The report “Solvent Recovery and Recycling Market by Solvent Type (NMP, DMSO, Cresol, DMF, DMAC, Acetone, Butanol, Propanol, 2-Aminoethanol, 1, 4 Dioxane, E-Caprolactam, Terephthalic Acid), End-Use Industry, and Region – Global Forecast to 2028″, size is projected to reach USD 1,384 million by 2028 from USD 1,085 million in 2023, at a CAGR of 5.0% during the forecast period. The major drivers for the solvent recovery and recycling market are stringent regulations promoting the reduction of emissions and hazardous waste, Increasing demand for solvent recovery in end-use industries, and financial benefits through reduced procurement costs and waste disposal expenses. considerable capital investment of solvent recovery systems, and solvent recovery systems require significant space and specific infrastructure are considered restraining factors in this market. Whereas growing awareness of environmental issues, and ongoing innovation in solvent recovery technologies act as opportunities in the market.
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- 229 Market data Tables
- 41 Figures
- 227 Pages and in-depth TOC on “Solvent Recovery and Recycling Market – Global Forecast to 2028”
Some of the prominent key players are:
- Veolia (France)
- CycleSolv LLC (US)
- Tradebe Environmental Services (US)
- Clean Harbors (US)
- Indaver (Belgium)
Driver: Stringent regulations promoting the reduction of emissions and hazardous waste
Stringent regulations mandating the reduction of emissions and hazardous waste have emerged as a driving force in the solvent recovery and recycling market. As governments worldwide intensify their commitment to sustainability, the comparative assessment of disposal methods has become crucial, with quantitative analysis playing a key role in evaluating the environmental impact of various techniques. The conventional method of waste solvent disposal, such as incineration, has come under scrutiny due to its contribution to increased greenhouse gas emissions and the overall carbon footprint. This has prompted governmental bodies to enact legislation aimed at addressing sustainability concerns and promoting eco-friendly alternatives. Solvent recovery processes offer a significant advantage in this landscape, not only aligning with environmental regulations but also providing substantial benefits to both industries and the environment. These advantages include enhanced compliance with environmental standards, reduced reliance on fresh solvent purchases, minimized transportation requirements, and decreased human exposure to hazardous substances. The rising awareness among businesses about their corporate social responsibility (CSR) has amplified the adoption of solvent recovery and recycling technologies. Companies are proactively seeking ways to minimize their carbon footprint and enhance their sustainability profiles, making solvent recovery an integral component of their environmental stewardship.
The paints & coating industry is the second-fastest growing end-use industry in the solvent recovery and recycling market during the forecast period.
The paints & coating industry is the second fastest-growing end-use industry in the solvent recovery and recycling market due to expanding construction and automotive activities. Solvents play a crucial role in formulations, making their recovery essential. Heightened environmental consciousness and stringent regulations drive the adoption of recycling practices within the industry, promoting sustainability. The growing demand for eco-friendly solutions in paints and coatings, coupled with regulatory pressures, positions this sector as a key contributor to the market’s rapid expansion.
Asia Pacific is the fastest growing in the solvent recovery and recycling market, in terms of value.
Asia Pacific stands as the fastest-growing region in the solvent recovery and recycling market due to its dynamic industrial landscape and robust economic growth. Rapid industrialization in countries like China and India increases solvent usage, necessitating efficient recovery measures. With a heightened focus on environmental sustainability and stringent regulations, there’s a surge in demand for solvent recovery technologies. The region’s strategic initiatives towards eco-friendly practices and the expanding industrial activities solidify Asia Pacific’s position as the primary driver of rapid growth in this market.
