Recyclable thermosets are being adopted across various end-user applications such as automotive, energy and power, construction, electrical and electronics, aerospace and defense, and others. Construction is one of the largest consumers of recyclable thermosets globally.
The global recyclable thermoset market is projected to reach $987.9 million by 2031 from $536.8 million in 2022, growing at a CAGR of 7.01% during the forecast period 2022-2031. The growth in the global recyclable thermoset market is expected to be driven by the advancement in thermoset recycling technologies globally, investments and collaboration in the plastic recycling industry, and regulations promoting plastic recycling in various countries. However, the complex process of thermoset recycling and the lack of proper infrastructure for hard-to-recycle products are some key restraining factors for the market.
Growing population and rapid urbanization will fuel the growth of buildings and infrastructure demand across the world. The scarcity of natural resources and greenhouse gas emissions are playing a vital role in recyclable thermoset demand in construction end-use applications. Automotive is one of the key industries in plastic consumption. Various companies in the automotive industry are focusing on research and development of innovative technologies to cater to changing sustainability requirements. There are various governments and companies that have set goals to achieve sustainability and take steps toward achieving set targets. For instance, Renault started the first dedicated circular economy factory for vehicles and mobility in Europe in 2020.
Construction Segment to Dominate the Recyclable Thermoset Market (by Application)
Among different recyclable thermoset applications, construction is expected to be the largest application during the forecast period 2022-2031. The growing demand for recyclable thermosets and thermoset composites is primarily in buildings, doors and windows, hotels, towers, highway bridges, tunnels, and plants, such as water treatment and others, which has propelled the demand in this end-use industry.
Unsaturated Polyester Resin (UPR) to Dominate the Recyclable Thermoset Market (by Resin Type)
Recyclable unsaturated polyester resin (UPR) type is highly being adopted by end users owing to the increasing demand for sustainable solutions. Conventional unsaturated polyester resins (UPR) are hard-to-recycle materials and can have a negative impact on the environment. Manufacturers have developed recyclable unsaturated polyester resins (UPR) to address this issue. These resins can be broken down and reused, reducing their environmental impact and contributing to a more sustainable manufacturing process.
Europe to Dominate the Recyclable Thermoset Market (by Region)
Europe occupied the largest market share in 2021, and the region is expected to lead the market by 2031. The strong presence of major recyclable thermoset manufacturers, such as BASF SE, GAIKER Technology Center, MCR Mixt Composites Recyclables, and Mobius Technologies GmbH, is expected to increase recyclable thermoset production to cater to the rising demand from various end-use industries. Stringent environmental regulations, circular economy policies, and targets for a net zero carbon economy by 2050 are also major factors behind the recyclable thermoset market growth in the region.
Recent Developments in the Recyclable Thermoset Market
- In November 2022, the Dow Chemical Company collaborated with WM to improve the status of hard-to-recycle plastic films. The collaboration would allow WM to divert nearly 120,000 metric tons of plastic waste from landfills.
- In June 2022, PuriCycle is a new series of enhanced high-performance products from BASF SE for the purification of the most complex mixed plastic pyrolysis feeds. PuriCycle's portfolio includes innovative catalysts and adsorbents that have been designed to selectively remove and convert a wide range of contaminants in pyrolysis oils, allowing for the separation process of circular plastic flows. PuriCycle can assist companies in meeting industry compositional standards required, gaining high-efficiency purifying and upgrades solutions, and increasing their flexibility inside the chemical recycling of plastics.
- In June 2022, the Dow Chemical Company expanded its project REFLEX initiative in Guinea and Egypt after the successful pilot phase in Nigeria. With this, the company aims to divert 10,000 metric tons of flexible packaging waste by the end of 2025.
The global Recyclable Packaging 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 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the recyclable packaging market include Graham Packaging Company, Lacerta Group, Inc., Ebro Color GmbH, Salazar Packaging, Inc, 3M, Amcor, American Packaging Corporation., APP (Asia Pulp & Paper), Avery Dennison Corporation., BASF SE.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Recyclable Packaging Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/recyclable-packaging-market/download-sampleMarket DynamicsThe global recyclable packaging market is projected to witness tremendous growth during the forecast period.
This is mainly due to the growing global waste burden, especially plastic burden, and industries shifting to recycling packaging.
Many businesses are now improvising with new ways of designing and producing their products, attempting to lessen their carbon and environmental footprint while simultaneously saving on costs.
