Market Research Future (MRFR) has published on the “Global Microplastic Recycling Market”.
The Microplastic Recycling Market is estimated to register a CAGR of 7.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Microplastic Recycling Market— Carbios; Purecycle technologies; Ioniqa; Calyxia; Polygonesystems; PlanetCare; ECOFARIO; Ocean Diagnostics; Oceanworks; and Matter.
The global Microplastic Recycling Market is accounted to register a CAGR of 7.20% during the forecast period and is estimated to reach USD 0.40 billion by 2032.
The market is expected to experience growth in the forecast period due to government regulatory measures, growing environmental consciousness, technological progress, heightened consumer education, and the extensive utilization of microplastics across multiple industries.
The global microplastic recycling market has been segmented into on product, and end-use.
Based on Product, the market is segmented into Primary and Secondary. The secondary segment was attributed to holding the largest market share in 2022. Secondary microplastic recycling involves the retrieval and reprocessing of previously utilized and discarded microplastics, such as those originating from plastic bottles, packaging, and other forms of waste. This approach holds the potential to significantly curtail the volume of plastic waste deposited in landfills and oceans, thereby mitigating environmental harm. Furthermore, secondary microplastic recycling stands out as a cost-efficient strategy, as recycled materials typically come at a lower cost compared to virgin materials.
Based on the End-use, the Microplastic Recycling Market has been segmented into Packaging, Agriculture, Consumer Goods, Textile, Automotive and transportation, Building and construction, and Others. The packaging segment was expected to hold the largest market share in 2022. In response to governmental regulations and escalating consumer consciousness, the packaging industry is transforming sustainable and environmentally friendly packaging solutions. The incorporation of recycled plastics, including microplastics, is recognized as an effective means of diminishing the ecological footprint associated with packaging materials.
The global Microplastic Recycling Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Microplastic Recycling Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Microplastic Recycling Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Microplastic Recycling Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Microplastic Recycling Market was maintained by the North American regional sector. Microplastics have emerged as a significant environmental concern in North America, driven by increasing public apprehensions and awareness regarding their adverse effects on wildlife and human well-being. Across the region, various governmental regulations are being enacted to curb plastic waste and encourage recycling practices. For instance, starting in January 2022, California implemented legislation mandating manufacturers to incorporate a minimum proportion of recycled plastic into their products. Specifically, plastic beverage containers must now contain a minimum of 15% recycled content, in line with these regulatory measures.
Moreover, the Europe market has been persistently growing over the forecast period. The European Union has enforced stringent regulations about single-use plastics and waste management. Under the EU Circular Economy Package, there is a concerted effort to drive the shift towards a more sustainable and resource-efficient economic model, with microplastic recycling playing a crucial role in this endeavor. As part of its strategic objectives, the European Union has established a target to recycle roughly 55% of plastic packaging waste by the year 2030, with microplastic recycling recognized as a significant contributor to the attainment of this milestone.
Governments in the Asia-Pacific region are implementing regulations to address plastic pollution, which includes measures to manage and reduce microplastics. These regulations can include restrictions on single-use plastics and requirements for recycling and proper waste management practices. As per the United Nations, it is projected that plastic waste production in the Asia-Pacific region will surge to approximately 140 million tons by the year 2030. Notably, in 2020, China took the initiative to prohibit the use of non-recyclable plastic within its major urban centers, and this momentum is expected to persist through the year 2022. The surge in plastic waste provides a substantial source of raw materials for microplastic recycling processes. This influx of plastic waste, especially from populous countries in Asia-Pacific, creates a more abundant and consistent feedstock for recycling facilities.
Furthermore, the rest of the world's Microplastic Recycling Market is divided into the Middle East, Africa, and Latin America. Various industries in this region, including manufacturing, packaging, and consumer goods, are recognizing the importance of adopting sustainable practices. Companies are increasingly integrating recycled microplastics into their supply chains and product offerings to reduce their environmental footprint.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Microplastic Recycling Market Report
Key Findings of the Study