsidiary of Agilyx, announced the opening of a new plastics testing laboratory in Portsmouth, U.S. This strategy enabled the company to enhance its recycle process testing capacity and expand the types of plastic waste range to be recycled with the use of company's recycling technology.
- In July 2022, Carbios collaborated with Salomon, On, PUMA, and Patagonia to develop solutions that improve the recyclability and circularity of their products. Carbios and the four businesses are also expected to conduct research into the recycling of products, create take-back strategies for used polyester items, including sorting and deconstruction technologies, and compile information on fiber-to-fiber recycling and circularity models.
Want to Learn More about the Latest Trends in Advanced Recycling? Speak to Our Analysts
Exclusive DeepTech MAP™ Analysis for Advanced Materials by BIS Research:
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