BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global solvent-based plastic Recycling market size at USD 634.68 million in 2022. During the forecast period between 2023 and 2029, the global solvent-based plastic recycling market size is projected to grow at a CAGR of 6.77% reaching a value of USD 996.64 million by 2029. The growing usage of plastic in many industries and an alarming increase in plastic waste volumes are key growth drivers for the global solvent-based plastic recycling market. The global solvent-based plastic recycling market is anticipated to see profitable expansion over the course of the forecast period as a result of strict government regulations for efficient plastic waste management in a number of countries.
Global Solvent-based Plastic Recycling Market – Overview
Solvent-based plastic recycling involves the removal of contaminants from post-industrial and post-consumer plastic using a selective solvent dissolution process, resulting in the recovery of polymers of good quality for reuse. Through precipitation, the pure polymer can be extracted from the solution. Recycling solvents can reduce waste and lower disposal expenses. Three primary processes are involved in solvent recycling: a co-rotating twin-screw extruder with filtration and a melt pump, a specialized reactor (separation unit) tailored for the particular process, and a finishing extruder (single- or twin-screw) for degassing.
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Global Solvent-based Plastic Recycling Market – By Application
Based on application, the global solvent-based plastic recycling market is segmented into building and construction, packaging, electrical and electronics, textiles, automotive, and others. The packaging industry accounts for the largest market share, as around 40% of the plastic produced is used in the packaging industry. This percentage is incessantly growing due to the growing popularity of e-commerce platforms and food delivery. Furthermore, expanding import and export activities are also fueling the demand for single use plastic packaging globally, due to which the demand for solvent-based plastic recycling is anticipated to surge during the forecast period.
Impact of COVID-19 on Global Solvent-based Plastic Recycling Market
The COVID-19 pandemic temporarily slowed the expansion of the global solvent-based plastic recycling market. According to OECD figures, the lockdown’s influence on the economy and subsequent slowdown in economic activity caused a 2.2% drop in global plastic consumption from 2019 levels or a 4.5% drop from the pre-COVID prediction for 2020. This directly affected the global solvent-based plastic recycling market growth. But because of the rising volume of plastic consumption, particularly in the healthcare and packaging industries, which include the use of PPE equipment like surgical face masks, single-use medical instruments, and packaging, the market is expected to gain traction throughout the forecast period.
Competitive Landscape
Major players operating in the global solvent-based plastic recycling market include Solvay, Sulzer Ltd., Veolia, Trinseo, Procter & Gamble, APK AG, Fraunhofer, PolystyreneLoop, PureCycle Technologies Inc., Saperatec GmbH, Agilyx Corporation, LyondellBasell, Pyrowave, MBA Polymers, and GreenMantra.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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