New York, NY, Feb. 06, 2024 (GLOBE NEWSWIRE) -- A latest research report [115+] pages with 360-Degree visibility, titled “Solvent Recovery and Recycling Market Share, Size, Trends, Industry Analysis Report, By Solvent Type (NMP(N-Methyle-2-Pyrrolidine), DMAC (N, N-Dimethylacetamide), Acetone, Butanol, Propanol, 2-Aminoethanol, 1, 4-Dioxane, E-Caprolactam, Terephthalic Acid, Others); By End-Use Industry; By Region; Segment Forecast, 2024- 2023" published by Polaris Market Research in its research repository.
The global solvent recovery and recycling market size and share is currently valued at USD 1113.53 million in 2023. It is anticipated to generate an estimated revenue of USD 1895.70 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Solvent Recovery and Recycling? How Big is Solvent Recovery and Recycling Market Size & Share?
Solvent recovery is a procedure planned to withdraw the solvent from the solvent refuse. The recouped solvent is practically identical to virgin solvent commodities and can be utilized in production in the absence of any antipathetic outcomes. The rapidly rising demand for solvent recovery and recycling market can be attributed to the fact that this enhances the procedure efficacy by abolishing the requirement to continuously use contemporary solvents for production. The price of saving is sizeable. That is, organizations can anticipate reserving 95% on carrying costs and at least 50% on in-progress solvent buying and discarding costs.
The solvent recovery and recycling market growth can be attributed to the fact that the firms in this market offer the key to recovering and recycling solvents for industrial procedures, which can involve filtration, distillation, and other disconnections procedures. The recovered solvents can then be utilized in the homogenous processes, causing price reserves and environmental advantages. The market is keenly bound to several industries that excessively utilize solvents such as chemicals, pharmaceuticals, electronics, automotive, and coating.
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Market’s Key Companies
- CBG Technologies
- Clean Harbors
- Clean Planet Chemical
- CycleSolv
- IST Pure
- Maratek Environmental
- Quanzhou Tianlong
- Shinko Organic Chemical Industry
- Tradebe
- Veolia
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Key Highlights
- The recovered solvents are utilized in the homogenous processes, causing price reserves and environmental advantages, which is causing the exponential growth of the market.
- The solvent recovery and recycling market is primarily segmented based on solvent type, end-use industry, and region.
- North America dominated the market in 2023
Market Developments
- Growth Drivers:
Government stimulus: Development in industries such as chemicals, pharmaceuticals, automotive, and electronics, which deliberately depend on solvents, brings about the demand for solvent recovery and recycling. The solvent recovery and recycling market size is expanding as industrial ventures enlarge, and so is the requirement for viable and economic solvent handling. Some governments offer stimulus, allotments, or tax advantages to businesses acquiring eco-friendly practices involving solvent recovery and recycling. These stimulants inspire firms to fund such technologies.
Eco-friendly technologies: Global consciousness of environmental problems and the significance of viable practices has caused escalated participation amidst government, businesses, and environmental firms. The solvent recovery and recycling market sales are soaring as this partnership encourages the acquisition of eco-friendly technologies such as solvent recovery. The advancement and acquisition of green and bio-dependent solvents translate into the viability of solvent-connected procedures. These solvents are frequently more eco-friendly and can be merged into solvent recovery systems.
- Industry Trends:
Invaluable experience: The deliberate accession of firms not only amplified the firm's holistic potential but also pronounced the merger of two decades of indispensable involvement in the area of recycling. The accession is anticipated to improve its potential and comprehension base, situating it as a more daunting player in the recycling industry. This deliberate augmentation illustrates the firm's allegiance to development and invention with viability and recycling topography.
Diminishing disposal challenges: Solvent recycling supplies engage a distillation process to withdraw assembled hydrocarbons and sand particles from solvents, sanctioning their recycling into disposable configuration. In the solvent recovery and recycling market, the predominant solvents utilized in several procedures, such as metal finishing, electroplating, vapor degreasing, paint and powder overlaying, and parts cleansing, can be recycled. This practice not only decreases the costs linked with obtaining contemporary solvents but also diminishes discarding provocations.
