Microplastic Recycling Market Size

Global Microplastic Recycling Market Overview

Microplastic Recycling Market Size was valued at USD 0.21 Billion in 2022. The Microplastic Recycling industry is projected to grow from USD 0.23 Billion in 2023 to USD 0.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). Governments worldwide are also implementing stringent regulations and policies aimed at reducing plastic waste and promoting recycling practices, and continuous advancements in sorting, separating, and recycling technologies specific to microplastics are expected to be a significant market driver for the Microplastic Recycling Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Microplastic Recycling Market Trends

• 
  

  Rising implementation of regulations by governments worldwide and increasing concerns about plastic pollution are driving the market growth

  
  

Market CAGR for microplastic recycling is being driven by the rising implementation of regulations by governments worldwide and increasing concerns about plastic pollution. The rising implementation of regulations by governments worldwide and increasing concerns about plastic pollution is a driving force behind the growth in market revenue. Governments worldwide are enacting regulations to curtail plastic waste, thereby propelling the microplastic recycling market. These regulatory measures are geared toward endorsing sustainable practices and curbing environmental ramifications. As per the World Economic Forum, there is a global consensus among governments to establish a comprehensive agreement by the close of 2024, aimed at eradicating plastic pollution. Furthermore, heightened consumer awareness of the adverse consequences of plastic waste on the environment is prompting a proactive search for sustainable products and services crafted from recycled materials. Consequently, the demand for recycled products, including microplastics, is on the rise, fostering market expansion.

Recycling microplastics isn't solely an environmentally responsible practice; it also offers notable economic advantages for businesses. Companies can unlock revenue streams and mitigate production expenses by repurposing and reutilizing microplastics instead of relying exclusively on the production of new plastic materials. Additionally, the burgeoning concern surrounding the accumulation of microplastics in landfills and oceans, and the resultant harm to ecosystems and marine life, underscores the critical role of microplastic recycling in curtailing the influx of plastic waste into these environments, thereby mitigating the overall environmental impact.

As a result, it is anticipated that throughout the projection period, demand for the Microplastic Recycling Market will increase due to the Rising implementation of regulations by governments worldwide and increasing concerns about plastic pollution. Thus, driving the Microplastic Recycling Market revenue.

Microplastic Recycling Market Segment Insights

Microplastic Recycling Market Product Insights

The Microplastic Recycling Market segmentation, based on Product includes Primary and secondary. The secondary segment dominated the market, accounting for 58% of market revenue (0.12 Billion). Secondary microplastic recycling involves the retrieval and reprocessing of previously utilized and discarded microplastics, such as those originating from plastic bottles, packaging, and other forms of waste. This approach holds the potential to significantly curtail the volume of plastic waste deposited in landfills and oceans, thereby mitigating environmental harm. Furthermore, secondary microplastic recycling stands out as a cost-efficient strategy, as recycled materials typically come at a lower cost compared to virgin materials.

Figure 1: Microplastic Recycling Market, by Product, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Microplastic Recycling Market End-use Insights

The Microplastic Recycling Market segmentation, based on End-use, includes Packaging, Agriculture, Consumer Goods, Textile, Automotive and transportation, Building and construction, and Others. The packaging segment dominated the market, accounting for 60% of market revenue (0.12 Billion). The escalating worldwide focus on sustainability and environmentally responsible practices is compelling the packaging industry to embrace the utilization of recycled materials, including microplastics, as a means to diminish its ecological footprint. As consumer awareness regarding plastic pollution continues to expand, there is a heightened demand for sustainable packaging solutions. The ongoing progress in recycling technologies has led to enhanced quality and dependability in recycled microplastics, positioning them as a viable substitute for virgin plastics. This shift in the packaging industry towards more eco-conscious strategies, coupled with the adaptability of recycled microplastics to various packaging formats, further bolsters the anticipated growth of this market segment.

Microplastic Recycling Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the microplastic recycling market in North America can be attributed to several key factors. Firstly, the rising environmental consciousness and heightened concerns surrounding plastic pollution are stimulating a growing demand for effective microplastic recycling solutions within the region. As per data from SWOP (Shop Without Plastic), the United States stands as the leading global contributor to plastic waste generation in North America. In 2016, the U.S. generated a staggering 46 million U.S. tons (42 million metric tons) of plastic waste. Furthermore, when considering coastal nations, the United States occupies the third position in terms of its role in generating litter, illicitly discarded waste and other forms of improperly managed waste along its shorelines. Furthermore, North America has been proactively implementing recycling initiatives and embracing the principles of a circular economy, thus fostering the adoption of sustainable waste management practices. In addition, technological advancements in the processes for recycling microplastics are playing a pivotal role in driving market growth.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: MICROPLASTIC RECYCLING MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Microplastic Recycling Market accounts for the second-largest market share as The European region has established itself as a vanguard in environmental regulations and policy frameworks, with a strong emphasis on sustainability and the principles of the circular economy. Robust regulations regarding plastic waste management and ambitious recycling targets have served as catalysts for the widespread adoption of microplastic recycling solutions by businesses and industries operating within the region. Moreover, Europe boasts a well-developed and sophisticated waste management infrastructure, characterized by advanced recycling facilities and efficient collection systems, which significantly facilitate the process of microplastic recycling. The region also benefits from a rich landscape of research and innovation in recycling technologies, enabling effective identification, separation, and processing of microplastics. Further, the German Microplastic Recycling Market held the largest market share, and the UK Microplastic Recycling Market was the fastest-growing market in the European region

