North America Solvent Recycling Market: By Type (On-Site solvent Recycling and Off-site Solvent Recycling), By Application (Printing Industry, Pharmaceutical Industry, Painting and Coating industry, Oil and Chemical Industry, and others) and Country

North America Solvent Recycling Market size was valued at USD 909.1 million in 2023 and is expected to grow at a CAGR of 4.4% from 2024 to 2030. Solvent Recycling process comprises reusing the processed solvent dissolution to remove the impurities from postindustrial and postconsumer plastic thereby creating a new solution or products. Moreover, increases in the cost of virgin solvents, raised environmental regulations, and growing demand for sustainable solutions drive the North American solvent recycling market growth. Additionally, increasing focus on the impact of solvent recycling on the environment, strong focus on the creation of an environmentally sustainable industrial framework, and introduction of cost advantages in the processes are some key factors fostering the market growth.

Moreover, the worldwide solvent recycling business has been around for a while, it has only just begun to acquire traction. The technology for enhancing the efficiency and viability of the entire process is still evolving and will do so for the foreseeable future. The Solvent Recycling Equipment uses a distillation process to extract accumulated sand particles and hydrocarbons from the solvent, allowing it to be recycled back into usable solvent. Most solvents used in processes including electroplating, metal finishing, paint and powder coating, parts washing, and vapor degreasing may be recycled, lowering the cost of new solvents and decreasing disposal difficulties. However, the challenges associated with the solvent recycling market include huge investments in R&D and high installation and maintenance costs that are hindering the solvent recycling market growth.

North America Solvent Recycling Market Key Developments:

In Feb 2019, Tradebe Acquired Aaron Oil Company. Tradebe's service portfolio grows geographically with this acquisition, including Industrial and Field Services, Used Oil collection and recycling, Petroleum (tank bottom) recycling, and Maritime Services. Along with these new features, Tradebe inherits the Aaron Oil team's extensive experience and technical skills.