The market for recycled plastic and plastic waste to oil is expected to grow at a CAGR of around 12.0% from 2020 to 2027 and expected to reach the market value of around US$ 115.9 Mn by 2027.

Recycled plastic and plastic waste to oil is the technique that converts various types of plastics into liquid fuel with the help of processes like Pyrolysis.

Market Dynamics

The increasing amount of plastic waste due to its benefits associated with the usage like convenience and lightweight is supporting the market growth. The increasing demand for fuel in the automotive sector is estimated to propel the market value. The market players are collaborating with the researchers and organizations that are dealing with plastic waste management. The technological advancements in the processes which are used to convert plastic waste into oil are further boosting the market value. The rising awareness about environmental protection as a result people are focusing on the eco-friendly alternatives for the available toxic substances that are resulting in environmental pollution is additionally driving the market growth.

On the other side, the complexities associated with plastic waste collection and segregation is as there are countries which are not having a decent procedure for waste collection from the source is likely to hinder the growth. As well as, most of the countries are planning to ban plastic which is another factor likely to limit the growth over the forecast period from 2020 to 2027. 

Segment Instance

Diesel segment accounted for the maximum revenue share in the global market

Based on fuels, the diesel segment is leading the market with a major revenue share (%) due to the increasing demand for fuel in the market. The rapidly expanding automotive sector is bolstering the demand for diesel particularly in developing economies like China is supporting the segmental market value. As well as, most of the market players are involved in converting plastic waste into diesel and they are also teaming up with other researchers for figuring out the advanced technologies for doing the same is further propelling the segmental market value.

Asia Pacific accounted for the maximum revenue share in the market

Recycled plastic and plastic waste to oil market has a maximum revenue share (%) in the Asia Pacific region and is also projected to maintain its dominance over the forecast period from 2020 to 2027. Plastic waste generation is also high in the region particularly in China which is another factor supporting the market players to operate in the Asia Pacific region. The increasing need to manage plastic waste as it is negatively affecting the environment is further propelling the regional market value. The increasing favorable government initiatives to manage the huge waste amount of waste are supporting the regional market value. Additionally, the increasing price, as well as demand for fuel in the region, is further expected to contribute to the regional market growth.  Apart from these, the Asia Pacific region along with its major developing economies anticipated experiencing the fastest growth over the forecast period from 2020 to 2027.

Key Market Players

The players profiled in the report include Agile Process Chemicals LLP, Agilyx, MK Aromatics Limited, Nexus Fuels, Niutech, Northwood Exploration Israel Limited, OMV Aktiengesellschaft, Plastic Advanced Recycling Corporation, PLASTIC ENERGY, Plastic2Oil, RES POLYFLOW, and Vadaxx Energy.

Market Segmentation

Market By Fuels

Gasoline

Diesel

Kerosene

Fuel Oil

Others

Market By Technology

Catalytic Depolymerization Process

Gasification and Synthesis Process

Pyrolysis Process

Market By Plastic Types

Polypropylene (PP)

Polystyrene (PS)

Polyethylene (PE)

Polyethylene Terephthalate (PET)

Polyvinyl Chloride (PVC)

Market By Applications

Waste Treatment Plant

Chemical Plant

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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