Global Solvent Recovery and Recycling Market size and share is currently valued at USD 1180.01 million in 2024 and is anticipated to generate an estimated revenue of USD 1,895.70 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview
The solvent recovery and recycling market plays a critical role in promoting sustainable practices across industries by reclaiming and reusing solvents used in various manufacturing processes. Solvent recovery involves extracting and purifying solvents from waste streams, allowing them to be reused in production or other applications. This reduces the consumption of raw solvents and minimizes environmental impact. Industries such as chemicals, pharmaceuticals, paints and coatings, and electronics rely heavily on solvents, making their recovery and recycling vital for cost savings, regulatory compliance, and sustainability. The market is gaining momentum as industries prioritize eco-friendly operations and strive to reduce waste and emissions.
Market’s Growth Drivers
- Stringent Environmental Regulations:
Governments and regulatory bodies worldwide are enforcing stringent environmental laws to reduce industrial waste and emissions. Solvent recovery and recycling help companies comply with these regulations by minimizing waste disposal. - Cost-Effectiveness:
Recycling solvents is often more economical than purchasing new solvents, especially for industries with high solvent usage. This cost advantage drives businesses to adopt solvent recovery systems. - Growing Focus on Sustainability:
Increasing awareness of environmental issues and corporate sustainability goals are pushing industries to implement greener practices, including solvent recycling, to reduce their ecological footprint. - Technological Advancements in Recovery Systems:
Innovations in solvent recovery technologies, such as distillation and adsorption systems, have enhanced efficiency, making the process more attractive to industries. - Expansion of Key End-Use Industries:
The growth of solvent-intensive industries like pharmaceuticals, paints and coatings, and electronics is boosting the demand for solvent recovery and recycling solutions.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭
Some of the major players operating in the global market include:
- CBG Technologies
- Clean Harbors
- Clean Planet Chemical
- CycleSolv
- IST Pure
- Maratek Environmental
- Quanzhou Tianlong
- Shinko Organic Chemical Industry
- Tradebe
- Veolia
Recent Developments
- Veolia’s Acquisition of Alcoa’s Hazardous Waste Treatment Site – January 2020
In January 2020, Veolia announced its agreement to acquire the hazardous waste treatment facility owned by Alcoa USA Corporation in Gum Springs, Arkansas (US). This strategic acquisition represents a significant milestone in Veolia’s efforts to expand its global hazardous waste treatment and recycling operations. The move also reinforces Veolia’s presence in North America, aligning with its commitment to sustainable waste management and environmental stewardship.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Solvent Recovery and Recycling Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Solvent Recovery and Recycling Market, Solvent type Outlook (Revenue – USD Million, 2019-2032)
- NMP(N-Methyle-2-pyrrolidine)
- DMAC(N, N-Dimethylacetamide)
- Acetone
- Butanol
- Propanol
- 2-aminoethanol
- 1, 4-dioxane
- E-Caprolactam
- Terephthalic acid
- Others
Solvent Recovery and Recycling Market, End Use Industry Outlook (Revenue – USD Million, 2019-2032)
- Paints & Coatings
- Printing
- Chemicals
- Electronics
- Pharmaceuticals
- Others
The solvent recovery and recycling market is poised for significant growth as industries continue to focus on sustainability and cost optimization. With advancements in technology and the increasing adoption of circular economy practices, the market is expected to play a pivotal role in reducing waste and promoting resource efficiency across a wide range of sectors.