Molecular Recycling Technology Market Overview
The Molecular Recycling Technology market size is estimated to grow at a CAGR of 5.8% during the forecast period 2022-2027. Molecular recycling technology, also known as chemical recycling or advanced recycling technology involves breaking down the polymer or plastics and converting it into fundamental building blocks or monomers with refashioning and recycling. The carbon renewal and polyester renewal technologies are significantly used for recycling a broad mixture of wastes such as plastics, carpet, bottles, polyester-based clothing and others and converting them into chemical building blocks or molecules, thereby boosting the scope for efficient and low carbon footprint recycling, thereby acting as a major driving factor in the molecular recycling technology market. In addition, the growing emphasis on efficient and sustainable recycling techniques to control waste and environmental degradation is bolstering the growth of the industry. The covid-19 outbreak disrupted the functioning and growth of the molecular recycling technology market size due to the closure of various recycling bases, hampered demand from major end-use industries and supply chain issues. However, with recovery and an established base for recycled plastics and other recycled products post-pandemic, the applications of molecular recycling technology are rising, thereby offering major demand in the market. Thus, the molecular recycling technology industry is anticipated to grow rapidly during the forecast period.
Molecular Recycling Technology Market Report Coverage
The report: “Molecular Recycling Technology Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Molecular Recycling Technology Industry.
By Type: Polyester Renewal Technology and Carbon Renewal Technology.
By Plastics Feedstock: Polyethylene Terephthalate (PETE), Polystyrene (PS), Polypropylene (PP), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE) and Others.
By Application: Refined Hydrocarbons, Oils, Waxes, Monomers, Plastic Polymers and Others.
By End-Use Industry: Textiles, Packaging (Food Packaging and Non-Food Packaging), Petrochemicals, Consumer Goods and Others.
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC) and Rest of the World (Middle East, South America and Africa).
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Key Takeaways
- Asia-Pacific dominates the Molecular Recycling Technology Market, owing to flourishing development and investments in molecular recycling technology and growing awareness and adoption of recycled plastics and other materials in major end-use industries.
- The packaging sector offers flourishing demand for the Molecular Recycling Technology industry owing to the rise in the applicability of recycled plastics in flexible packaging solutions, thereby boosting the growth opportunities in the market.
- The demand for carbon renewal technology is rising over polyester renewal technology due to its broad waste recycling applicability for all plastics, carpets and other materials, thereby bolstering demand in the market.
- Various government bodies such as U.S GAO and others are focusing on chemical recycling or molecular recycling technology to control waste and convert plastics into essential fuels, thereby propelling the growth of the molecular recycling technology market.
- However, the high initial startup costs and instability in recycling few plastic wastes act as a major challenge in the molecular recycling technology market.
Molecular Recycling Technology Market Segment Analysis – by Type
Carbon renewal technology (PRT) held a significant Molecular Recycling Technology Market share in 2021 and is forecasted to grow at a CAGR of 5.7% during the forecast period 2022-2027. Carbon renewal technology, a type of advanced or molecular recycling, has high demand compared to polyester renewal technology, as the CRT uses recycling for a broad range of plastics materials, carpets and other wastes compared to PRT, which only recycles the polyester family. The demand for recycled plastics is growing owing to growth factors such as an increase in consumer awareness regarding recycling, CPG pledges and other regulations, thereby bolstering the applications and growth for circular recycling or advanced recycling technologies, majorly the carbon renewal technology type. Thus, with an accelerating demand for recycling and enhanced performance in plastics, the demand for carbon renewal technology of chemical recycling or molecular recycling technology is rising, which is anticipated to boost the growth for carbon renewal technology during the forecast period.
Molecular Recycling Technology Market Segment Analysis – by End-Use Industry
The packaging segment held a significant Molecular Recycling Technology Market share in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027. The molecular recycling technology has major demand in the packaging sector for food, non-food, flexible and rigid packaging applications owing to factors such as growing emphasis on plastics waste recycling and regulations to promote eco-packaging. The packaging industry is rapidly flourishing due to growth factors such as an inclination toward ready-to-eat foods, packaged food items, changing lifestyles and a rise in income levels. For instance, according to the Waste and Resources Action Programme (WRAP), 100% of packaging plastics will be recyclable by the year 2025. The emphasis on biodegradable or recyclable packaging is also growing to control the accumulation of wastes and boost sustainability, thereby propelling the demand for efficient recycling techniques. For instance, according to the International Institute for Sustainable Development, Coca-Cola Company, a leader in plastic recycling, aims to use around 50% of the recycled material in its packaging application by the year 2030. With the increase in demand for recycled plastics in the packaging industry, majorly for flexible packing, the applications and demand for virgin or recycled plastics prepared from molecular recycling technology is growing, which, in turn, is anticipated to boost the growth and molecular recycling technology market size in packaging sector during the forecast period.
