Global Solvent-based Plastic Recycling Market Size, Trends & Growth Opportunity, By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene, Others), By Application (Building & Construction, Packaging, Electrical

Global Solvent-based Plastic Recycling Market Size, Trends & Growth Opportunity, By Product (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene, Others), By Application (Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive, Others), By Region and Forecast till 2027.

Global Solvent-based Plastic Recycling Market

The global Solvent-based Plastic Recycling market was valued at USD 600 million in 2021 which expected to reach USD 900.1 million by 2027 at a CAGR 6.75 % from 2022-2027.

Solvent-based processes may be useful in recycling currently non-recyclable plastics. Multilayer plastic materials are used in a variety of applications, including the electrical and electronic industries, as well as food and medical packaging. Each year, approximately 100 million tonnes of multilayer plastics containing up to twelve layers of varying polymers are produced globally. Due to the difficulty of recycling multilayer plastics, almost all of that plastic ends up in landfills or incinerators. By recycling multilayer plastics, solvent-based recycling can contribute to the resolution of this crisis.

Market Drivers

Growing plastic consumption has resulted in increasing plastic waste, which has become a global crisis as a result of poor plastic waste management. One of the novel approaches to resolving this crisis is solvent-based recycling of plastic waste. A selective solvent dissolution process is used to remove impurities and recover plastics that meet minimum standards for reuse.

Market challenge s

Stringent regulations prohibiting the use of single-use plastics in regions such as Europe, North America, and Asia are expected to fuel the industry's growth.

Market Segmentation

The Global Solvent-based Plastic Recycling Market is segmented into Product, Application. By Product such as Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene, Others. Further, market is segmented into By Application such as Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive, Others.

Regional Analysis

Global Solvent-based Plastic Recycling Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe dominated the Solvent-based Plastic Recycling market. The regional expansion can be attributed to rising consumer awareness and increased regulatory pressure on plastic pollution. Governments and major corporations are constantly refining targets to reduce plastic waste and promote a circular economy in the plastics value chain, which has fueled interest in solvent-based recycling. Solvent-based recycling is also useful for recycling low-quality plastic waste that cannot be mechanically recycled.

North America has the largest market for solvent-based plastic recycling. The region is characterized by major companies involved in solvent-based recycling, such as Proctor & Gamble and Trinseo, as well as the United States, which is the world's largest producer of plastic waste.

Key Players

Various key players are listed in this report such as Solvay; Sulzer Ltd; Trinseo; Procter & Gamble; APK AG; PolystyreneLoop; PureCycle Technologies Inc; Saperatec GmbH.. among others.

Market Taxonomy

By Product

Polyethylene

Polyethylene Terephthalate

Polypropylene

Polyvinyl Chloride

Polystyrene

Others

By Application

Building & Construction

Packaging

Electrical & Electronics

Textiles

Automotive

Others

By Region

North America

Latin America

Europe

China

Asia Pacific

Middle East & Africa

Key Questions Addressed by the Report

What are the Key Opportunities in Global Solvent-based Plastic Recycling Market?

What will be the growth rate from 2022 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the competitive Landscape in the Industry?

What is the role of key players in the value chain?