Market Overview
The Global Microplastic Recycling Market is expected to reach a value of
USD 302.3 million in 2023 and is anticipated to exhibit a steady
CAGR of 7.4% for the forecast period (2023-2032). This growth is accredited to various factors, like the implementation of stringent government policies, rising ecological concerns, developments in recycling technologies, heightened awareness among consumers, and the expanding utilization of microplastics in diverse sectors.
Microplastic recycling is a vital process aimed at mitigating the ecological impact of tiny plastic particles. These microplastics originate from the breakdown of larger plastic items or intentional production & are found almost everywhere, contaminating water bodies & even the air. The recycling procedure involves collection, sorting, cleaning, & innovative techniques like electrostatic separation & filtration for further processing. By recovering & reusing microplastics, they can be transformed into new products, reducing the reliance on new plastic and reducing waste. This process has significant importance in dealing with the crisis of plastic pollution, enhancing and improving economic conditions, & stepping towards sustainable solutions.
Market Dynamic.
Governments worldwide are actively taking measures by imposing regulations aimed at curbing plastic waste, fostering a growing need for the recycling of microplastics. Simultaneously, rising nature-friendly consciousness among consumers has driven the preference for eco-friendly services & products, leading to a rising need for items made out of reused materials, such as microplastics. Microplastic recycling not only provides revenue but also cuts the cost of production within the recycling sector. By recycling microplastics, plastic waste ending up in landfills or seas is decreased, thus mitigating the environmental impact. Additionally, the escalating demand from various sectors like packaging, automotive & transportation, textiles, consumer goods, & others, presents appealing opportunities for microplastic recycling ventures of microplastics.
The United States stands out as a significant driver in the microplastic recycling market due to substantial efforts in R&D in the nation. Producers are actively working on developing innovative techniques and technologies to effectively, and economically recycle microplastics. Goals set by manufacturers in the United States have further escalated the desire for recycled & reused plastics, like microplastics, driving the growth of the market, in the region & contributing to the expansion of the global market.
Research Scope and Analysis
By Product
By product, the secondary segment dominates the market with a maximum share in 2023. Secondary recycling of microplastics involves the recovery of already utilized microplastics, like plastic bottles or any consumer goods or other waste materials out of plastics. This recycling process plays a crucial role in reducing plastic waste in dump sites, seas, & various natural sites. Moreover, secondary recycling is often economical, since reused materials come at a lower cost as compared to fresh materials.
A significant source of microbeads for the microplastic recycling market is the beauty product sector. Developments in technologies for recycling have made it possible to extract microbeads from waste sites and convert them into superior-quality materials made after recycling. The utilization of such reused microbeads also provides producers with an advantage in meeting customers' need for eco-friendly products.
By End-Use
The packaging segment dominates the market with a substantial share in the market in 2023. The packaging sector is transitioning towards adopting environment-friendly & sustainable kind of packaging due to stringent policies of the government and increasing awareness among consumers related to the environment and human health. Utilizing recycled plastics, like microplastics, has become an effective strategy for reducing the environmental impact of packaging.
Additionally, the textile sector is experiencing a surge in demand for sustainable fabrics crafted from materials that are recycled. Recycled one can be utilized for the production of several textiles, starting from clothing to carpets & soft furnishings.
Driven by ecological concerns, manufacturers of the automotive sector are also concentrating on lightening vehicle loads, a step that will aid in emissions reduction & enhance fuel efficiency. The incorporation of such microplastics after recycling, into low-density materials presents an opportunity to achieve these objectives while promoting sustainability. In automotive applications, using recycled tiny pieces of plastic in products that don't weigh much can help reach these goals and also make things better for the healthy environment. These recycled small plastic pieces can be utilized to make various parts inside a car, like door panels, dashboard parts & seats.
