The recent ban on waste imports in China along with the strict landfill reduction laws in European Countries has caused an upsurge in the global recycling market. Development of new technologies by various companies to improve the recyclability of thermosetting materials and the financial support these companies are getting from the government and regulatory bodies, has propelled the growth of the market for recyclable thermoset. According to the latest market intelligence report by BIS Research titled, ‘Global Recyclable Thermoset Market-Analysis and Forecast (2017-2026),’ the market is expected to reach $704.1 million in the year 2026. This significant growth of the market is attributed to the increase in the volumes of thermosetting wastes being generated globally and the government regulations which ensure the reduction in landfill disposals.
Growth in the recyclable thermoset market is directly dependent on the improvement in the quality of the recycled material. Thus, companies working in this market are developing new and improved technologies which yield better-recycled material and have the properties same as the fresh material. New avenues like coprocessing of waste thermoset composites in cement kilns have also been adopted as they offer a better alternative to simple incineration. European countries are more focused towards reducing their dependence on conventional sources of energy, and thus, producing end-of-life wind turbine blades, which are recycled using coprocessing in cement kilns. China and India being the largest producer of cement in the world, hold the huge potential for the recycling of thermosetting waste, using this technology.
The recyclable thermoset technology is encompassing a wide range of technologies such as mechanical recycling, energy recovery, feedstock recycling, and resins. The resins which are used extensively are unsaturated polyester resin (UPR), epoxy, phenol-formaldehyde (phenolic), polyurethane, and others. Various developments are done in recycling technologies to yield a better quality of recycled materials and hence, would present a plethora of opportunities to the different end-user industries. Recyclable thermoset technology is useful in various end-user industries such as construction, automotive, power generation, electrical &electronics, and others.
The market for recyclable thermoset varies with different geographical regions. Based on the regions, the global market for recyclable thermoset can be segmented into the Asia Pacific (APAC), Europe, North America, Middle East & Africa, and South America. At present, the market is dominated by the Asia-Pacific owing to the high market penetration in various countries of APAC such as China, Japan, India, and South Korea, among others. The massive thermoset production and various end-user industries in the region are driving the growth of the recyclable thermosets. Europe is anticipated to grow at a high growth rate during the forecast period due to the evolution of various new technologies and the fast adoption of the recycling techniques.
BIS Research has conducted extensive research on the global recyclable thermoset market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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