Chemical Recycling Market Poised for Rapid Growth Driven by Sustainability Trends and Circular Economy Transition
• The global chemical recycling service market is projected to grow at a CAGR of 25.8% between 2024-2034, rising from $15.71 billion in 2024 to $149.24 billion by 2034.
• Rising awareness of environmental issues and shifting consumer preferences towards sustainable products are significant drivers of chemical recycling adoption.
• Chemical recycling helps enable a circular economy by allowing recovery of valuable resources from plastic waste, reducing the need for virgin materials and greenhouse gas emissions.
• Government initiatives towards transitioning to a circular economy model are promoting acceptance of chemical recycling technologies.
• The market is competitive with leading players holding 25-30% share; key developments include investments and partnerships to commercialize innovative chemical recycling solutions.