Recycled Plastic and Plastic Waste to Oil Market Size

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.