Global Recycled Plastic & Plastic Waste to Oil Market: Snapshot
Over the past few decades, the production and consumption of plastics across the world have been exhibiting an exponential rise. Resultantly, there has been a dramatic increase in the generation of plastic waste, especially in high-income countries. The World Bank estimates that about 130 million metric tons per year (MTPY) of plastic waste is generated worldwide.
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The recovery of these plastics is one of the major concerns at the global scale, from an ecological as well as economical point of view. This is compelling governments to enact strict regulations against the disposal of plastics and also encourage the development of technologies that utilize waste plastic and convert it into something fruitful. These regulations are, therefore, creating a conducive environment for the global market for recycled plastic and plastic waste to oil to thrive. The rapidly emerging plastic to oil (fuel) conversion technology is anticipated to complement the conventional plastic recycling technologies.
Besides this, the ever-rising demand for fuel is prompting organizations to capitalize on plastic wastes to generate oil, thereby escalating the installation of plastic to oil (fuel) systems across the globe. On the other hand, the declining prices of crude oil are adversely affecting the growth of the market. With all these factors put together, Transparency Market Research (TMR) projects the global market for recycled plastic and plastic waste to oil to reach a valuation of US$1.97 bn by 2024, progressing at a CAGR of 12.6% from 2016 to 2024.
Polyethylene to Remain Dominant through 2024
On the basis of plastic, the global recycled plastic and plastic waste to oil market is divided into polypropylene (PP), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), and other plastics. Polyethylene (PE) will dominate the market throughout the forecast period, owing to its higher energy conversion rates. Based on technology, the market is classified into gasification and synthesis, pyrolysis, and catalytic depolymerization processes. The pyrolysis segment will be the leading segment throughout the same period, due to its lower CAPEX requirements.
Large Availability of Plastic Waste Puts Europe at Forefront
Europe will continue to account for the lion’s share in the global arena until 2024, with the U.K. and Germany being at the forefront of growth. The substantial plastic debris in the municipal waste stream (MWS) offers immense opportunities to companies operating in the market. Commercialization of catalytic and pyrolysis depolymerization processes in various countries in the region is providing a significant boost to the recycled plastic and plastic waste to oil market.
Asia Pacific will be a strong contender in the market, with Japan and China being the major contributors. Increasing efforts by governments towards curtailing plastic waste and the modernization of different plastic-to-fuel technologies are contributing to the growth of the region.
North America is anticipated to exhibit promising growth avenues over the review period. The surging number of pilot projects by technology players to convert plastic waste into synthetic oil is providing an impetus to the market in the region. The availability of skilled workforce and government incentives is also attracting global participants to invest in the region. In Latin America market, Brazil will represent a large share.
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Some of the key companies operating in the global recycled plastic and plastic waste to oil market is Cynar Plc, Agilyx Inc., Plastic Advanced Recycling Corporation, Nexus Fuels LLC, Vadxx Energy LLC, Plastic2Oil Inc., Clean Blue Technologies Inc., PK Clean, RES Polyflow, and MK Aromatics Ltd.