全球先進回收市場：依技術、原料、最終產品和應用劃分－市場規模、產業趨勢、機會分析和預測（2026-2035 年）

先進回收市場（通常稱為化學回收）正經歷顯著的成長和轉型。該市場在 2025 年的價值約為 28 億美元，預計到 2035 年將達到 102 億美元。這一成長意味著在 2026 年至 2035 年的預測期內，複合年增長率將達到 13.9%，這表明先進回收技術在全球範圍內的重要性日益凸顯，應用範圍也越來越廣。推動這一快速增長的因素有很多，包括技術進步、日益增強的環保意識以及減少塑膠垃圾和促進循環經濟實踐的政策壓力。

影響市場發展的關鍵趨勢之一是熱解技術的普及。熱解技術因其能夠將混合和受污染的塑膠廢料轉化為有用的原料（例如熱解油）而成為領先的先進回收技術。這種原料可以進一步提煉和再利用。其多功能性和可擴展性使其成為尋求建立永續回收解決方案的製造商和投資者的首選。除了熱解技術外，其他化學回收製程（例如解聚）也越來越受歡迎，尤其是在生產可重新整合到閉環系統中的優質原生材料方面。

值得關注的市場趨勢

先進回收市場的競爭格局呈現出行業巨頭和靈活新創公司並存的動態格局，它們都在推動創新和擴大複雜塑膠廢料流解決方案的規模方面發揮著關鍵作用。埃克森美孚和陶氏化學等老牌跨國公司正在大力投資先進回收技術，並利用其廣泛的資源和全球網絡來開發大規模的基礎設施和研究項目。

除了這些行業巨頭之外，像Agilyx、Plastic Energy、Enerkem和Loop這樣靈活的新創公司也透過專注於專業技術和創新方法取得了顯著進展。這些公司經常採用先進技術，例如基於人工智慧的分類系統和化學回收工藝，從而能夠高效處理傳統機械回收難以處理的複雜、受污染的混合塑膠廢棄物。

近期的發展凸顯了這一競爭格局的強勁勢頭。 2025年12月，聯華電子股份有限公司（UMC）在其位於台灣南部科學園區的Fab 12A園區開設了循環經濟與回收創新中心。該中心旨在促進以回收創新和循環經濟原則為重點的研究與開發，彰顯了聯華電子對永續發展和技術進步的承諾。

同時，全球公認的下一代先進塑膠回收技術先驅－村羅科技（Mura Technology）於2025年8月宣布計劃在新加坡建造一座年處理能力達5萬噸的工廠。這項雄心勃勃的計畫旨在顯著提升回收能力，並展示村羅科技專有技術的大規模商業可行性。

核心成長因子

工程塑膠（包括消費後再生塑膠 (PCR)）使用量不斷增長的趨勢，主要得益於世界各地為減少塑膠垃圾而實施的嚴格法規。世界各國政府正在製定政策，不僅限制塑膠垃圾的產生量，還強制要求在新產品中提高再生塑膠的含量。這些法規的影響尤其顯著，因為它們涵蓋了食品接觸材料和醫療產品等關鍵應用領域，這些領域對安全性和品質標準有著極高的要求。因此，製造商被迫進行創新，並採用先進的回收技術，以生產符合嚴格法規和性能要求的PCR材料。

新機遇

先進回收技術的創新，特別是熱解、裂解和解聚等工藝，正在快速發展並不斷提高效率。這些進步對於提高回收設施的整體處理能力至關重要，使其能夠以更高的精度和更低的能耗處理更多塑膠垃圾。隨著這些技術的成熟，它們為擴大營運規模以滿足不斷增長的需求提供了廣闊的前景，這對於解決全球產生的大量塑膠垃圾至關重要。更高的處理效率不僅可以提高產量，還有助於降低生產成本，使先進回收技術在經濟上更可行，對投資者和製造商更具吸引力。

優化障礙

由於高昂的資本和營運成本，先進回收市場面臨巨大的挑戰，這可能會阻礙其成長。建立先進回收設施，例如採用熱解或化學回收技術的設施，需要在專用設備、基礎設施和技術開發方面進行大量的初期投資。這些成本通常比傳統機械回收或常規塑膠生產的成本高得多，這給新進入者造成了經濟障礙，並限制了現有企業擴大業務的速度。

