Solvent Recycling Market REPORT OVERVIEW
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The global solvent recycling market size was USD 981.2 million in 2021 and market is projected to touch USD 1471.4 million by 2031, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period.
Solvent recycling is the process of cleaning discarded, soiled solvents until they are restored to their original state or to any other acceptable specification. In a solvent recycler, used solvents are "put through a process that fractionates and distills them from the chemicals that made them dirty—those introduced to initiate a reaction with the solvent." Cost reduction is a significant advantage of solvent recycling in addition to its favorable effects on the environment. Due to the fact that solvent may be recycled, businesses don't need to purchase as much of it, and the amount of filthy solvent that must be disposed of results in significantly lower disposal costs.
COVID-19 Impact: Pandemic Repercussions Affected the Functioning of the Market
Due to the COVID-19 virus's persistent global spread, the COVID-19 pandemic had adverse effects on a number of businesses and its market. However, due to an insensitive and strict lockdown imposed by international government bodies, the tigecycline market suffered drastic declines and problems during the pandemic, including difficulties with supervisory revisions, variations in demand, interruptions in generic drug sanctions, disruptions in supply distribution channels, and product exportation restrictions. Additionally, these unfavorable aspects were brought about by the fact that many pharmaceutical companies and researchers were concentrating on combating the COVID-19 virus, and consumers adopted self-isolation and social distancing techniques during a time when COVID-19 cases were on the rise.
LATEST TRENDS
"Technological Advancements to Boost Product Demand"
The market's expansion can be ascribed to rising consumer environmental consciousness and stringent regulatory standards, which are pushing end-users toward cleaner manufacturing technologies. Additionally, tight air pollution restrictions have forced many solvent manufacturers to convert to environmentally friendly production techniques such as waterless printing techniques that do not require the use of solvents.
Solvent Recycling Market SEGMENTATION
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- By Type
Based on type; On-Site Solvent Recycling and Off-Site Solvent Recycling.
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By Application
Based on application; Printing Industry, Painting & Coating Industry, Oil & Chemical Industry, Pharmaceuticals Industry, and Others.
DRIVING FACTORS
"Environmental Awareness to Augment Market Growth"
In order to lessen the environmental load on landfills, solvent recovery and recycling is the process of recovering solvents from spent solvent-containing products such paints, varnishes, terpenes (hydrocarbons), aerosols, etc. The recovered solvents are then sold again or put to use in other operations. The practice of recovering solvents from outdated solvent-containing products like paints, varnishes, and terpenes is known as solvent recovery and recycling (hydrocarbons). Moreover, environmental considerations may be responsible for people's growing knowledge of the safety issues linked with solvents, which has encouraged them to invest in or switch to secure substitutes such as water-based coating.
"Increasing Demand from Various Applications to Boost Market Advancements"
The four main categories of the solvent recycling market growth factors are geography, energy efficiency, industry-specific, and environmental. Increased demand from numerous industrial sectors, such as the oil and chemical business, pharmaceutical industry, and painting and coating industry, is one of the industry-specific causes. Geographical variables include the strong demand in North America brought on by strict environmental rules and regional economic growth. Strict government regulations requiring manufacturers to build technology that lowers solvent usage without compromising production productivity are what drive the energy efficiency factor.
RESTRAINING FACTORS
"Government Regulations to Hinder Market Growth"
Some businesses constantly want to reduce their legal liability, which can be done with the aid of solvent recovery systems. During the projected period, these variables are anticipated to contribute to the solvent recovery systems' potential growth. The absence of recycling practices in companies and a lack of government understanding of solvent recovery laws are two obstacles that the market is anticipated to face over the forecast period.
Solvent Recycling Market REGIONAL INSIGHTS
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"North American Region Dominates and Holds Top Market Position"
North America is predicted to dominate the solvent recycling market share due to its extensive chemical, food, and other sectors. Due to the region's growing use of solvent recycling processes, solvent recovery systems are predicted to experience significant expansion in Latin America.
Asia Pacific accounted for a bigger revenue share in the global solvent recycling market. The growing industrialization of this area and government efforts to preserve the environment from the disposal of dangerous solvents are to blame for its expansion.
KEY INDUSTRY PLAYERS
"Key Players Aim to Develop Product Application and Awareness Rate"
The key market players strategize to augment the amount of production in the market, so consumers can receive the best treatment obtainable. Furthermore, the companies also aim to develop the product to reduce the impacts of the drug’s side effects. Additionally, the key players also advertise the medications used and raise awareness in the market for treatments.
List of Market Players Profiled
- Veolia (France)
- Clean Planet Chemical (U.S.)
- CycleSolv (U.S.)
- Tradebe (U.K.)
- Clean Harbors (U.S.)
- Nippon Refine (Japan)
- Shinko Organic Chemical Industry (Japan)
- Yang Linhong
- IST Pune (India)
- CBG Technologies (U.S.)
REPORT COVERAGE
This report highlights types of the solvent recycling and its latest trends along with the vital driving and restraining factors within the market. Moreover, this report consists of the key industry players and their aims, also factors causing the leading region to reach its position in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 981.2 Million in 2021 |
Market Size Value By |
US$ 1471.4 Million by 2031 |
Growth Rate |
CAGR of 4.1% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the solvent recycling market expected to touch by 2031?
The global solvent recycling market is expected to touch USD 1471.4 million by 2031.
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What CAGR is the solvent recycling market expected to exhibit by 2031?
The solvent recycling market CAGR is expected to be 4.1% by 2031.
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Which are the driving factors of the solvent recycling market?
Increasing demand from various applications and environmental awareness to boost solvent recycling market growth
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Which are the top companies operating in the solvent recycling market?
Veolia, Clean Planet Chemical, CycleSolv, Tradebe, Clean Harbors, Nippon Refine, Shinko Organic Chemical Industry, Yang Linhong, IST Pune, CBG Technologies are companies operating in the solvent recycling market.
