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.
Growth Drivers
Challenges
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 |
|
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
|
|
By Fuel Type |
|
By Application
|
|
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.
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
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?