目錄

第一章：摘要整理：全球先進回收市場

第二章：研究方法與架構

• 研究目標
• 產品概述
• 市場區隔
• 質性研究
  • 一手和二手資料來源
• 量化研究
  • 一手和二手資料來源
• 依地區劃分的主要調查受訪者組成
• 研究假設
• 市場規模估算
• 資料三角驗證

第三章：全球先進回收市場概論

• 產業價值鏈分析
  • 材料供應商
  • 製造商
  • 經銷商
  • 終端用戶
• 行業展望
• PESTLE 分析
• 波特五力分析
  • 供應商議價能力
  • 買方議價能力
  • 替代品威脅
  • 新進入者威脅
  • 競爭強度
• 市場成長與展望
  • 市場收入估計與預測（2020-2035）
  • 價格趨勢分析
• 市場吸引力分析
  • 依細分市場/地區劃分
  • 可操作的洞見（分析師建議）

第四章 競爭格局儀錶板

• 市場集中度
• 依公司劃分的市佔率分析（價值，2025 年）
• 競爭格局分析與基準分析

第五章：全球先進回收市場分析

• 市場動態與趨勢
  • 成長驅動因素
  • 限制因素
  • 機遇
  • 主要趨勢
• 市場規模與預測（2020-2035 年）
  • 依技術劃分
  • 依原料劃分
  • 依應用程式劃分
  • 依最終產品劃分
  • 依地區劃分

第六章：北美先進回收市場分析

第七章：歐洲先進回收市場分析回收市場分析

第八章：亞太地區先進回收市場分析

第九章：中東與非洲先進回收市場分析

第十章：南美洲先進回收市場分析

第十一章：公司簡介

• Agilyx
• 巴斯夫
• BlueAlp Innovations
• Brightmark
• Carbios
• Enerkem
• 埃克森美孚化工
• Gr3n Recycling
• GreenMantra Technologies
• Ioniqa Technologies
• Loop Industries
• 利安德巴塞爾
• Mura Technology
• Plastic能源
• Polystyvert
• Pyrowave
• Quantafuel
• Recycling Technologies
• Renewlogy
• Shell
• 其他主要參與者

第十二章附錄

The advanced recycling market, often referred to as chemical recycling, is experiencing remarkable growth and transformation. Valued at approximately US$ 2.8 billion in 2025, the market is projected to expand significantly, reaching an estimated valuation of US$ 10.2 billion by 2035. This growth corresponds to a robust compound annual growth rate (CAGR) of 13.9% over the forecast period from 2026 to 2035, highlighting the increasing importance and adoption of advanced recycling technologies worldwide. The rapid expansion is driven by multiple factors, including technological advancements, rising environmental awareness, and policy pressures aimed at reducing plastic waste and promoting circular economy practices.

One of the key trends shaping the market is the dominance of pyrolysis technology. Pyrolysis has emerged as a leading method within advanced recycling due to its ability to convert mixed and contaminated plastic waste into valuable feedstocks such as pyrolysis oil, which can be further refined and reused. Its versatility and scalability make it a preferred choice among manufacturers and investors seeking to build sustainable recycling solutions. Alongside pyrolysis, other chemical recycling processes like depolymerization are gaining traction, particularly for producing virgin-quality materials that can be reintegrated into closed-loop systems.

Noteworthy Market Developments

The competitive landscape in the advanced recycling market is marked by a dynamic mix of industry giants and agile startups, each playing crucial roles in driving innovation and scaling solutions for complex plastic waste streams. Established multinational corporations such as ExxonMobil and Dow are investing heavily in advanced recycling technologies, leveraging their vast resources and global reach to develop large-scale infrastructure and research initiatives.

Alongside these industry behemoths, nimble startups like Agilyx, Plastic Energy, Enerkem, and Loop are making significant strides by focusing on specialized technologies and innovative approaches. These companies frequently adopt advanced methods such as AI-powered sorting systems and chemical recycling processes, enabling them to efficiently handle complex, contaminated, or mixed plastic waste streams that traditional mechanical recycling struggles to process.

