The latest report by IMARC Group, titled “Solvent Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the global solvent recycling growth. The global market size reached US$ 877.17 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,205.40 Million by 2028, exhibiting a growth rate (CAGR) of 5.54% during 2023-2028.
Solvent recycling represents a cleaning process that is commonly designed to remove impurities and dirt from numerous solvents, such as propanol, butanol, ink wash, acetone, hexane, methylene spirits, ethyl acetate, methanol, xylene, ethanol, propylene glycol, and thinner. It usually comprises several methods, such as multi-stage rectification, reactive distillation, filtration, fractionation, azeotropic distillation, and extractive distillation. Solvent recycling generally relies on the solvent recycler, wherein the solvent is pushed through small tubes and treated at various temperatures to separate the solvent from the solute. It is cost-saving, clean, time efficient, effective, etc., and reduces carbon footprint. Solvent recycling provides a safe working environment for workers and lowers the need for purchasing new cleaning solvents. It also helps in eliminating the requirement of disposing of solvents in the environment while making useful products.
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Solvent Recycling Market Trends and Drivers:
The rising consumer environmental concerns are primarily driving the solvent recycling market. Additionally, the widespread adoption of solvents in nail polish removers and perfumes is further bolstering the market growth. Besides this, the growing demand for recycled solvents by dry cleaners to clean the clothes of individuals is acting as another significant growth-inducing factor. Moreover, the increasing usage of recycling solvents, as they minimize fresh chemical purchase, disposal costs, and storage costs of a business, is positively influencing the global market. Apart from this, continuous advancements in the recycling process to enhance the performance of solvents are also stimulating the market growth. Furthermore, government bodies across countries are promoting the use of recycled products by implementing stringent rules and regulations to lower the amount of greenhouse gas (GHG) emissions, which is anticipated to fuel the solvent recycling market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- On-Site Solvent Recycling
- Off-Site Solvent Recycling
Application Insights:
- Printing Industry
- Painting and Coating Industry
- Oil and Chemical Industry
- Pharmaceuticals Industry
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- CBG Biotech,
- Clean Harbors Inc.,
- CleanPlanet Chemical,
- GFL Environmental Inc.,
- Grupo Tradebe Medio Ambiente Sociedad Limitada,
- Maratek Environmental Inc,
- Polaris Srl,
- Shinko Organic Chemical Industry Ltd (Osaka Organic Chemical Industry Ltd),
- Veolia Environnement S.A.
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