The global Advanced Recycling Technologies Market is estimated to reach over USD 8.90 billion by 2031, exhibiting a CAGR of 47.16% during the forecast period.
Many consumer-packaged goods (CPG) companies have committed to selling products with less environmental impact as industries shift from fossil fuels towards sustainability. These commitments apply to a substantial amount of the plastic goods that people use or come into contact with daily, such as flexible film wraps, bottles, caps, and meal trays. As a result, circular polymers are in high demand, but capacity announcements must keep up with demand growth.
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Advanced recycling can yield plastics with customized molecular weight distributions and comonomers suitable for high-value applications, such as flexible food packaging, in addition to expanding the sorts of recyclable plastics. Although many of these technologies are still evolving and scaling, capacity is now constrained.
- In May 2019, The future tissue plant in Sherbrooke that KP Tissue Inc. and Kruger Products are building, which will include the most cutting-edge and effective TAD technology in Canada, was dedicated to the construction site. 180 employment in Estrie and 1,700 direct and indirect jobs will be generated by this USD 575 million investment throughout the course of the building phase, which will end in 2021.
List of Prominent Players in the Advanced Recycling Technologies Market:
- Stena Metall
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc.
- Plastic Energy
- Loop Industries, Inc.
- Gr3n Recycling
- Carbios SA
- Polystyvert Inc.
- Recycling Avenue BV
- BlueAlp Innovations BV
- Quantafuel ASA
- Mura Technology Limited
- Aduro Clean Technologies Inc.
- GreenMantra Technologies
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Government regulations all around the world and rising environmental awareness have increased the cause-driven nature of packaging solution marketing. In addition to assisting businesses in achieving their environmental objectives, recycled packaging solutions help them distinguish their products in the marketplace. For instance, Amcor announced it to design all of its packaging to be recyclable or reusable by 2025.
Factors like increasing urbanization and the rise in demand for off-the-shelf products are some factors that further drive the market. The growing solar energy market, due to increasing dependence on renewable energy sources, along with the subsidies available for energy storage, is anticipated to contribute to the growth of the market, thus, accelerating the glass demand in the market. However, development and advancement in biodegradable plastics are hindering the market growth.
Making sure that materials are seen as recyclable and that materials have access to such areas are challenges, she said. “That entire infrastructure and connections of the value chain to ensure that a homeowner is aware of their ability to recycle it, then connecting those parts in the supply chain and ensuring there is enough of that material to scale up to end market needs. Another obstacle the sector is seeking to overcome is redefining advanced recycling as manufacturing as opposed to solid waste management.
Modern consumers’ expectations and attitudes towards product packaging, as well as the stricter enforcement of laws governing clean production, food safety, and hygienic packaging, have put pressure on large downstream clients to gradually implement cutting-edge, inventive, environmentally friendly packaging solutions in nations like China, India, and other Asian nations. For instance, China banned the majority of imports of various recyclables focused on garbage generated by its citizens at the end of 2017.
The nation served as the largest global market for recovered plastics and other commodities. As a result, in January 2018, China only authorised the entry of 9.3 tonnes of plastic scrap. Comparing this to the 3.8+ million tonnes that were authorised to be imported at the beginning of the year, it is estimated that this represents a more than 99% reduction.
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Segmentation of Advanced Recycling Technologies Market-
By End User-
- Food and Beverage Packaging
- Non-Food Packaging
- Consumer Electronics
- Infrastructure and Construction
- Pyrolysis/ Cracking
By Product Type-
- Heavy Gas Oil
- Wax Residue
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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