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Molecular Recycling Technology Market Segment Analysis – by Geography
The Asia-Pacific region held the largest Molecular Recycling Technology Market share in 2021 up to 41%. The robust demand for molecular or advanced recycling technology in this region is influenced by growing manufacturing plants for molecular recycling and utility in various end-use industries such as packaging, petrochemicals and others. The packaging industry in APAC is rapidly growing owing to growth factors such as high demand for sustainable and recycled plastics for food packing, retail sector growth and changing lifestyle patterns. For instance, according to the Ministry of Economy, Trade and Industry (METI), the Japanese government adopted a bill to promote plastic recycling and reduce plastic littler issues in marine in March 2021. According to India Brand Equity Foundation (IBEF), the packaging sector in India is projected to reach US$204.81 billion by 2025. In addition, the growing investment and development of molecular recycling technology in major countries such as China, Japan, South Korea and others are propelling the growth in this region. Thus, owing to increasing chemical recycling plants and increasing demand for plastic packaging, the applicability of molecular recycling technology for plastics polymers, waxes and others is rising, which in turn is anticipated to boost the molecular recycling technology industry in Asia-Pacific during the forecast period.
Molecular Recycling Technology Market Drivers
Increasing Emphasis on Plastics Recycling:
The emphasis on recycling plastic wastes and the adoption of recycled plastics product is significantly growing. This is due to factors such as a rise in plastic waste accumulation, landfill pollution and high carbon emissions. For instance, according to the United States Environment Programme (UNEP), only 10% of the plastics in the world are recycled, which creates a burden on the environment. The plastics recycling sector is significantly rising to control waste and limit carbon emissions. For instance, according to KPMG, the European Union aims to achieve the goal of recycling 55% of plastic packaging waste by 2030. Furthermore, according to the Waste & Resources Action Programme, plastic packaging recycling exhibits a strong growth, accounting for 50% in 2019 and over 44% in the previous year. With the rising emphasis on plastics recycling, the demand for molecular recycling technology is growing for converting waste materials into useful and sustainable polymers, which, in turn, is driving the market and acts as a major factor for the growing molecular recycling technology market size.
Bolstering Growth in Petrochemicals Industry:
Molecular recycling technology has major demand in various petrochemicals products sourced from recycled materials using CRT and PRT. The molecular recycling technology transforms the wastes and recycles them into monomers, polymers, oils, gases and others. The petrochemical industry is significantly growing owing to factors such as the growing adoption of petrochemical raw materials in major industries, rising oil demand, economical costs and emphasis on recycled petrochemical materials. For instance, according to the India Brand Equity Foundation (IBEF), the chemical & petrochemical sector in India is estimated to reach US$300 Billion by 2024-25. An investment worth US$107.38 billion is estimated for chemicals & petrochemicals by the year 2025. Furthermore, SABIC became the first petrochemical firm to invest in a project for the conversion of plastic waste and other waste materials into original feedstock, in 2021. With the increase in recycling and demand for enhanced polymer, monomer and other recycled products petrochemicals, the growth opportunities for molecular recycling technology are significantly expanding, thereby driving and providing growth in the molecular recycling technology industry.
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Molecular Recycling Technology Market Challenges
High Startup Costs and Unsuitability for Various Plastics:
Molecular recycling or advanced recycling technology faces a major challenge due to factors such as high start-up costs and unsuitability for recycling plastics such as PET. The lack of sufficient investments, high machinery cost and the rising expenses on this technology act as challenging factors. Additionally, the unsuitability of chemical recycling technology for thermoset plastics is a restraining factor, which marks a question in the applicability in reliability of the molecular recycling or chemical recycling technology. Thus, major growth hamper due to high initial costs and non-suitability for few plastic wastes such as thermoset, hinders the market and is anticipated to act as a major challenging factor in the market.
Molecular Recycling Technology Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Molecular Recycling Technology market. The top 10 companies in Molecular Recycling Technology Market are:
- Eastman Chemicals
- LyondellBasell
- Resynergi
- BlueAlp
- Agilyx
- SABIC
- Procter & Gamble
- Mitsui Chemicals
- Kumho Petrochemicals
- PureCycle Technologies
Recent Developments
- In April 2022, Eastman launched Naia, a renewal cellulosic staple fiber in the clothing sector, sourced from recycled waste plastics and wood pulp using the carbon renewal technology, thereby promoting sustainability and demand for chemical recycling or advanced recycling technology.
- In January 2022, Eastman announced to invest US$1 billion in a material-to-material Molecular Recycling Technology facility in France. This facility would ease the polyester renewal technology of Eastman to recycle up to 160,000 metric tons annually.
- In November 2021, Eastman and Procter & Gamble announced that Herbal Essence is the first P&G brand to use ‘Renew’ molecular-recycled plastic in the packaging sector, thereby boosting the growth of sustainable and renewed molecular-recycling technologies.
