Global Microplastic Recycling Market to Reach $439 Million, by 2031 at 6.8% CAGR: Coherent Market Insights

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Mar 27, 2024, 06:54 ET

BURLINGAME, Calif., March 27, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, the global microplastic recycling market size is estimated to grow from $276.6 Million in 2024 and is forecast to reach a value of $439 Million by 2031 at a CAGR of 6.8% between 2024 and 2031. The growth of the Microplastic Recycling Market is being primarily driven by the increasing environmental concerns regarding the harmful impact of plastic waste on the environment. Governments and various organizations are implementing strict regulations and initiatives to promote plastic recycling, which is boosting the growth of the market. Furthermore, the rising awareness among consumers about sustainable practices is also contributing to the market growth.

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Market Trends

One of the key trends in the Microplastic Recycling Market is the adoption of advanced technologies for efficient recycling processes. Companies are investing in innovative technologies such as chemical recycling and pyrolysis to enhance the recycling efficiency and reduce the environmental impact of plastic waste. Another trend is the increasing focus on circular economy models, where the goal is to minimize waste and maximize the value of resources by recycling plastic materials. This trend is driving the demand for recycled plastic products and creating new opportunities for market growth.

Global Microplastic Recycling Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$276.6 million
Estimated Value by 2031	$439 million
Growth Rate	Poised to grow at a CAGR of 6.8%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By End Use Industry
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Growing awareness about environmental impact of plastic pollution • Opportunities from banned and phased-out single-use plastic products
Restraints & Challenges	• Collection and transportation challenges • Difficulty in effective sorting of microplastics

Market Opportunities:

With the increasing awareness about environmental conservation and sustainability, there has been a significant shift towards sustainable manufacturing processes. This has led to a rising demand for microplastic recycling, as it helps in reducing the environmental impact of plastic waste. The market opportunity lies in providing innovative and efficient recycling solutions to meet the growing demand for sustainable manufacturing processes. By offering cost-effective and environmentally friendly recycling solutions, companies can tap into this market opportunity and gain a competitive edge.

The concept of circular economy is gaining traction worldwide, as it promotes the reuse and recycling of materials to minimize waste and reduce environmental impact. Microplastic recycling plays a crucial role in achieving a circular economy by recycling plastic waste and converting it into new products. The market opportunity lies in aligning with the principles of a circular economy and developing advanced recycling technologies to meet the increasing demand for sustainable solutions. By promoting the circular economy model and offering innovative recycling solutions, companies can capitalize on this market opportunity and drive growth.

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Key Market Takeaways:

Microplastic Recycling is anticipated to witness a CAGR of 6.8% during the forecast period 2024-2031, owing to the growing demand for sustainable manufacturing processes and increasing focus on circular economy.

On the basis of Product segment, the Primary segment is expected to hold a dominant position, owing to its higher recycling efficiency and cost-effectiveness.

In terms of End Use Industry segment, the Packaging industry is dominating, due to the widespread use of plastic packaging materials.

North America is expected to hold a dominant position in the market, due to the stringent environmental regulations and growing awareness about plastic pollution.

Key players operating in the Microplastic Recycling market include Polygonesystems, PlanetCare, ECOFARIO, and Ocean Diagnostics, among others. These companies are focusing on technological advancements and strategic partnerships to expand their market presence and meet the growing demand for microplastic recycling solutions.

Recent Development:

In February 2023, The REMEDIES project, funded by the European Union (EU) and valued at around US$ 8.8 million, set an ambitious goal of collecting over 400 tons of This project aims to address the issue of microplastic pollution in various mediterranean regions by developing advanced systems for recycling, collecting, monitoring, and converting the extracted waste into new products. The primary objective of The REMEDIES project is to establish a sustainable model that effectively mitigates the impact of microplastics. It is a veteran owned small business that focuses on supporting critical infrastructure with specific tools and processes. The services of the company include project management, process improvement, and technology implementation

In January 2022, Plastipak Holdings, Inc., a global leader in the design, manufacture, and recycling of plastic containers, completed a major investment to expand its PET recycling capacity at its manufacturing site in Bascharage, Luxembourg. The expansion is set to increase the annual production capacity by 136%. Plastipak Holdings, Inc. is a global leader in the packaging and recycling industries. The company designs and manufactures plastic containers for beverages and other products.

Overall, the market offers lucrative opportunities for companies to capitalize on the growing demand for sustainable and environmentally friendly recycling solutions.

Read complete market research report, "Global Microplastic Recycling Market, By Product, By End Use Industry, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.

Market Segmentation:

By Product:

Primary
Secondary

By End Use Industry:

Packaging
Agriculture
Consumer goods
Textile
Automotive & Transportation
Building & Construction
Others

By Region:

North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa

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