Recycled Plastic and Plastic Waste to Oil Market Size

Recycled Plastic and Plastic Waste to Oil Market size was over USD 80.63 million in 2024 and is anticipated to cross USD 268.65 million by 2037, growing at more than 9.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of recycled plastic and plastic waste to oil is estimated at USD 87.28 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.