Microplastic Recycling Market To Reach $448.5 Million By 2030

Microplastic Recycling Market Growth & Trends

The global microplastic recycling market size is expected to reach USD 448.5 million by 2030, expanding at a CAGR 6.8% from 2023 to 2030, according to a new report by Grand View Research, Inc.  The market is expected to grow in the coming years owing to increasing government regulations, environmental concerns, technological advancements, consumer awareness, and the increasing use of microplastics in different industries.

Increasing consumer awareness about the harmful effects of microplastic on human health and the environment is driving the demand for microplastic recycling. Different governments are also implementing regulations and policies to reduce plastic waste and promote recycling. This in turn is expected to boost the demand for microplastic recycling. In addition, technological advancements for sorting, separating, and recycling microplastics are also driving the growth of the market.

However, lack of infrastructure, limited demand, the complexity of microplastic mixtures, and high cost of recycling microplastics are some restraining factors for the market. Currently, there is a limited demand for recycled microplastics, which makes it difficult for recycling companies to increase their operations. Microplastic recycling is expensive when compared to traditional plastic recycling methods. This makes it difficult for recycling companies to compete in the market.

Microplastics are often contaminated with other materials such as dirt, organic matter, and metals. This contamination can make it challenging to separate and recycle the microplastics, and can also reduce the quality of the recycled material. In addition, the process of collecting, separating, and recycling microplastics is highly complex and requires specialized equipment and processes. This makes the process expensive and difficult to recycle microplastics on a large scale.

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Microplastic Recycling Market Report Highlights

• In terms of revenue, secondary product segment accounted for a prominent share of more than 76.0% in the market in 2022 and is further expected to witness prominent growth over the forecast period

• Packaging industry is a major industry utilizing microplastic for various applications. The use of recycled plastics, including microplastics, is seen as an effective way to reduce the environmental impact of packaging

• China emerged as the leading consumer in the Asia Pacific and accounted for more than 44.0% of the regional revenue in 2022

• Recycled microplastics are utilized in the automotive and transportation industry to produce different interior components including seating, door panels, and dashboard panels

• In terms of revenue, packaging end-use segment accounted for a prominent share of more than 62.0% in the market in 2022 and is further expected to showcase similar growth over the forecast period

Microplastic Recycling Market Segmentation

Grand View Research has segmented the global microplastic recycling market based on product, end-use, and region:

Microplastic Recycling Product Outlook (Revenue, USD Million, 2018 - 2030)

• Primary

• Secondary

Microplastic Recycling End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Packaging

• Agriculture

• Consumer goods

• Textile

• Automotive & Transportation

• Building & Construction

• Others

Microplastic Recycling Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players of the Microplastic Recycling Market

• Carbios

• Purecycle technologies

• Ioniqa

• Calyxia

• Polygonesystems

• PlanetCare

• ECOFARIO

• Ocean Diagnostics

• Oceanworks

• Matter.