Solvent-Based Plastic Recycling Market | Showcasing Advanced Chemical Recovery Technologies and Circular Economy Strategies for a Regenerative Plastics Industry

The global solvent-based plastic recycling market size is expected to reach USD 965.10 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.9% from 2022 to 2030. Growing consumption of plastics has resulted in growing plastic waste which because of improper plastic waste management has become a global crisis. Solvent-based recycling of plastic waste is one of the innovative ways to solve this crisis. To remove impurities a selective solvent dissolution process is used to recover plastics of minimum standards suitable for reuse.

Solvent-based Plastic Recycling Market Report Highlights

• The polystyrene product segment led the market with a revenue share of more than 47.7% in 2021 and is expected to maintain a healthy growth rate over the forecast period
• Stringent regulations regarding single-use plastic ban across regions including Europe, North America, and Asia, are expected to fuel the growth of the industry
• The growing demand for packaging and electrical & electronic products along with rising environmental concerns is expected to drive the demand for solvent-based plastic recycling in the electrical & electronics application segment
• The packaging application led with the largest revenue share of more than 38.6% in 2021. Increasing applications of plastics in food, medical and protective packaging are expected to drive the segment during the forecast period

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Solvent-based processes can be useful in recycling plastics that are currently non-recyclable. Multilayer plastic materials are being used in many applications like electrical and electronic industries, and food and medical packaging. Globally about 100 million tons of multilayer plastics containing as many as twelve layers of varying polymers are produced each year. As recycling multilayer plastics is difficult almost all of that plastic ends up in landfills or incinerators. Solvent-based recycling can help solve this crisis by recycling multilayer plastics.

By Application Analysis

Most of the plastic packaging materials manufactured today are composites made of distinct polymer layers like multilayer films. There are no commercially practiced technologies to fully deconstruct postindustrial multilayer plastic wastes into virgin, recyclable polymers. Solvent-based recycling can be of use in recycling such composite plastic materials like polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polypropylene (PP), these plastics constitute eighty-five percent of single-use plastic and polystyrene (PS) and polyvinyl chloride (PVC) constitute less than ten percent. 

By Product Analysis

Polystyrene (PS) can be recycled by mechanical, solvent-based, and chemical technologies. In solvent-based processes, the PS is dissolved in a solvent for separation and then recovered from the solvent. This allows a better purification of PS waste materials as compared to a mechanical process. Solvent-based Polyethylene Terephthalate (PET) plastic recycling has certain advantages over mechanical recycling. The major advantage of this method of mechanical recycling is the removal of dyes which affect the quality of recycled material. Dyed textiles and colored plastics are less valuable as secondary feedstock for products compared to uncolored transparent materials. To be economically viable, the solvent has to be recycled.

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Market Latest Trends and Developments

Some of the major companies in the solved-based recycling industry include Proctor & Gamble, APK AG, and Fraunhofer. Companies are resorting to collaborations and establishing new recycling plants to capture the market. For example, In August 2021, PureCycle Technologies signed an agreement with SK Global Chemical to set up a polypropylene (PP) recycling plant in South Korea. Also, major universities are actively researching to find novel methods of solvent recycling.

For example, scientists at the University of Wisconsin–Madison (UW-Madison) have discovered a method called Solvent-Targeted Recovery and Precipitation (STRAP) processing for extracting the plastics in multilayer plastics using solvents. In this process, polymers in a commercial multilayer plastic such as polyethylene, polyethylene terephthalate (PET), and ethylene vinyl alcohol by using a sequence of solvent washes.

List of major companies in the Solvent-based Plastic Recycling Market

• Solvay
• Sulzer Ltd
• Trinseo
• Procter & Gamble
• APK AG
• Fraunhofer
• PolystyreneLoop
• PureCycle Technologies Inc
• Saperatec GmbH

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Segmented the global solvent-based plastic recycling market based on product, application, and region:

Table of Contents

Chapter 1. Methodology and Scope

          1.1. Market Segmentation & Scope

           1.2. Market Definition

           1.3. Information Procurement

            1.3.1. Purchased Database

             1.3.2. GVR’s Internal Database

             1.3.3. Secondary Sources & Third-Party Perspectives

             1.3.4. Primary Research

           1.4. Information Analysis

             1.4.1. Data Analysis Models

           1.5. Market Formulation & Data Visualization

Chapter 2. Executive Summary

           2.1. Market summary

           2.2. Segmental Outlook

Chapter 3. Market Variables, Trends, and Scope

           3.1. Market Lineage Outlook

           3.2. Penetration & Growth Prospect Mapping

           3.3. Industry Value Chain Analysis

             3.3.1. Raw Material Trends

             3.3.2. Manufacturing Trends

           3.4. Technology Overview

           3.5. Regulatory Framework

           3.6. Market Dynamics

             3.6.1. Market Driver Analysis

             3.6.2. Market Restraint Analysis

           3.7. Business Environment Analysis

             3.7.1. Industry Analysis - Porter’s

              3.7.1.1. Supplier Power

               3.7.1.2. Buyer Power

               3.7.1.3. Substitution Threat

               3.7.1.4. Threat from New Entrant

               3.7.1.5. Competitive Rivalry

             3.7.2. PESTEL Analysis

               3.7.2.1. Political Landscape

               3.7.2.2. Environmental Landscape

               3.7.2.3. Social Landscape

               3.7.2.4. Technology Landscape

               3.7.2.5. Economic Landscape

               3.7.2.6. Legal Landscape

Chapter 4. Solvent-based plastic recycling Market: Product Estimates & Trend Analysis

           4.1. Product movement analysis & market share, 2021-2030

           4.2. Polyethylene

             4.2.1. Global solvent-based plastic recycling market, in polyethylene estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           4.3. Polyethylene Terephthalate

             4.3.1. Global solvent-based plastic recycling market, in polyethylene terephthalate estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           4.4 Polypropylene

             4.4.1. Global solvent-based plastic recycling market, in polypropylene estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           4.5 Polyvinyl Chloride

             4.5.1. Global solvent-based plastic recycling market, in polyvinyl chloride estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           4.6 Polystyrene

             4.6.1. Global solvent-based plastic recycling market, in polystyrene estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           4.7 Others

             4.7.1. Global solvent-based plastic recycling market, in others estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

Chapter 5. Solvent-based plastic recycling Market: Application Estimates & Trend Analysis

           5.1. Application movement analysis & market share, 2021-2030

           5.2. Building & Construction

             5.2.1. Global solvent-based plastic recycling market, in building & construction estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           5.3. Packaging

             5.3.1. Global solvent-based plastic recycling market, in packaging estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           5.4. Electrical & Electronics

             5.4.1. Global solvent-based plastic recycling market, in electrical & electronics estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           5.5. Textiles

             5.5.1. Global solvent-based plastic recycling market, in textiles estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           5.6. Automotive

             5.6.1. Global solvent-based plastic recycling market, in automotive & transportation estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)

           5.7. Others

             5.7.1. Global solvent-based plastic recycling market, in others estimates and forecasts, 2019 - 2030 (Kilotons) (USD Million)