Recent developments underscore the momentum in this competitive environment. In December 2025, United Microelectronics Corp. (UMC) inaugurated a dedicated Circular Economy & Recycling Innovation Center within its Fab 12A campus located in the Southern Taiwan Science Park. This facility is designed to advance research and development focused on recycling innovations and circular economy principles, highlighting UMC's commitment to sustainability and technological progress in the sector.

Meanwhile, in August 2025, Mura Technology, recognized globally as a pioneer in next-generation advanced plastic recycling, announced plans to build a 50-kilotonnes-per-annum (kta) facility in Singapore. This ambitious project aims to significantly boost recycling capacity and demonstrate the commercial viability of Mura's proprietary technology on a large scale.

Core Growth Drivers

The trend toward increased use of engineered plastics containing post-consumer recycled content (PCR) is being driven largely by the implementation of stringent regulations worldwide aimed at reducing plastic waste. Governments across the globe are enacting policies that not only limit the volume of plastic waste generated but also mandate higher percentages of recycled content in new products. These regulations are particularly impactful because they extend to critical applications such as food contact materials and medical products, areas where safety and quality standards are exceptionally high. As a result, manufacturers are compelled to innovate and adopt advanced recycling technologies that can produce PCR materials meeting strict regulatory and performance requirements.

Emerging Opportunity Trends

Technological innovations in advanced recycling, particularly in processes like pyrolysis, cracking, and depolymerization, are progressing rapidly and becoming increasingly efficient. These advancements are crucial in enhancing the overall processing capabilities of recycling facilities, enabling them to handle larger volumes of plastic waste with improved precision and reduced energy consumption. As these technologies mature, they offer promising opportunities for scaling operations to meet growing demand, which is essential for addressing the vast quantities of plastic waste generated globally. Improved processing efficiency not only increases throughput but also contributes to lowering production costs, making advanced recycling more economically viable and attractive for investors and manufacturers.

Barriers to Optimization

The advanced recycling market faces significant challenges stemming from high capital and operational costs, which could potentially hamper its growth trajectory. Establishing advanced recycling facilities, such as those utilizing pyrolysis or chemical recycling technologies, demands substantial upfront investment in specialized equipment, infrastructure, and technology development. These costs are often much higher than those associated with traditional mechanical recycling or conventional plastic production, creating financial barriers for new entrants and limiting the pace at which existing players can scale their operations.

Detailed Market Segmentation

Based on technology, Pyrolysis remains the dominant technology in the advanced recycling market, capturing over 41% of the market share in 2025. This commanding position underscores pyrolysis's critical role in transforming plastic waste into valuable products such as pyrolysis oil, fuels, and feedstocks. The technology's ability to handle mixed and contaminated plastic streams that are difficult to recycle mechanically makes it highly versatile and attractive to industry players. Pyrolysis breaks down complex polymers into simpler hydrocarbons through thermal decomposition in an oxygen-free environment, producing outputs that can be directly used as fuel or further refined into chemicals, thereby closing the loop in plastic recycling.

Based on feedstock, Polyethylene (PE) is poised to experience the fastest growth within the advanced recycling market, with a projected compound annual growth rate (CAGR) of 18.89% in the coming years. This rapid expansion reflects polyethylene's widespread use across a variety of industries, making it a critical target for advanced recycling technologies. As one of the most commonly produced and consumed plastics globally, polyethylene is found in countless applications, from packaging films and containers to household goods and agricultural products. Its ubiquity in the waste stream presents both a challenge and an opportunity for recyclers aiming to capture value from plastic waste and reduce environmental impact.

By End-Product, Recycled feedstock oils and fuels, particularly pyrolysis oil, hold the largest share in the advanced recycling market, accounting for approximately 32.5% of the total market. Pyrolysis oil serves as the industry's primary currency due to its versatility and ability to replace conventional petroleum-based feedstocks. Produced through the thermal decomposition of plastic waste in an oxygen-free environment, pyrolysis oil closely mimics the properties of synthetic crude oil, making it suitable for refinery processing and chemical production. This quality allows it to be integrated seamlessly into existing petrochemical supply chains, supporting the circular economy by converting end-of-life plastics into valuable raw materials.

