Segmentation by Plastic (Low Density Polyethylene, High Density Polyethylene, Polypropylene, and Others); by Fuel Type (Diesel, Gasoline, Naphtha, Fuel Oil, and Others); by Application (IC Engines, Fuel Additives, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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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:
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.
Our in-depth analysis of the global recycled plastic and plastic waste to oil market includes the following segments:
By Plastic
By Fuel Type
By Application
Growth Drivers
Challenges
March 15, 2021: Agilyx Corporation announced its agreement with NextChem, a subsidiary of Maire Tecnimont Group, to support the development of converting mixed waste plastics into high-value circular products and fuels.
June 22, 2021: Nexus Fuels LLC and Wood plc, to collaborate for collectively producing solution for waste plastics on a global level.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising demand for recycling plastic waste, and increasing adoption of plastic waste to oil technology are the key factors driving market growth.
Ans: The market is anticipated to attain a ~10% CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of awareness amongst the people is the major challenge that is estimated to hamper the market growth.
Ans: The market in the North America region will provide ample growth opportunities owing to the increasing demand for fuel and rising awareness regarding plastic waste management.
Ans: The major players dominating the recycled plastic and plastic waste to oil market are Plastic Advanced Recycling Corporation, Brightmark LLC., MK Aromatics Limited, Agilyx Corporation, Plastic2Oil, Inc., nexus Fuels, LLC, and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by plastic, fuel type, application, and by region.
Ans: The low-density polyethylene segment is anticipated to hold the largest market share owing to a high amount of single use plastic waste generated annually.
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