Global Recycled Plastic and Plastic Waste to Oil Market Highlights over 2022-2030
The global recycled plastic and plastic waste to oil market is estimated to garner a sizeable revenue by growing at a ~10% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the growing need to reduce dependency on fossil fuels, along with escalating demand for recycling plastic waste. Owing to the rapid industrialization, the demand for crude oil is increasing, while the resources are limited and are depleting rapidly. The use of fuel obtained from the recycled plastic and plastic waste is growing to meet this increasing demand for fuel without burdening the limited natural resources. This is estimated to boost the market growth. Increasing amount of plastic waste, especially in the form of single use plastics, is also projected to significantly boost the market growth. According to a report by the UNEP, 5 trillion single-use plastic bags are used every year, globally. 300 million tons of plastic waste is produced annually worldwide. Moreover, expanding public awareness regarding the conservation of environment and solid waste management is another major factor anticipated to boost the market growth over the forecast period. As per another report by UNEP, 79% of the plastic waste generated ends up in landfills, dumps or the natural environment, as of 2020. Only around 9% of this waste is being recycled.
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The global recycled plastic and plastic waste to oil market is segmented by fuel type, into diesel, gasoline, naphtha, fuel oil, and others, out of which, the diesel segment is anticipated to hold the largest share in the market during the forecast period on account of increasing use of pyrolysis diesel as an additive for the diesel obtained from fossil fuel. On the basis of plastic, the market is segmented into low density polyethylene, high density polyethylene, polypropylene, and others, out of which the low-density polyethylene (LDPE) segment is projected to garner significant share by the end of 2030, as LDPE is single-use plastic and cannot be recycled, which is why, the government and private companies aim to use this waste for producing oil.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Recycled Plastic and Plastic Waste to Oil Market Regional Synopsis
Regionally, the global recycled plastic and plastic waste to oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of presence of various market players in countries, such as, the U.S. and Canada, along with increasing concerns among authorities to manage the plastic waste. As per the data by the Environmental Protection Agency (EPA), 35.7 million tons plastic waste was generated in the United States, which was 12.2 percent of municipal solid waste generation, in 2018. Furthermore, rising public awareness regarding the use of alternative fuels is estimated to further boost the regional market growth.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the increasing industrialization, growing need for fuel, and expanding plastic waste generation in the developing nations. Moreover, increasing adoption of ‘plastic waste to oil’ technology in countries, such as, Japan, is estimated to boost the market growth.
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The global recycled plastic and plastic waste to oil market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global recycled plastic and plastic waste to oil market includes the following segments:
By Plastic
- Low Density Polyethylene (LDPE)
- High Density Polyethylene (HDPE)
- Polypropylene
- Others
By Fuel Type
- Diesel
- Gasoline
- Naphtha
- Fuel Oil
- Others
By Application
- IC Engine
- Fuel Additives
- Others
Growth Drivers
- Increasing Demand for Plastic Waste Management
- Rising Need for Fuel, backed by the Growing Population
Challenges
- Lack of Awareness about Plastic Waste to Oil Technology
Top Featured Companies Dominating the Market
- OMV Aktiengesellschaft
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Plastic Energy
- Agile Process Chemicals LLP
- Jinan Niutech Environment Technology Corporation
- Plastic Advanced Recycling Corporation
- Brightmark LLC.
- MK Aromatics Limited
- Agilyx Corporation
- Plastic2Oil, Inc.
- nexus Fuels, LLC
