Chicago, Aug. 9, 2024 (GLOBE NEWSWIRE) — Generally Solvent recovery and recycling market The size is expected to increase from USD 1,085 million in 2023 to USD 1,384 million by 2028, growing at a compound annual growth rate (CAGR) of 5.0% during the forecast period. according to the latest study by MarketsandMarkets™. Stringent regulations to reduce emissions and hazardous waste, increasing demand for solvent recovery in end-use industries and financial benefits from reduced procurement costs and waste disposal costs will drive the growth of the solvent recovery and recycling market during the forecast period. However, high initial investment in solvent recovery systems and the requirement of large space and dedicated infrastructure are the major restraining factors for the solvent recovery and recycling market.
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Browse the detailed table of contents on the topic “Solvent Recovery and Recycling Market”
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List of major players in the Solvent Recovery and Recycling Market:
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Veolia (France)
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CycleSolv LLC (USA)
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Tradebe Environmental Services (USA)
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Clean Ports (USA)
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Indaver (Belgium)
Drivers, opportunities and challenges in solvent recovery and recycling:
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Driver: Strict regulations to reduce emissions and hazardous waste
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Restraint: High initial investments in solvent recovery and recycling systems
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Opportunity: Growing awareness of environmental problems
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Challenge: Availability of cost-effective new solvents
Key findings of the study:
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Cresol is the fastest growing solvent type in terms of value during the forecast period.
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Based on the end-use industry, the printing end-use industry is estimated to be the fastest growing segment of the solvent recovery and recycling market.
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Europe is the second fastest growing region in the solvent recovery and recycling market in terms of value during the forecast period.
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Based on solvent typeDMF (Dimethylformamide) is expected to lead the market in terms of value in 2023 due to its versatile properties including high solvency, low boiling point and compatibility with various compounds. These properties make DMF a preferred solvent in various industries, leading to increased demand and consequently increasing the need for efficient solvent recovery and recycling processes.
Based on the end-use industryThe paints and coatings end-use industry is expected to lead the solvent recovery and recycling market in terms of value during the forecast period. The growth of this market segment is attributed to significant solvent consumption. As environmental sustainability gains importance and regulatory pressure increases, the industry is increasingly turning to solvent recovery solutions. This strategic shift is prompted by a dual objective: to focus on environmentally friendly practices and to optimize cost efficiency. Consequently, the paints and coatings industry, with its commitment to reducing environmental impact while efficiently utilizing resources, positions itself at the forefront of the evolving solvent recovery and recycling technology landscape.
Based on regionThe Asia Pacific region accounted for the largest market share in 2022 and is also expected to be the largest solvent recovery and recycling market by value during the forecast period. This is attributable to factors such as rapid industrialization in the region and key end-use industries such as textile, automotive, and construction. Robust growth in the manufacturing sector, particularly in China, Japan, and India, is amplifying the demand for solvents. As these countries prioritize sustainability and stringent environmental regulations, solvent recovery and recycling are becoming an integral part. The presence of key players across various industries, coupled with a proactive approach to eco-friendly practices, cements the dominance of the Asia Pacific region in the solvent recovery and recycling market.
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Major players in the solvent recovery and recycling market are Veolia (France), CycleSolv LLC (US), Tradebe Environmental Services (US), Clean Harbors (US), and Indaver (Belgium). These players not only have a comprehensive and diverse product portfolio but also have a strong geographical presence. These players can focus on developing innovative authentication and brand protection technologies and offerings as new application areas for authentication and brand protection are emerging. These companies have multiple product offerings and operate globally. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their presence through product innovations and expand their business reach.
CycleSolv LLC
CycleSolv LLC is a chemical services company that offers a full range of solutions for chemical users. The company offers a complete range of services to the chemical user: including recycling of spent solvent streams, disposal of waste including non-hazardous waste, and sales of specialty chemicals and solvents. The company specializes in recycling spent solvent streams and offers the flexibility of on-site or off-site distillation through its fleet of mobile recycling units. The company is committed to providing environmentally friendly and cost-effective solutions and emphasizes sustainable chemical management practices for its customers. The company has a presence throughout the United States.
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