Recycled Plastic and Plastic Waste to Oil Market Size & Share, by Plastic (Low Density Polyethylene, High Density Polyethylene, Polypropylene); Fuel Type (Diesel, Gasoline, Naphtha, Fuel Oil); Application (IC Engines, Fuel Additives) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3337
  • Published Date: Aug 29, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Recycled Plastic and Plastic Waste to Oil Market size was valued at USD 73.5 million in 2023 and is expected to exceed USD 244.89 million by 2036, registering over 9.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of recycled plastic and plastic waste to oil is assessed at USD 79.2 million. 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 recycled plastic and plastic waste to oil 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.


Global-Recycled-Plastic-And-Plastic-Waste-To-Oil-Market-Overview
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Recycled Plastic and Plastic Waste to Oil Sector: Growth Drivers and Challenges

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

Recycled Plastic and Plastic Waste to Oil Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

9.7%

Base Year Market Size (2023)

USD 73.5 million

Forecast Year Market Size (2036)

USD 244.89 million

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Recycled Plastic and Plastic Waste to Oil Segmentation

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.

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

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Recycled Plastic and Plastic Waste to Oil Industry - Regional Synopsis

North America Market Analysis

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. North America is likely to account for largest revenue share by 2036, on the back of presence of various market players in the U.S. 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.

Asia Pacific Market Statistics

The recycled plastic and plastic waste to oil 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.

Research Nester
Global-Recycled-Plastic-And-Plastic-Waste-To-Oil-Market-Share
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Companies Dominating the Recycled Plastic and Plastic Waste to Oil Landscape

    • 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

In the News

  • 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.

Author Credits:  Dhruv Bhatia


  • Report ID: 3337
  • Published Date: Aug 29, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of recycled plastic and plastic waste to oil is assessed at USD 79.2 million.

Recycled Plastic and Plastic Waste to Oil Market size was valued at USD 73.5 million in 2023 and is expected to exceed USD 244.89 million by 2036, registering over 9.7% CAGR during the forecast period i.e., between 2024-2036. Rising demand for recycling plastic waste, and increasing adoption of plastic waste to oil technology will fuel the market growth.

North America is likely to account for largest revenue share by 2036, on the back of presence of various market players in the U.S.

The major players in the market include Plastic Advanced Recycling Corporation, Brightmark LLC., MK Aromatics Limited, Agilyx Corporation, Plastic2Oil, Inc., nexus Fuels, LLC, and others.
Recycled Plastic and Plastic Waste to Oil Market Report Scope
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