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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.
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.
Who are the major players in plastic waste pyrolysis oil business landscape?
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.
Why is LDPE feedstock preferred in plastic waster pyrolysis oil industry?
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.
What is the size of Asia Pacific plastic waste pyrolysis oil industry?
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.
How big is plastic waster pyrolysis oil market?
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.