Plastic Waste Pyrolysis Oil Market Size By Feedstock (LDPE, HDPE, Polypropylene (PP)), By Process (Fast, Flash, Slow), By End Use (Fuel, Chemicals, Heat & Power) & Forecast, 2024 – 2032

Plastic Waste Pyrolysis Oil Market Size

Plastic Waste Pyrolysis Oil Market size surpassed USD 641.1 million in 2023 and is anticipated to expand at 5.3% CAGR from 2024 to 2032. The demand for pyrolysis oil has been steadily increasing due to the growing recognition of the need for alternative and sustainable energy sources. Governments worldwide have implemented supportive policies and incentives to encourage the use of renewable energy sources, including pyrolysis oil, as part of their efforts to create a more sustainable future.
 

Moreover, strategic collaborations among industry stakeholders, research institutions, and governmental bodies have played a significant role in driving the expansion of the plastic waste pyrolysis oil market. Such collaborations foster knowledge sharing, resource pooling, and the development of innovative solutions, thereby accelerating the growth and adoption of plastic waste pyrolysis technologies.

The operation of incineration systems for waste management requires specialized facilities, which can pose challenges due to their high construction costs and the need for expensive components. These factors are expected to hinder the demand for such systems in the industry during the forecast period. Additionally, the treatment of flue gases and other residues generated during the incineration process adds to the capital requirements and may impact the whole market development.

Furthermore, the maintenance and operational costs are influenced by the volume of waste treated, which can have a significant influence on the overall expenses associated with incineration systems. However, significant economic transformation on account of rapid industrialization and commercialization will positively embark the plastic waste pyrolysis oil market.
 

COVID-19 Impact

The global economy has been significantly impacted by an unanticipated outbreak of the novel coronavirus, giving rise to the COVID- 19. The virus was first witnessed in November 2019 in China’s Hubei province and ever since, it has become a global threat. According to the World Health Organization, COVID- 19 has impacted over 200 countries, and the governments of the respective nations have imposed lockdowns in many of them. The virus outbreak has affected major world economies across North America, Europe, and Asia Pacific, where all logistics & supply chain activities and numerous industries continue to be impacted. However, if regions & countries do not call for direct halts of operations or follow the social distancing protocols, the effects of pandemic will be far-reaching.
 

Plastic Waste Pyrolysis Oil Market Trends

In recent years, there has been a growing global concern about plastic pollution and the limited capacity of landfills to accommodate plastic waste. As a result, governments worldwide are shifting their focus towards accepting circular economy practices that prioritize recycling and reusing plastic waste. The plastic waste pyrolysis oil market development has been facilitated by sustainable improvements in business operations and the provision of effective customer service. Furthermore, the industry is driven by the global goal of achieving zero-waste generation, which involves diverting waste from landfills and increasing the deployment of pyrolysis plants worldwide.
 

Plastic Waste Pyrolysis Oil Market Analysis

The LDPE segment projected to foresee 4.5% growth during 2023 to 2032. Low-Density Polyethylene is particularly favored in packaging due to its ability to provide effective product protection. In response to global sustainability concerns and the growing focus on environmental responsibility, there is a notable shift towards more sustainable packaging solutions. LDPE plastic plays a crucial role in this trend by being used in the development of eco-friendly packaging materials. These sustainable packaging options include recyclable, biodegradable, and compostable alternatives. By incorporating LDPE plastic into these solutions, the plastic waste pyrolysis oil market aims to reduce the environmental impact of packaging waste and promote a circular economy.
 

The flash pyrolysis process is attracting significant attention from the energy and chemical industries due to its potential in generating bio-based fuels, chemicals, and other value-added products. This process involves rapidly heating biomass or organic materials to high temperatures in the absence of oxygen, resulting in the decomposition of the feedstock into various valuable components. The growing focus on transitioning towards a low-carbon economy and the increasing demand for sustainable alternatives are key factors driving the interest in flash pyrolysis.
 

The fuel segment dominated 60% of the plastic waste pyrolysis oil market share in 2022 and is expected to grow at a lucrative pace by 2032. As the global production of plastic waste continues to escalate, there is growing concern regarding environmental pollution and resource depletion. Furthermore, the fuel produced from plastic waste through pyrolysis can serve as an alternative to conventional fossil fuels. By substituting non-renewable energy sources with fuel derived from plastic waste, there is potential to reduce greenhouse gas emissions and dependence on finite resources. This contributes to efforts aimed at combating climate change and achieving greater energy sustainability.
 

The Asia Pacific region is experiencing a significant surge in plastic waste generation, driven by factors including population growth, urbanization, and changing consumption patterns. This upward trend has created an urgent demand for efficient solutions to manage plastic waste, with a particular focus on the adoption of pyrolysis technology. The escalating levels of plastic waste necessitate effective management strategies to prevent environmental pollution and mitigate the strain on landfills. By employing pyrolysis, plastic waste can be transformed into useful resources, contributing to waste reduction, resource recovery, and energy generation.
 

Plastic Waste Pyrolysis Oil Market Share

Some of the key players operating across the plastic waste pyrolysis oil market are

• Agilyx
• Nexus Circular
• OMV Aktiengesellschaft
• Niutech Environment Technology Corporation
• ETIA S.A.S.
• Chevron Phillips Chemical Company LLC.
• Divya International
• Ecomation Oy
• Kingtiger (Shanghai) Environmental Technology Co., Ltd.
• Recor
• Agile Process Chemicals LLP
• Klean Industries
• AMMA GREEN TECHNOLOGY
• RATAN PYROTECH INDUSTRIES

Increasing focus on the development of several pyrolysis plants across the globe along with various technological innovations by these players will enhance the complete business landscape.
 

Plastic Waste Pyrolysis Oil Industry News:

• In March 2023, Agilyx partnered with INEOS Styrolution, a leading styrenics supplier with a strong portfolio of styrene monomer, polystyrene, ABS standard, and specialty products. The partnership aims to establish a TruStyrenyx chemical recycling facility, which is capable of processing 100 tons of plastic per day in Channahon, Illinois. TruStyrenyx, a collaboration between Agilyx and Technip Energies, offers a comprehensive solution for chemically recycling polystyrene back into high-purity styrene monomer, which can then be used to manufacture new food-grade plastic products or packaging.
   
• In February 2022, Agilyx entered a partnership agreement with Virgin Group. The partnership aimed to reuse plastic waste to produce synthetic crude oil that will then be refined into a lower carbon fuel. Virgin Group aims to provide lower carbon fuel solutions to the global-market and expects Virgin Atlantic & other Virgin companies to be the early adopters as part of the Group’s transitional plans of achieving net zero by 2050.
   

This plastic waste pyrolysis oil market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Feedstock

• Low Density Polyethylene (LDPE)
• High Density Polyethylene (HDPE)
• Polypropylene (PP)
• Others

Market, By Process

• Fast
• Flash
• Slow

Market, By End Use

• Fuel
• Chemicals
• Heat & Power
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Netherlands
  • Italy
  • UK
  • Spain
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia 
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • South Africa
• Latin America
  • Brazil
  • Argentina