Recycled Plastic & Plastic Waste to Oil Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Recycled Plastic & Plastic Waste to Oil Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : May, 2021 | Energy & Mining

Report Digest

Global Recycled Plastic & Plastic Waste to Oil Market : Snapshot

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.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?