Recyclable Thermoset Market - A Global and Regional Analysis: Focus on Resin Type, Application, Technology, and Region - Analysis and Forecast, 2022-2031
Global Recyclable Thermoset Market to Reach $987.9 Million by 2031.
Segmentation 1: by Application
- Energy and Power
- Electrical and Electronics
- Aerospace and Defense
Based on application, the construction segment was dominant, accounting for a major share of the global recyclable thermoset market in 2021.
Segmentation 2: by Resin Type
- Unsaturated Polyester Resin (UPR)
- Phenol Formaldehyde (Phenolic Resin)
Based on product type, the unsaturated polyester resin (UPR) resin type segment was dominant, accounting for a prominent share of the global recyclable thermoset market in 2021. It is one of the most significant product types that meet the requirement of major industrial application areas.
Segmentation 3: by Technology
- Mechanical Recycling
- Chemical Recycling
- Energy Recovery (Thermal)
Based on technology, the mechanical recycling segment was dominant, accounting for the largest share of the global recyclable thermoset market in 2021.
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- Asia-Pacific and Japan - Japan, South Korea, India, and Rest-of-Asia Pacific and Japan
- Rest-of-the-World - Middle East and Africa and South America
Based on region, Europe was the dominant region, accounting for a major share of the global recyclable thermoset market in 2021.
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.
Demand – Drivers and Limitations
Following are the demand drivers for the global recyclable thermoset market:
- Advancement in Thermoset Recycling Technologies Globally
- Regulations Promoting Plastic Recycling in Various Countries
- Investments and Collaboration in Plastic Recycling Industry
The following are the challenges for the global recyclable thermoset market:
- Complex Process of Thermoset Recycling
- Lack of Proper Infrastructure for Hard-to-Recycle Products
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different resin types of recyclable thermosets available and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different recyclable thermoset applications such as construction, automotive, energy and power, electrical and electronics, aerospace and defense, and others.
Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in the space. For instance, in July 2022, the Dow Chemical Company partnered with Mura Technology to assist and solve the global plastic waste problem, with plans to build multiple world-scale 120-kilo tons (KT) advanced recycling plants in the U.S. and Europe, adding up to 600 kilo tons of annual capacity.
Competitive Strategy: Key players in the global recyclable thermoset market analyzed and profiled in the study involve recyclable thermoset providers. Moreover, a detailed competitive benchmarking of the players operating in the global recyclable thermoset market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Impact of COVID-19
The COVID-19 pandemic had a minor impact on the global recyclable thermoset market. It altered the market in both positive as well as negative ways. During the COVID-19 pandemic, sectors such as energy and power and consumer electronics appliances showed positive growth, while demand from end-use industries, including automotive, construction, and aerospace, was impacted negatively due to the economic slowdown.
|Base year considered||2022|
|Forecast period considered||2031|
|Base year market size||$536.8 Million in 2022|
|Market size forecast||$987.9 Million by 2031|
|Units considered||$ Million|
|Segments covered||By Application, By Resin Type, By Technology, By Region|
|Industry covered||Advanced Materials & Chemicals|
|Regions covered||North America, Europe, Asia Pcific and Japan, Middle East and Africa, South America|
|Countries covered||U.S., Canada, Mexico, Germany, France, Spain, Italy, Rest-of-Europe, U.K., China, Japan, South Korea, India, Rest-of-Asia-Pacific and Japan, Rest-of-the-World|
Global Recyclable Thermoset Market Overview
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.
Market Lifecycle Stage
The global recyclable thermoset market is in a growing phase. New trends, such as the rising focus on sustainability in the wind energy sector, change in business models of companies due to climate action, and replacing virgin materials with recyclable thermosets and venturing into new end-user applications are further expected to provide opportunities for the market to grow in the coming years.
With an increased worldwide focus on increasing focus on sustainability and bio-based renewable materials, there is an increasing shift toward advanced recyclable materials in end-use industries, thereby creating demand for recyclable thermosets. The shift is more prominent in the construction, automotive and energy industries in regions such as Europe, North America, and China.
Key Market Players and Competition Synopsis
The companies profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.
Key Companies Profiled
- Mallinda Inc.
- MCR Mixt Composites Recyclables
- INTCO Recycling Group
- Adesso Advanced Materials Inc.
- Aditya Birla Chemicals
- GAIKER Technology Center
- Mobius Technologies GmbH
- The Dow Chemical Company
- BASF SE
- ENSO Plastics
- EcoActiv Pty Ltd
- SPERO RENEWABLES
- Northstar Recycling Company, Inc.
- Gr3n Recycling
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