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Plastic Waste Pyrolysis Oil Market Size

Report ID: GMI5914
Published Date: Jun 2023
Report Format: PDF

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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.

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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.

Plastic Waste Pyrolysis Oil Market Report Attributes
Report Attribute	Details
Base Year:	2023
Plastic Waste Pyrolysis Oil Market Size in 2023:	USD 641.1 million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.3%
2032 Value Projection:	USD 1.02 Billion
Historical Data for:	2019 to 2023
No. of Pages:	260
Tables, Charts & Figures:	407
Segments covered:	Feedstock, Process, End Use
Growth Drivers:	Favorable government initiatives Rapid urbanization and industrialization Increasing amount municipal solid waste (MSW)
Pitfalls & Challenges:	High capital and operational cost

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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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of plastic waste pyrolysis oil exceeded USD 641.1 million in 2023 and is projected to grow at 5.3% CAGR during 2024 to 2032, backed by the government focus on adopting circular economy practices that prioritize recycling and reusing plastic waste, along with the global goal of achieving zero-waste generation.

The LDPE segment is projected to observer 4.5% growth till 2032, as the product is a versatile plastic material with desirable properties, including flexibility, durability, moisture resistance, and ease of processing.

The plastic waste pyrolysis oil sector in Asia Pacific will grow substantial from 2023 and 2032, due to a significant surge in plastic waste generation, driven by factors including population growth, urbanization, and changing consumption patterns.

Agilyx, Nexus Circular, OMV Aktiengesellschaft, Niutech Environment Technology Corporation, ETIA S.A.S., Chevron Phillips Chemical Company LLC, Agile Process Chemicals LLP, Klean Industries, AMMA Green Technology, and Ratan Pyrotech Industries among others.