According to the report by Expert Market Research (EMR), the global solvent recycling market size reached a value of approximately USD 822.6 million in 2022. Aided by the increasing demand for eco-friendly solutions in various industries and the rising applications of solvent recycling, the market is projected to further grow at a CAGR of 5.0% between 2023 and 2028 to reach a value of USD 1,102.36 million by 2028.
Solvent recycling is the process of taking used, dirty solvents and cleaning them until the solvent is free of impurities and can be reused. This process is incredibly beneficial, not only from a cost-saving perspective, where businesses can save money by reusing solvents, but also from an environmental standpoint, as it reduces waste and the demand for new solvent production.The rising global focus on environmental sustainability and the need to reduce industrial waste are significant factors propelling the solvent recycling market growth. Governments, businesses, and consumers are increasingly recognising the importance of resource efficiency and waste reduction, leading to growing investment in recycling technologies, including solvent recycling.
In addition, the demand for solvent recycling is being driven by its broadening application in various industries, aiding the solvent recycling market development. The automotive industry, for example, utilises large quantities of solvents in processes such as parts cleaning and paint application. The recycling of these solvents can lead to significant cost savings and a substantial reduction in environmental impact. Similarly, the pharmaceutical, chemical, and printing industries also contribute to the escalating demand for solvent recycling due to their high solvent usage.
The solvent recycling market expansion is further fuelled by ongoing technological advancements in recycling processes. Innovative technologies are constantly being developed to increase the efficiency and effectiveness of solvent recycling, making the process more economically viable and environmentally friendly.
Another contributing factor to the growth of solvent recycling market is the increasingly stringent environmental regulations being imposed by governments worldwide. These regulations often incentivise, or even mandate, the reduction of industrial waste and the implementation of recycling programs, including solvent recycling.
The solvent recycling market growth is also aided by the rising trend of ‘circular economy’ models, where resources, including solvents, are kept in use for as long as possible, and waste is minimised. The solvent recycling process fits well within this model, as it allows the repeated use of solvents, significantly reducing waste and resource consumption.
Solvent Recycling Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
• Polyethylene Terephthalate
Market Breakup by Application
• Building and Construction• Packaging
• Electrical and Electronics
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solvent recycling companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• PureCycle Technologies, Inc.
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