- Restraints
The practice of traditional solvent disposal methods: In some instances, businesses may detect it more reasonable to buy contemporary solvents instead of funding solvent recovery and recycling arrangements. The obtainability of cheap, virgin solvents may decrease the stimulant for acquiring recycling practices. Businesses may grasp the return on investment from solvent recovery and recycling procedures to be unresolved or extremely eternal. This awareness can dispirit funding, particularly if interim fiscal gains are classified. Defiance to alter within specific industries may hamper the acquisition of contemporary technologies. Entrenched practices and conventional procedures of solvent disposal might be profoundly implanted, rendering it arduous to move to additional viable practices.
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Segmentation Overview
- DMAC (N, N-Dimethylacetamide) Segment Witnessed a Steep Rise
Based on solvent, the DMAC (N, N-Dimethylacetamide) segment witnessed a steep rise. This is due to DMAC being used as a solvent in the pharmaceutical industry for the mixture of several drugs and pharmaceutical transition. The solvent recovery and recycling market demand is on the rise as it eases the termination of a broad gamut of organic and inorganic compounds. DMAC is engaged as a solvent in fabricating polymers and resins. It is especially practical in the suspension of cellulose-dependent polymers, such as in the making of fibers, firms, and coating. DMAC is engaged in laboratories as a solvent for several chemical responses and as a portable episode in chromatography.
- The Painting and Coating Segment Dominated the Market
Based on end use, the painting and coating segment dominated the market. Increasing construction ventures, architectural projects, and urbanization often push demands for paints and coatings. The solvent recovery and recycling market trends include speedy advancements in these sectors that can push the overall market. Additionally, the automotive industry is a notable consumer of coatings. If there is an upsurge in vehicle production or demand for strong point coating in the automotive sector, it can cause the speedy growth of the market.
Solvent Recovery and Recycling Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 1895.70 Million |
| Market size value in 2024 | USD 1,180.01 Million |
| Expected CAGR Growth | 6.1% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Clean Planet Chemical, Veolia, CycleSolv, Clean Harbors, Tradebe, Shinko Organic Chemical Industry, Maratek Environmental, etc, among others |
| Segments Covered | By Solvent Type, By End-Use Industry, By Region |
| Regional scope |
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| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Press Release: Solvent Recovery and Recycling Market Size Worth $1895.70 million By 2032 | CAGR: 6.1%
Regional Insights
North America: The region held the largest solvent recovery and recycling market share due to its strong existence in the industry. The North American market's eminence may be derived from progressive technological potential, an entrenched industrial framework, and an elevated significance on viable practices. Further, strict environmental directives and an escalating consciousness of the advantages of solvent recovery and recycling have pushed the acquisition of these technologies in the region.
Asia Pacific: This region witnessed speedy growth due to zestful industrial topography and strong economic development in Asia Pacific. The speedy industrialization perceived especially in nations such as China and India has caused escalated solvent usage, pushing the need for effective recovery estimates. The enhanced significance of environmental viability and the application of strict directives have caused a notable surge in demand for solvent recovery technologies in the region.
Browse the Detail Report “Solvent Recovery and Recycling Market Share, Size, Trends, Industry Analysis Report, By Solvent Type (NMP(N-Methyle-2-Pyrrolidine), DMAC (N, N-Dimethylacetamide), Acetone, Butanol, Propanol, 2-Aminoethanol, 1, 4-Dioxane, E-Caprolactam, Terephthalic Acid, Others); By End-Use Industry; By Region; Segment Forecast, 2024- 2023” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/solvent-recovery-and-recycling-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the solvent recovery and recycling market?
Ans: The CAGR expected to be recorded for the market is 6.1%.
- What is the current and estimated market value of the market?
Ans: The current market value is USD 1180.01 million, and the estimated market value is 1895.70 million for the forecast period 2024-2032.
- Which are the major players operating in the industry?
Ans: Some of the major players operating in the industry are CBG Technologies, Clean Harbors, and Clean Planet Chemical.
- Which segments are covered by the report?
Ans: The segments covered by the report are solvent type, end-use industry, and region.
Polaris Market Research has segmented the solvent recovery and recycling market report based on solvent type, end-use industry, and region:
By Solvent Type Outlook
- NMP(N-Methyle-2-pyrrolidine)
- DMAC(N, N-Dimethylacetamide)
- Acetone
- Butanol
- Propanol
- 2-aminoethanol
- 1, 4-dioxane
- E-Caprolactam
- Terephthalic acid
- Others
By End Use Industry Outlook
- Paints & Coatings
- Printing
- Chemicals
- Electronics
- Pharmaceuticals
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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