The Global Microplastic Recycling Market Report is segmented on the basis of the following:
By Product
• Primary
• Secondary
By End-Use
• Agriculture
• Packaging
• Textile Industry
• Consumer goods
• Automotive & Transportation
• Building & Construction
Regional Analysis
Europe held a dominant position in the market, leading with 45.7% of the share in this market in 2023. The region's strong market presence is majorly accredited to the imposition of stringent policies by the EU (European Union) concerning the usage of plastics and the management of waste. To foster an eco-friendlier & sustainable nation, the European Union Circular Economy Package plays a vital role, as recycling microplastic is a major component of this initiative. The EU aims to recycle 55% of plastic packaging waste by 2030, with a focus on microplastic recycling to reach this target. Numerous producers in Europe are actively involved in recycling microplastic, with companies like Ioniqa, which utilizes chemical recycling processes to convert PET waste into top-tier raw materials, encompassing microplastics.
In North America, microplastics have become an important ecological concern, driven by increasing consumer awareness of the adverse impacts of microplastics on fauna. Consequently, the region has introduced various government regulations aimed at reducing the wastage of plastic & encouraging recycling processes. A notable example is California's law, which mandates manufacturers to incorporate a small quantity of recycled plastic in their final products.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
Many key players in the market have adopted an integrated approach, combining raw material production and distribution operations, to enhance product quality and expand their market presence. This strategic integration provides companies with cost benefits, leading to increased profit margins and a competitive edge in the industry. To stay ahead in the market and meet evolving customer demands, companies are actively engaged in research and development activities. These efforts focus on developing new industrial plastics that offer a combination of desirable properties, which are expected to find broad acceptance in the industry in the coming years.
For instance, a noteworthy project called REMEDIES, funded by the European Union and valued at approximately USD 8.8 million, is set to collect over 400 tons of microplastic by February 2023. The project's primary goal is to establish a sustainable model to mitigate the impact of microplastics in various Mediterranean regions. To achieve this, the project aims to design advanced systems for recycling, collecting, monitoring, and converting the extracted waste into innovative new products. Through such initiatives, the industry seeks to address the microplastic challenge and promote sustainability in the global market.
Some of the prominent players in the Global Microplastic Recycling Market are:
• Purecycle technologies
• Polygonesystems
• Carbios
• PlanetCare
• Ioniqa
• Calyxia
• Oceanworks
• Ocean Diagnostics
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Microplastic Recycling Market:
The Covid-19 pandemic and the ensuing global recession had significant impacts on the microplastic recycling market. During the initial phase of the pandemic, restrictions on movement and economic shutdowns disrupted supply chains and affected recycling operations. The reduced industrial activity and consumer demand led to a decrease in plastic waste generation, which consequently affected the availability of feedstock for microplastic recycling. Additionally, the focus on public health and safety diverted attention and resources away from environmental initiatives, potentially slowing down progress in the recycling sector. However, as the world adapted to the new normal, awareness about plastic pollution and sustainability continued to grow, leading to increased efforts towards recycling and circular economy practices. The gradual recovery of industrial activities and economic revival provided opportunities for the microplastic recycling market to rebound, as companies and governments emphasized eco-friendly solutions and responsible waste management. Overall, while the pandemic presented challenges, it also brought renewed attention to the importance of recycling and spurred efforts toward building a more resilient and sustainable microplastic recycling industry.
Report Characteristics |
Market Size (2023) |
USD USD 302.3 Mn |
Forecast Value (2032) |
USD 583.3 Mn |
CAGR (2023-2032) |
7.4% |
Historical Data |
2017 - 2022 |
Forecast Data |
2023 - 2032 |
Base Year |
2022 |
Estimate Year |
2023 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Product (Primary and Secondary), By End-Use
(Agriculture, Packaging, Textile Industry, Consumer
Goods, Automotive & Transportation, and Building &
Construction). |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
Purecycle technologies, Polygonesystems, Carbios,
PlanetCare, Ioniqa, Calyxia, Oceanworks, Ocean
Diagnostics, and Other Key Players. |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Microplastic Recycling Market is expected to reach a value of USD 302.3 million in 2023.
Europe dominates the market, leading with 45.7% of the share in the Global Microplastic Recycling
Market in 2023.
The secondary product segment dominates the Global Microplastic Recycling Market in 2023.
Some of the prominent players in the Global Microplastic Recycling Market include Purecycle
technologies, Polygonesystems, Carbios, PlanetCare, etc.