• Based on application/end-use industry, the consumer goods and electronics sector holds a dominant position in the advanced recycling market, commanding over 38% of the total market share. This substantial share reflects the critical role that recycled materials play in the production of a wide array of electronic devices and consumer products, where quality and appearance are paramount. As manufacturers strive to meet both sustainability goals and the demanding aesthetic standards of high-end electronics, they are increasingly shifting their focus toward advanced recycling technologies that can provide superior material quality.

Segment Breakdown

By Technology

• Thermal pyrolysis (plastic-to-oil)
• Catalytic pyrolysis
• Depolymerization (including glycolysis, methanolysis)
• PET depolymerization to monomers
• Polyurethane/nylon depolymerization
• Enzymatic/biochemical recycling
• Gasification
• Pyrolysis
• Syngas production for chemicals/fuels
• High-temp gasification of mixed feedstock
• Solvolysis / chemical solvolysis
• Solvent-based recycling of polymers
• Hydrothermal liquefaction (HTL)
• Wet waste/biomass co-processing
• Enzyme-assisted depolymerisation pilots
• Others

By Feedstock

• Mixed plastic waste (unsorted municipal plastic)
• Polyethylene (PE)
• Polypropylene (PP)
• Polyethylene terephthalate (PET)
• Multi-layer films & flexible packaging
• Styrenics, ABS & other engineering plastics

By Application

• Packaging (rigid & flexible)
• Automotive & transportation
• Consumer goods & electronics
• Building & construction materials
• Textiles & fibers
• Industrial & oilfield applications

By End-Product

• Recycled feedstock oils & fuels (pyrolysis oil)
• Recovered monomers / chemical intermediates
• rPET / recycled resin pellets
• Performance/engineering polymers
• Waxes & specialty chemicals
• Energy/cogeneration outputs
• Others

By Region

• North America
• The US
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia and New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

Geography Breakdown

• North America currently holds a dominant position in the advanced recycling market, controlling approximately 34.33% of the global share. This leadership is largely driven by aggressive industrial scaling efforts concentrated along the U.S. Gulf Coast, where significant infrastructure investments are underway. Unlike regions that rely primarily on voluntary corporate commitments to increase recycled content, North America has shifted toward implementing massive, large-scale infrastructure projects that aim to build capacity and improve the efficiency of advanced recycling processes.
• Policy frameworks in the region also play a critical role as catalysts for market growth. Increasingly stringent regulations, mandates requiring recycled content in products and packaging, and landfill bans are creating a more favorable environment for advanced recycling technologies. These policies encourage manufacturers and brands to prioritize the use of post-consumer recycled materials, thereby driving demand for recycled plastics and incentivizing investment in recycling infrastructure.
• Furthermore, the Gulf Coast's concentration of petrochemical and plastics resin manufacturing facilities provides a unique advantage. This geographic clustering facilitates the integration of advanced recycling outputs into existing supply chains, enabling recycled materials to be efficiently converted back into feedstocks for new plastic production.

Leading Market Participants

• Agilyx
• BASF
• BlueAlp Innovations
• Brightmark
• Carbios
• Enerkem
• ExxonMobil Chemical
• Gr3n Recycling
• GreenMantra Technologies
• Ioniqa Technologies
• Loop Industries
• LyondellBasell
• Mura Technology
• Plastic Energy
• Polystyvert
• Pyrowave
• Quantafuel
• Recycling Technologies
• Renewlogy
• Shell
• Other Prominent Players

Table of Content

Chapter 1. Executive Summary: Global Advanced Recycling Market

Chapter 2. Research Methodology & Research Framework

• 2.1. Research Objective
• 2.2. Product Overview
• 2.3. Market Segmentation
• 2.4. Qualitative Research
  • 2.4.1. Primary & Secondary Sources
• 2.5. Quantitative Research
  • 2.5.1. Primary & Secondary Sources
• 2.6. Breakdown of Primary Research Respondents, By Region
• 2.7. Assumption for Study
• 2.8. Market Size Estimation
• 2.9. Data Triangulation

