Selbyville, Delaware, June 20, 2023 (GLOBE NEWSWIRE) --
Plastic Waste Pyrolysis Oil Market size is expected to cross a valuation of USD 1 billion by 2032, according to the latest research report by Global Market Insights Inc.
The increasing concerns about plastic pollution and the need to find sustainable energy sources will fuel the industry growth. Numerous companies and governments are investing in the R&D of advanced technologies to convert plastic waste into useful resources. In May 2023, seven companies, including Covestro, BASF, Mitsubishi Chemical, Dow, Solvay, SABIC, and Lyondell Basell, who are members of the World Economic Forum's Low-Carbon Emitting Technologies (LCET) initiative, joined forces with independent research organization, TNO. The primary focus of this collaboration is to establish an R&D Hub dedicated to Plastic Waste Processing and develop innovative technologies that promote waste processing with reduced CO2 emissions and increased plastic waste recycling rates.
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The shift towards the circular economy, which emphasizes waste reduction, resource efficiency, and recycling, is also driving the demand for pyrolysis oil derived from plastic waste. Additionally, advancements in pyrolysis technology and increasing awareness of the importance of plastic waste management are contributing to the plastic waste pyrolysis oil market expansion.
HDPE gains prominence as a preferred feedstock for plastic waste-derived pyrolysis oil
The HDPE feedstock segment will register a commendable growth rate through 2032, owing to the escalating demand for sustainable waste management solutions. HDPE is a highly recyclable material commonly used in packaging, containers, and industrial products, making it an ideal candidate for pyrolysis. The utilization of HDPE feedstock in pyrolysis processes not only helps in waste management but also yields high-quality pyrolysis oil with a range of applications, which may further drive industry progress.
Heat & power remains key end-use segment
The plastic waste pyrolysis oil market share from the heat and power segment will grow at a remarkable pace over 2023-2032. Pyrolysis oil derived from plastic waste is a clean and efficient energy source, capable of replacing conventional fossil fuels in various industrial processes, including heat and power. As industries continue to seek sustainable and cost-effective energy sources, the demand for plastic waste-derived pyrolysis oil in the heat and power sector is predicted to rise.
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North America to emerge as major growth revenue pocket
North American region will account for a substantial share of the global plastic waste pyrolysis oil industry. Government initiatives promoting circular economy models and the implementation of stringent regulations on plastic waste management have stimulated business growth in this region. For instance, to bolster its prominence in the worldwide circular economy, the Government of Alberta allocated $58 million through Emissions Reduction Alberta (ERA) to finance a range of projects, representing a combined investment of $528 million from both public and private sources.
The investment is in line with key provincial endeavors such as the proposed Extended Producer Responsibility (EPR) framework, the agricultural plastics recycling initiative, and the aim of the Natural Gas Vision and Strategy to position Alberta as a hub for plastic diversion and recycling expertise. Additionally, the growing investments in research and development activities to enhance pyrolysis technology efficiency and increase the yield of pyrolysis oil are further propelling plastic waste pyrolysis oil market growth in the region by 2032.
Plastic Waste Pyrolysis Oil Industry Leaders
Some of the key players operating in the plastic waste pyrolysis oil industry business are Nexus Circular, Niutech Environment Technology Corporation, Chevron Phillips Chemical Company LLC., Ecomation Oy, Kingtiger (Shanghai) Environmental Technology Co., Ltd., Agile Process Chemicals LLP, Klean Industries, Ratan Pyrotech Industries, among others.
Plastic Waste Pyrolysis Oil Indusry News
- October 2022 - Clariant introduced an innovative portfolio of custom, flexible solutions for chemical plastics recycling, including Clarit adsorbents and HDMax catalysts, which are designed for the purification of pyrolysis oil derived from hard-to-recycle mixed plastic waste.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Plastic waste pyrolysis oil industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Feedstock trends
2.1.3 Process trends
2.1.4 End use trends
2.1.5 Regional trends
Chapter 3 Plastic Waste Pyrolysis Oil Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Favorable government initiatives
3.3.1.2 Rapid urbanization and industrialization
3.3.1.3 Increasing amount municipal solid waste (MSW)
3.3.2 Industry pitfalls & challenges
3.3.2.1 High capital and operational cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
3.7 COVID- 19 impact on the industry outlook
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
