Recycled Plastic & Plastic Waste to Oil Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Recycled Plastic & Plastic Waste to Oil Market : Snapshot
The recycled plastic & plastic waste to oil market has been anticipated to grow at a significant speed in the near future. The market is estimated to progress at a CAGR rate of 10% during the forecast period from 2021 to 2030. The growth avenues in the recycled plastic & plastic waste to oil market are attributed to the rising requirement in order to reduce the dependency on fossil fuels. In addition to this, escalating demand for the recycling of plastic waste is also boosting growth avenues in the recycled plastic & plastic waste to oil market in the foreseeable years.
In recent years, there has been a noteworthy increase in industrialization around the world. In addition to this, rising demand for crude oil is also bolstering the growth avenues in the recycled plastic & plastic waste to oil market in the coming years.
The resources from recycled plastic & plastic waste to oil market are used at an increasing rate as fuel in order to meet the rising demand for energy that too without putting any burden on the limited natural resources. Thus, based on this environment-friendly approach, the recycled plastic & plastic waste to oil market is predicted to grow at a rapid pace in the following years.
At present time, there is an increase in the amount of plastic waste, especially single-use, around the world. Along with this, increasing public awareness related to the conservation of the environment as well as solid waste management is likely to drive the growth avenues in the recycled plastic & plastic waste to oil market in the upcoming years.
Rising demand for coal, gas, and oil is projected to create novel growth avenues in the recycled plastic & plastic waste to oil market in the forthcoming years. Further, the key players from the recycled plastic & plastic waste to oil market are also investing on sustainable energy strategies to drive novel avenues.
The tremendously rising use of plastic has resulted in the generation of a massive amount of plastic waste across the globe. The level of plastic waste generation has grown significantly in developed economies worldwide. As a result, several leading players are focusing on innovative waste-conversation technologies, which is likely to help in reducing plastic waste in the next few years. The generation of clean and effective fuel from plastic waste is estimated to gain immense popularity in the coming years, thus encouraging the development of the global recycled plastic and plastic waste to oil market in the near future.
The rising awareness regarding the advantages of recycled plastic and plastic waste to oil and the benefits it offers to the environment are estimated to fuel the growth of the market in the next few years. As a result, several new players are anticipated to enter the global market and strengthen the competitive scenario in the coming years. In addition, the rising focus on the introduction of new products and technologies and research and development activities are estimated to offer promising growth prospects for the prominent players operating in the global recycled plastic and plastic waste to oil market in the coming years.
Furthermore, the rising number of initiatives by governments in order to encourage recycling of waste plastic is expected to accelerate the growth of the market in the coming years. Developed regions, including Europe and North America, are projected to witness promising growth in the near future. The availability of required infrastructure and funds are the key factors estimated to bolster the recycled plastics and plastic waste to oil market in the coming years.
Global Recycled Plastic & Plastic Waste to Oil Market: Overview
Over the past few decades, the production of plastics and the consumption of plastic materials has spiraled worldwide. Concurrently, the generation of plastic waste has increased dramatically, especially in high-income countries. With this, umpteen waste-conversion technologies focusing on enhanced recovery capacity and processing capabilities have been developed for the recycling of plastics, especially in emerging and developed markets. Despite the advancement in reclamation technologies, a vast portion of plastic waste stream, mainly consisting of non-recycled plastics, lies unused in landfills, presenting hazards to the environment.
The recovery of these plastics is a significant concern—ecological as well as economical—for a large number of nations. Plastic to oil (fuel) conversion technology mainly relies on depolymerization and pyrolysis processes and consists of recycling different types of plastics and converting them into synthetic crude oil, its distillates, and other refined petroleum products. The rapidly emerging technology is projected to complement the already existing traditional plastic recycling processes. The use of the recycled plastics and plastic waste to oil process is anticipated to substantially add to the waste management capability of various economies.
Global Recycled Plastic & Plastic Waste to Oil Market: Trends
Plastic to oil (fuel) conversion technology has gained prominence primarily due to two factors: forming a reliable source of alternative energy from an abundant feedstock having negligible economic value and an eco-friendly disposal of non-recycled plastics. The rapidly rising volumes of plastic waste has led to the overriding concern of environmental hazards to various habitats, particularly humans and aquatic life. Coupled with this, stringent government regulations against the disposal of plastics and revised risk assessment approaches in developing and developed nations have boosted the market.
In addition, declining reserves of fossil fuel, especially economies dependent on crude oil imports, has triggered the demand for plastic and plastic waste to oil conversion technologies. Furthermore, the accelerated pace of plastic production and the short-lived applications of plastic materials are encouraging trends expected to positively impact the global market.
Global Recycled Plastic & Plastic Waste to Oil Market: Market Potential
Recent developments in recycled plastic and plastic waste to oil market indicate that policymakers and energy industry players in various regions, particularly in North America and Europe, are focusing on the commercialization of the technology. Energy companies, especially in Africa and Asia Pacific, are increasingly investing substantial sums in making improvements and innovations in pyrolytic technology, which has added to their plastic recycling capacity.
Recently, Alternative Energy Systems, an African renewable energy company, opened up the first commercial plant in Kenya that will convert plastic waste to synthetic fuel oil. Equipped with the capacity to recycle 16 tons of all types of plastic waste—including thin-gauge plastic waste—per day, the project is majorly funded by the Commercial Development Corporation (ICDC), a leading organization that focusses on industrial growth in Kenya.
Oregon-based Agilyx Corp. has secured a financing option for its pyrolysis facility near Portland. The conversion facility can process up to 10 tons of polystyrene scrap per day using the patented thermal pyrolysis technology and will convert the scrap into liquid styrene monomer, which can be sold to refiners for the production of oil. The company, along with other giants such as Dow Chemical, has been a part of Hefty Energy Bag program that converted enormous plastic debris into high-value synthetic crude oil. This oil was further refined and could be used to manufacture fuel and various petroleum products, including gasoline, jet fuel, diesel fuel, and lubricants. The crude oil could also be transformed back into plastic. These developments reiterated the commercial viability of recycled plastic and plastic waste to oil technologies.
Global Recycled Plastic & Plastic Waste to Oil Market: Regional Outlook
Europe is a prominent market for plastic waste to oil technologies with enormous plastics debris in municipal waste streams (MWS) offering ample opportunities for recycling companies. Commercialization of the pyrolysis and catalytic depolymerization processes in various countries, such as the U.K., has propelled the market. The U.S. is another prominent regional market and the growth is attributed to a large number of technology players setting up pilot projects to convert plastic waste into synthetic oil. In addition, government incentives to scrap away landfill disposal fees across the nation have created a robust impetus to divert landfill-bound plastics to companies that convert plastic debris to synthetic oil.
The Asia Pacific market is expected to showcase promising growth avenues over the forecast period, mainly driven by the modernizing of different plastic-to-fuel technologies. Countries such as Saudi Arabia, Brazil, and the UAE, also contribute to the substantial demand for plastic waste to oil processes.
Global Recycled Plastic & Plastic Waste to Oil Market: Competitive Analysis
Major companies in the global recycled plastic and plastic waste to oil market include Cynar Plc, Agilyx Inc., Vadxx Energy LLC, Clean Blue Technologies Inc., Nexus Fuels, LLC, JBI, Inc., PK Clean, RES Polyflow, MK Aromatics Ltd, and Plastic Advanced Recycling Corporation (PARC). Leading players are capitalizing on advancements in plastic-to-fuel technologies and expanding their regional presence to consolidate their market shares.
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