Press release
Recycled Plastic & Plastic Waste to Oil Market Analysis, Development, Growth and Demand Forecast to 2025
Over the past few decades, the production of plastics and the consumption of plastic materials has spiraled worldwide. Concurrently, the generation of plastic waste has increased dramatically, especially in high-income countries. With this, umpteen waste-conversion technologies focusing on enhanced recovery capacity and processing capabilities have been developed for the recycling of plastics, especially in emerging and developed markets. Despite the advancement in reclamation technologies, a vast portion of plastic waste stream, mainly consisting of non-recycled plastics, lies unused in landfills, presenting hazards to the environment.
The recovery of these plastics is a significant concernecological as well as economicalfor a large number of nations. Plastic to oil (fuel) conversion technology mainly relies on depolymerization and pyrolysis processes and consists of recycling different types of plastics and converting them into synthetic crude oil, its distillates, and other refined petroleum products. The rapidly emerging technology is projected to complement the already existing traditional plastic recycling processes. The use of the recycled plastics and plastic waste to oil process is anticipated to substantially add to the waste management capability of various economies.
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Global Recycled Plastic & Plastic Waste to Oil Market: Trends
Plastic to oil (fuel) conversion technology has gained prominence primarily due to two factors: forming a reliable source of alternative energy from an abundant feedstock having negligible economic value and an eco-friendly disposal of non-recycled plastics. The rapidly rising volumes of plastic waste has led to the overriding concern of environmental hazards to various habitats, particularly humans and aquatic life. Coupled with this, stringent government regulations against the disposal of plastics and revised risk assessment approaches in developing and developed nations have boosted the market.
In addition, declining reserves of fossil fuel, especially economies dependent on crude oil imports, has triggered the demand for plastic and plastic waste to oil conversion technologies. Furthermore, the accelerated pace of plastic production and the short-lived applications of plastic materials are encouraging trends expected to positively impact the global market.
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Global Recycled Plastic & Plastic Waste to Oil Market: Market Potential
Recent developments in recycled plastic and plastic waste to oil market indicate that policymakers and energy industry players in various regions, particularly in North America and Europe, are focusing on the commercialization of the technology. Energy companies, especially in Africa and Asia Pacific, are increasingly investing substantial sums in making improvements and innovations in pyrolytic technology, which has added to their plastic recycling capacity.
Recently, Alternative Energy Systems, an African renewable energy company, opened up the first commercial plant in Kenya that will convert plastic waste to synthetic fuel oil. Equipped with the capacity to recycle 16 tons of all types of plastic wasteincluding thin-gauge plastic wasteper day, the project is majorly funded by the Commercial Development Corporation (ICDC), a leading organization that focusses on industrial growth in Kenya.
Oregon-based Agilyx Corp. has secured a financing option for its pyrolysis facility near Portland. The conversion facility can process up to 10 tons of polystyrene scrap per day using the patented thermal pyrolysis technology and will convert the scrap into liquid styrene monomer, which can be sold to refiners for the production of oil. The company, along with other giants such as Dow Chemical, has been a part of Hefty Energy Bag program that converted enormous plastic debris into high-value synthetic crude oil. This oil was further refined and could be used to manufacture fuel and various petroleum products, including gasoline, jet fuel, diesel fuel, and lubricants. The crude oil could also be transformed back into plastic. These developments reiterated the commercial viability of recycled plastic and plastic waste to oil technologies.
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Global Recycled Plastic & Plastic Waste to Oil Market: Regional Outlook
Europe is a prominent market for plastic waste to oil technologies with enormous plastics debris in municipal waste streams (MWS) offering ample opportunities for recycling companies. Commercialization of the pyrolysis and catalytic depolymerization processes in various countries, such as the U.K., has propelled the market. The U.S. is another prominent regional market and the growth is attributed to a large number of technology players setting up pilot projects to convert plastic waste into synthetic oil. In addition, government incentives to scrap away landfill disposal fees across the nation have created a robust impetus to divert landfill-bound plastics to companies that convert plastic debris to synthetic oil.
The Asia Pacific market is expected to showcase promising growth avenues over the forecast period, mainly driven by the modernizing of different plastic-to-fuel technologies. Countries such as Saudi Arabia, Brazil, and the UAE, also contribute to the substantial demand for plastic waste to oil processes.
Global Recycled Plastic & Plastic Waste to Oil Market: Competitive Analysis
Major companies in the global recycled plastic and plastic waste to oil market include Cynar Plc, Agilyx Inc., Vadxx Energy LLC, Clean Blue Technologies Inc., Nexus Fuels, LLC, JBI, Inc., PK Clean, RES Polyflow, MK Aromatics Ltd, and Plastic Advanced Recycling Corporation (PARC). Leading players are capitalizing on advancements in plastic-to-fuel technologies and expanding their regional presence to consolidate their market shares.
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Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.
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