Chapter 3. Global Advanced Recycling Market Overview

• 3.1. Industry Value Chain Analysis
  • 3.1.1. Material Provider
  • 3.1.2. Manufacturer
  • 3.1.3. Distributor
  • 3.1.4. End User
• 3.2. Industry Outlook
• 3.3. PESTLE Analysis
• 3.4. Porter's Five Forces Analysis
  • 3.4.1. Bargaining Power of Suppliers
  • 3.4.2. Bargaining Power of Buyers
  • 3.4.3. Threat of Substitutes
  • 3.4.4. Threat of New Entrants
  • 3.4.5. Degree of Competition
• 3.5. Market Growth and Outlook
  • 3.5.1. Market Revenue Estimates and Forecast (US$ Mn), 2020-2035
  • 3.5.2. Price Trend Analysis
• 3.6. Market Attractiveness Analysis
  • 3.6.1. By Segment/Region
  • 3.6.2. Actionable Insights (Analyst's Recommendations)

Chapter 4. Competition Dashboard

• 4.1. Market Concentration Rate
• 4.2. Company Market Share Analysis (Value %), 2025
• 4.3. Competitor Mapping & Benchmarking

Chapter 5. Global Advanced Recycling Market Analysis

• 5.1. Market Dynamics and Trends
  • 5.1.1. Growth Drivers
  • 5.1.2. Restraints
  • 5.1.3. Opportunity
  • 5.1.4. Key Trends
• 5.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 5.2.1. By Technology
    • 5.2.1.1. Key Insights
      • 5.2.1.1.1. Thermal pyrolysis (plastic-to-oil)
      • 5.2.1.1.2. Catalytic pyrolysis
      • 5.2.1.1.3. Depolymerization (including glycolysis, methanolysis)
      • 5.2.1.1.4. PET depolymerization to monomers
      • 5.2.1.1.5. Polyurethane/nylon depolymerization
      • 5.2.1.1.6. Enzymatic / biochemical recycling
      • 5.2.1.1.7. Gasification
      • 5.2.1.1.8. Pyrolysis
      • 5.2.1.1.9. Syngas production for chemicals/fuels
      • 5.2.1.1.10. High-temp gasification of mixed feedstock
      • 5.2.1.1.11. Solvolysis / chemical solvolysis
      • 5.2.1.1.12. Solvent-based recycling of polymers
      • 5.2.1.1.13. Hydrothermal liquefaction (HTL)
      • 5.2.1.1.14. Wet waste/biomass co-processing
      • 5.2.1.1.15. Enzyme-assisted depolymerisation pilots
      • 5.2.1.1.16. Others
  • 5.2.2. By Feedstock
    • 5.2.2.1. Key Insights
      • 5.2.2.1.1. Mixed plastic waste (unsorted municipal plastic)
      • 5.2.2.1.2. Polyethylene (PE)
      • 5.2.2.1.3. Polypropylene (PP)
      • 5.2.2.1.4. Polyethylene terephthalate (PET)
      • 5.2.2.1.5. Multi-layer films & flexible packaging
      • 5.2.2.1.6. Styrenics, ABS & other engineering plastics
  • 5.2.3. By Application
    • 5.2.3.1. Key Insights
      • 5.2.3.1.1. Mixed plastic waste (unsorted municipal plastic)
      • 5.2.3.1.2. Polyethylene (PE)
      • 5.2.3.1.3. Polypropylene (PP)
      • 5.2.3.1.4. Polyethylene terephthalate (PET)
      • 5.2.3.1.5. Multi-layer films & flexible packaging
      • 5.2.3.1.6. Styrenics, ABS & other engineering plastics
  • 5.2.4. By End-Product
    • 5.2.4.1. Key Insights
      • 5.2.4.1.1. Mixed plastic waste (unsorted municipal plastic)
      • 5.2.4.1.2. Polyethylene (PE)
      • 5.2.4.1.3. Polypropylene (PP)
      • 5.2.4.1.4. Polyethylene terephthalate (PET)
      • 5.2.4.1.5. Multi-layer films & flexible packaging
      • 5.2.4.1.6. Styrenics, ABS & other engineering plastics
  • 5.2.5. By Region
    • 5.2.5.1. Key Insights
      • 5.2.5.1.1. North America
        • 5.2.5.1.1.1. The U.S.
        • 5.2.5.1.1.2. Canada
        • 5.2.5.1.1.3. Mexico
      • 5.2.5.1.2. Europe
        • 5.2.5.1.2.1. Western Europe
• 5.2.5.1.2.1.1. The UK
• 5.2.5.1.2.1.2. Germany
• 5.2.5.1.2.1.3. France
• 5.2.5.1.2.1.4. Italy
• 5.2.5.1.2.1.5. Spain
• 5.2.5.1.2.1.6. Rest of Western Europe
  • 5.2.5.1.2.2. Eastern Europe
• 5.2.5.1.2.2.1. Poland
• 5.2.5.1.2.2.2. Russia
• 5.2.5.1.2.2.3. Rest of Eastern Europe
  • 5.2.5.1.3. Asia Pacific
    • 5.2.5.1.3.1. China
    • 5.2.5.1.3.2. India
    • 5.2.5.1.3.3. Japan
    • 5.2.5.1.3.4. South Korea
    • 5.2.5.1.3.5. Australia & New Zealand
    • 5.2.5.1.3.6. ASEAN
    • 5.2.5.1.3.7. Rest of Asia Pacific
  • 5.2.5.1.4. Middle East & Africa
    • 5.2.5.1.4.1. UAE
    • 5.2.5.1.4.2. Saudi Arabia
    • 5.2.5.1.4.3. South Africa
    • 5.2.5.1.4.4. Rest of MEA
  • 5.2.5.1.5. South America
    • 5.2.5.1.5.1. Argentina
    • 5.2.5.1.5.2. Brazil
    • 5.2.5.1.5.3. Rest of South America