The Asia-Pacific Microplastic Recycling Market is expected to grow at the fastest CAGR from 2023 to 2032. According to the Sustainability Institute ERM, in 2021, the Asia-Pacific (APAC) region played a central role in global plastics production, accounting for more than half (52%) of the world's total plastic output, which stood at 390.7 million metric tons. Given its substantial share in global plastic production and its hosting of some of the world's largest plastic manufacturers, the APAC region holds a pivotal position in driving the transition towards a circular economy for plastic packaging. Specifically, in 2021, China emerged as the world's largest plastic manufacturer, contributing a significant 32% to global plastic materials production. Additionally, other Asian countries also made substantial contributions, with Japan accounting for 3% of global plastic production, while the rest of Asia collectively produced 17% of the world's plastic output. The substantial plastic production in the APAC region means there will be a larger pool of plastic waste available for microplastic recycling. This increase in feedstock availability can stimulate the growth of recycling facilities dedicated to handling and processing microplastics. Moreover, China’s Microplastic Recycling Market held the largest market share, and the Indian Microplastic Recycling Market was the fastest-growing market in the Asia-Pacific region.

Microplastic Recycling Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Microplastic Recycling market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Microplastic Recycling industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Microplastic Recycling industry to benefit clients and increase the market sector. In recent years, the Microplastic Recycling industry has offered some of the most significant advantages to both the environment and businesses. Major players in the Microplastic Recycling Market, including Carbios; Purecycle technologies; Ioniqa; Calyxia; Polygonesystems; PlanetCare; ECOFARIO; Ocean Diagnostics; Oceanworks; and Matter are attempting to increase market demand by investing in research and development operations.

PureCycle Technologies is a Florida-based company with a primary focus on commercializing a patented recycling technology originally developed by The Procter & Gamble Company (P&G). This technology is designed to transform waste polypropylene into a high-quality recycled resin known as ultra-pure recycled (UPR) resin. The UPR resin possesses nearly identical properties and functionality as virgin polypropylene, making it suitable for reuse in various applications. PCT holds a global license from P&G for this technology. The company's overarching objective is to establish a significant new segment within the global polypropylene market. This segment aims to help multinational corporations achieve their sustainability objectives by offering consumers products made from sustainable materials while simultaneously reducing the accumulation of polypropylene waste in landfills and oceans worldwide. The recycling process implemented by PCT comprises two key steps: Feed Pre-Processing (Feed PreP) and the actual purification using PCT's proprietary recycling technology. During the Feed PreP stage, polypropylene waste (referred to as feedstock) is collected, sorted, and prepared for the purification process. The purification step involves a recycling process that utilizes a combination of solvents, temperature control, and pressure to restore the feedstock to a state very close to virgin polypropylene. This is accomplished through a unique arrangement of commercially available equipment and unit operations.

Calyxia, an emerging multinational corporation, specializes in designing and manufacturing advanced and sustainable microcapsules. These microcapsules are tailored for leading companies in sectors such as Advanced Materials, Sustainable Agriculture, and Sustainable Home Care. Calyxia's proprietary microencapsulation technology unlocks the performance potential of functional ingredients, significantly expanding their range of applications. In 2021, France's maker of biodegradable microcapsules, Calyxia, secured €15 million in funding. This funding is intended to support the company's international expansion plans on both commercial and industrial fronts. To date, the firm has raised a total of €23 million, furthering its mission to eliminate intentionally added harmful particles from various industries.

Key companies in the Microplastic Recycling Market include

• Carbios


• Purecycle technologies


• Ioniqa


• Calyxia


• Polygonesystems


• PlanetCare


• ECOFARIO


• Ocean Diagnostics


• Oceanworks


• Matter

Microplastic Recycling Industry Developments

November 2023: In February 2023, The REMEDIES project, funded by the European Union with a total budget of approximately USD 8.8 million, embarked on an ambitious mission: to gather more than 400 tons of microplastics. This initiative is designed to tackle the problem of microplastic pollution in diverse Mediterranean areas by creating advanced systems for the recycling, collection, monitoring, and transformation of extracted waste into fresh products. The central goal of the REMEDIES project is to construct a sustainable model that efficiently addresses the repercussions of microplastics.

September 2022: In September 2022, Novolex unveiled a substantial investment of US$10 million at its North Vernon facility located in the United States. This investment aims to enhance the facility's recycling capacity specifically for plastic bags and other polyethylene (PE) film materials. The new facility is designed to process a staggering 40 million pounds of feedstock annually.

Microplastic Recycling Market Segmentation

Microplastic Recycling Market Product Outlook

• Primary


• Secondary

Microplastic Recycling Market End-use Outlook

• Packaging


• Agriculture


• Consumer goods


• Textile


• Automotive & Transportation


• Building & Construction


• Others

Microplastic Recycling Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America