April 13, 2024

Global Microplastic Recycling Market is Estimated to Witness High Growth Owing to Rising Environmental Concerns

Microplastic refers to plastic debris that are less than 5 mm in size. It includes microbeads, microfibers, and plastic fragments produced from breakdown of larger plastic debris. Microplastic recycling helps recover microplastics from various waste streams before they enter the oceans and waterways. Widespread plastic pollution has raised significant environmental concerns globally, thereby driving demand for effective microplastic recycling solutions.

The Global Microplastic Recycling Market is estimated to be valued at US$ 276.6 million in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period from 2024 to 2031.

Key Takeaways
Key players: Key players operating in the Global Microplastic Recycling Market include Polygonesystems, PlanetCare, ECOFARIO, Ocean Diagnostics, Oceanworks, Matter, Carbios, Purecycle technologies, Ioniqa, and Calyxia. These players are focusing on developing innovative recycling technologies to recover microplastics from various waste streams efficiently.
Key opportunities: Rising environmental awareness and stringent regulations regarding plastic pollution management are expected to generate significant growth opportunities for players in the microplastic recycling market. Growing adoption of recycling as an integral part of the circular economy model will further augment the demand.
Global expansion: Leading players in the market are expanding their global footprint by partnering with waste management companies, brand owners, and local authorities across countries. Various countries have also started national programs to curb plastic pollution from their waters, which will accelerate the adoption of microplastic recycling solutions.

Market drivers: The primary driver boosting the Global Microplastic Recycling Market is growing environmental concerns related to adverse impacts of microplastics on marine life and human health. Estimates suggest that over 8 million tons of plastic leaks into oceans annually, raising the need for advanced recycling solutions. Stringent government regulations and policies mandating the use of recycled plastics are also encouraging market growth.

PEST Analysis

Political: Environmental regulations and government initiatives to reduce plastic pollution drive interest in microplastic recycling. Countries are imposing bans on single-use plastic usage.

Economic: Cost-effective and sustainable solutions for dealing with plastic waste have significant economic advantages. Microplastic recycling supports a circular economy model.

Social: Growing awareness about the impact of plastic pollution on the environment and human health raises social demand for recycling solutions. Citizens are actively participating in efforts to curb plastic usage.

Technological: Advances in material sciences, automation, artificial intelligence and sensor technologies enables efficient identification, sorting and recycling of microplastics. Technologies for converting recycled plastics into value-added products are improving.

Geographical regions where market in terms of value is concentrated

North America and Europe dominate the microplastic recycling market currently due to stringent environmental regulations and higher adoption of advanced recycling technologies in these regions. Presence of leading companies and favorable governmental policies also drive the market. Countries like US, Germany, UK, and France account for over 60% of the global market value currently.

Fastest growing region for the Global Microplastic Recycling Market

The Asia Pacific region is projected to experience the highest growth during the forecast period. Rapidly growing economies, large plastic waste volumes, and increasing investments in developing recycling infrastructure indicate significant future opportunities. Initiatives by countries like India, China, and Indonesia are promoting circular economy models and boosting the regional market for microplastic recycling solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it