What Is The Scope Of The Global Solvent Recovery And Recycling Market?
Solvent recovery and recycling refer to processes used to reclaim and reuse solvents from industrial applications, reducing waste and minimizing environmental impact. This practice lowers costs by minimizing the need for new solvents, decreases hazardous waste disposal, and supports sustainability by conserving raw materials and reducing reliance on virgin solvent production.
Solvent Recovery And Recycling Global Market Report 2024 provides data on the global solvent recovery and recycling market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The solvent recovery and recycling market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Solvent Recovery And Recycling Market?
The solvent recovery and recycling market is projected to grow from $1.03 billion in 2023 to $1.10 billion in 2024, reflecting a CAGR of 6.8%. Growth is driven by environmental sustainability concerns, stringent regulations, and rising awareness about solvent waste management. By 2028, the market is expected to expand to $1.44 billion, with a CAGR of 7.0%. Factors contributing to this growth include the adoption of circular economy principles, increased industrialization, and the growing use of green solvents. Trends include innovations in solvent recovery technologies, the adoption of bio-based solvents, and a focus on sustainable practices.
What Are The Core Factors Supporting Growth In The Solvent Recovery And Recycling Market?
Increased awareness of environmental concerns is driving the solvent recovery and recycling market. Public understanding of environmental issues has grown due to media coverage, education, and advocacy, resulting in greater emphasis on minimizing hazardous waste, reducing resource consumption, and lowering greenhouse gas emissions. Solvent recovery and recycling align with sustainable practices, regulatory requirements, and the principles of a circular economy. For instance, the UK Office for National Statistics reported in July 2023 that 86.5% of adults in Great Britain had made lifestyle changes to address environmental issues, with 12.8% making significant adjustments. This heightened awareness is fostering the growth of the solvent recovery and recycling market.
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What Are The Major Segments Within The Global Solvent Recovery And Recycling Market?
The solvent recovery and recycling market covered in this report is segmented –
1) By Type: On-Site Solvent Recycling, Off-Site Solvent Recycling
2) By Technology: Distillation, Adsorption, Crystallization, Membrane Separation, Other Technologies
3) By Solvent Type: Alcohols, Amides, Esters, Ketones, Aromatic Solvents, Chlorinated Solvents, Other Solvent Types
4) By End-Use Industry: Paints And Coatings, Printing, Chemicals, Electronics, Pharmaceuticals, Other End-Use Industries
Which Trends Are Expected To Transform The Solvent Recovery And Recycling Market?
The solvent recovery and recycling market is focusing on on-site recycling systems to reduce waste and operational costs. These systems enable the reuse of solvents within industrial processes. In July 2022, Unified Technologies launched the SR Series solvent recyclers, offering automated operations and corrosion-resistant tanks, ensuring cost-effective and sustainable solutions for industrial applications.
What Is The Fastest Growing Region In The Solvent Recovery And Recycling Market?
North America was the largest region in the solvent recovery and recycling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solvent recovery and recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
