Advanced recycling technologies convert recycled plastics into new polymers, fuels, or chemicals through the use of heat or chemical solvents. By enabling the processing of mixed plastics and offering up value-added opportunities for difficult-to-recycle polymers, advanced recycling technologies have the potential to outperform other recycling technologies. Advanced recycling technologies, for instance, can meet the need for food-contact grade recycled polyethylene (PE) and polypropylene (PP) by converting plastic waste into a material similar to virgin plastic. This reduces waste as well as the climatic effect associated with the extraction of virgin material.
Read Report Overview: Advanced Recycling Technologies Market
The global advanced recycling technologies market is projected to reach $9,339.7 million by 2031 from $270.5 million in 2022, growing at a CAGR of 48.22% during the forecast period 2022-2031.
Food and Beverage Packaging Dominates the Advanced Recycling Technologies Market (by End-User)
Among different end-users, food and beverage packaging is expected to be the largest application during the forecast period (2022-2031). In the case of packaging made of recycled plastics, there is a significant possibility that dangerous substances would contaminate food. However, this is not the case with advanced recycled packaging. In addition, in the EU Plastic Strategy, advanced recycling is acknowledged as having "a powerful effect" (EU Plastic Strategy, 2018). Therefore, its demand in the food and beverage packaging sector is increasing.
Naphtha/ Distillate Gas Oil Segment Dominates the Advanced Recycling Technologies Market (by Product Type)
In 2021, naphtha/ distillate gas oil held the largest share in the global advanced recycling technologies market and is expected to dominate the market during the forecast period (2022-2031). Advanced recycling technologies transform plastic waste into useful feedstock such as naphtha that is further utilized in making other products such as plastics, fuels, and so on.
Europe Dominates the Advanced Recycling Technologies Market (by Region)
Europe led the advanced recycling technologies market in 2021 and is anticipated to uphold its dominance throughout the forecast period, owing to the numerous government initiatives compelling the packaging industry stakeholders to adopt sustainable and recyclable packaging. In addition, taxes levied by the European Union on packaging and plastic bags to reduce marine pollution are helping to advance the expansion of the nation's advanced recycling technologies market.
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Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
The global advanced recycling technologies market has been segmented by different end users, among which food and beverage packaging captured around 46% of the market as of 2021. Other end users, including non-food packaging, accounted for around 27%, consumer electronics accounted for 9%, infrastructure and construction accounted for 7%, automotive accounted for 1%, and other end-use industries accounted for 10% of the total share in 2021 in terms of value.
The global Advanced Packaging Technologies Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global advanced packaging technologies market are 3M Company, Amcor Limited, Bemis Company, Inc., CCL Industries Inc., Crown Holdings, Inc., Cryolog S.A., Landec Corporation, LCR Hallcrest LLC., PakSense, Inc., Sealed Air Corporation, Temptime Corporation, Thin Film Electronics ASA, Timestrip UK Ltd., Varcode, Ltd., Vitsab International AB, and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Advanced Packaging Technologies Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/advanced-packaging-technologies-market/download-sampleMarket DynamicsThe increasing consumer inclination towards convenience products such as packaged foods as it has resulted in the development of products with advanced packaging technologies is stimulating the market presence.
In addition to this, rising demand for advanced packaging technologies from the food & beverage industry owing to their properties that enhance shelf life is further increasing the market value.
On the other hand, heating issues while operating packaging devices may challenge the market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
