Microplastics pollution has become a major environmental concern globally. The presence of microplastics in rivers, oceans, and other water bodies is severely harming aquatic life and poses health risks. Microplastic recycling offers an eco-friendly solution to curb pollution and provide recycled plastic raw materials for manufacturing applications. Microplastic recycling recovers and processes plastic waste below 5mm in size. Processes such as filtering, sorting, pelletizing, and reprocessing are involved to recycle microplastics into useful products.
The Global Microplastic Recycling Market is estimated to be valued at US$ 276.6 MN in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
Strict regulations banning microplastics use and initiatives promoting recycling and reuse are key drivers for market growth. The global microplastics problem calls for sustainable solutions, driving investments in recycling technology development.
Key Takeaways
Key players operating in The Global Microplastic Recycling Market are Polygonesystems, PlanetCare, ECOFARIO, Ocean Diagnostics, Oceanworks, Matter, Carbios, Purecycle technologies, Ioniqa, and Calyxia. Polygonesystems, a pioneer in recycling technology, provides filtration and sorting equipment for microplastic waste recovery.
Growing consumer awareness about plastic pollution is boosting demand for recycled plastic products. Citizens and organizations worldwide are participating in cleanup drives to collect plastic litter from oceans, beaches, and inland waters. Such collection campaigns provide feedstock for recyclers.
Stringent norms prohibiting direct dumping of plastic waste into oceans have prompted global recycling initiatives. The European Union (EU) has set recycling target of 50% for all plastic packaging by 2025 to curb pollution. Similar measures in other regions will further drive their adoption of microplastic recycling technologies and solutions.
Market Key Trends
Chemical recycling using solvents or thermal processes is gaining prominence as a key trend in the microplastic recycling industry. Technologies such as pyrolysis and gasification convert plastic waste into basic chemicals and fuel through heating in closed reactors without oxygen. The recovered chemical components can then be used to manufacture virgin plastic resins or other materials. This addresses issues with mechanical recycling such as losses in polymer properties after multiple reuse cycles.
Porter’s Analysis
Threat of new entrants: Limited resource availability and high capital investment requirements.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of few alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to capital intensive processes requiring technology.
Threat of new substitutes: Substitutes such as recycled textiles are a threat dependent on regulations.
Competitive rivalry: Intense competition exists between existing players for market share and differentiation.
Geographical Regions
North America accounts for the largest share of the global market currently in terms of value due to stringent regulations and established recycling infrastructure. Europe follows North America due to regulatory push for circular economy initiatives by policymakers.
Asia Pacific is expected to be the fastest growing regional market over the forecast period aided by growing regulations, economic development and increasing plastic consumption in countries like China and India. Initiatives are being taken to develop recycling systems in the region to manage waste.