Chapter 6. North America Advanced Recycling Market Analysis

• 6.1. Key Insights
• 6.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 6.2.1. By Technology
  • 6.2.2. By Feedstock
  • 6.2.3. By Application
  • 6.2.4. By End-Product
  • 6.2.5. By Country

Chapter 7. Europe Advanced Recycling Market Analysis

• 7.1. Key Insights
• 7.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 7.2.1. By Technology
  • 7.2.2. By Feedstock
  • 7.2.3. By Application
  • 7.2.4. By End-Product
  • 7.2.5. By Country

Chapter 8. Asia Pacific Advanced Recycling Market Analysis

• 8.1. Key Insights
• 8.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 8.2.1. By Technology
  • 8.2.2. By Feedstock
  • 8.2.3. By Application
  • 8.2.4. By End-Product
  • 8.2.5. By Country

Chapter 9. Middle East & Africa Advanced Recycling Market Analysis

• 9.1. Key Insights
• 9.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 9.2.1. By Technology
  • 9.2.2. By Feedstock
  • 9.2.3. By Application
  • 9.2.4. By End-Product
  • 9.2.5. By Country

Chapter 10. South America Advanced Recycling Market Analysis

• 10.1. Key Insights
• 10.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 10.2.1. By Technology
  • 10.2.2. By Feedstock
  • 10.2.3. By Application
  • 10.2.4. By End-Product
  • 10.2.5. By Country

Chapter 11. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)

• 11.1. Agilyx
• 11.2. BASF
• 11.3. BlueAlp Innovations
• 11.4. Brightmark
• 11.5. Carbios
• 11.6. Enerkem
• 11.7. ExxonMobil Chemical
• 11.8. Gr3n Recycling
• 11.9. GreenMantra Technologies
• 11.10. Ioniqa Technologies
• 11.11. Loop Industries
• 11.12. LyondellBasell
• 11.13. Mura Technology
• 11.14. Plastic Energy
• 11.15. Polystyvert
• 11.16. Pyrowave
• 11.17. Quantafuel
• 11.18. Recycling Technologies
• 11.19. Renewlogy
• 11.20. Shell
• 11.21. Other Prominent Players

Chapter 12. Annexure

• 12.1. List of Secondary Sources
• 12.2. Key Country Markets- Macro Economic Outlook/Indicators