Growth in Automotive Sector Triggers Increased Demand for Hydrogen and Diesel Fuel
Plastic has created a worldwide epidemic of increased waste disposal issues in key economies and developing countries. Thus, the implementation of stringent regulations has compelled market players in the recycled plastic and plastic waste to oil market to devise environmental-friendly strategies to convert plastic waste into useful fuel.
The automotive sector is projected to grow rapidly during the forecast period. New car launches are estimated to create increased demand for fossil fuel. Hence, manufacturers in the recycled plastic and plastic waste to oil market are adding light-absorbing photo catalysts to single-use plastics and plastic waste, to convert it into hydrogen fuel. Analysts at Transparency Market Research (TMR) predict that, manufacturers in the recycled plastic and plastic waste to oil market will capitalize on the demand for hydrogen fuel that will be increasingly used to power cars.
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Manufacturers in the recycled plastic and plastic waste to oil ecosystem are teaming up with researchers to devise innovative plastic recycling methods to convert plastic into diesel fuel. As such, diesel is projected to account for an output of ~80,700 kilo gallons through recycling methods by the end of 2027, in the recycled plastic and plastic waste to oil market. Hence, companies in the recycled plastic and plastic waste to oil landscape are increasing research & development to dissolve the bonds of polyethylene plastic to create petroleum and other fuel products.
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Innovation at Recycling Plants Creates Incremental Opportunities in Energy and Power Industry
Currently, Asia Pacific accounts for ~44% value share of the recycled plastic and plastic waste to oil market. Hence, companies in the recycled plastic and plastic waste to oil space in the region are increasing their production capabilities in treating plastic waste. For instance, in August 2018, India’s Union Minister of Science and Technology and Earth Sciences – Harsh Vardhan, inaugurated a demonstration plant in Dehradun, at the Indian Institute of Petroleum (IIP) of Council of Scientific and Industrial Research.
Using advanced technologies, companies in the recycled plastic and plastic waste to oil market are converting tons of plastic into useful diesel, every day. Various organizations in India are teaming up with manufacturers in the recycled plastic and plastic waste to oil landscape by volunteering to sponsor technological developments and provide technical support to companies.
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The development of eco-friendly fuel alternatives through plastic waste is creating avenues for new incremental opportunities, where the fuel can be used to power generators, furnaces, and industrial boilers. Through novel methodologies, manufacturers in the recycled plastic and plastic waste to oil market are capable of developing low-cost energy-efficient fuel. Since quality plastics are recycled and low-quality plastics end up in landfills and oceans, manufacturers are devising strategies to develop liquid fuel through the thermo-chemical depolymerization process. Thus, manufacturers are using recycling methodologies to produce new plastics, and converting old plastic into synthetic oil as energy for mobility.
Companies Facilitating Pyrolysis in Mature Markets to Gain Increased IRR
The recycled plastic and plastic waste to oil market is consolidated, with only four major players dominating the entire landscape. This creates a barrier for the entry of smaller players into the market. Other barriers that can potentially hamper market growth are the limitations and complexities of the pyrolysis process.
Companies in the recycled plastic and plastic waste to oil market are adopting environmental-friendly alternatives to repurpose plastic for the production of fuel. For instance, pyrolysis is the process of using heat in an oxygen-starved environment to convert plastic waste into synthetic oil and gas, with minimized emission of greenhouse gases. However, the operational complexities of pyrolysis are estimated to impede the growth of the recycled plastic and plastic waste to oil market. Pyrolysis doesn’t serve as a cost-effective process, as the regular maintenance of reactors and their downtime is costly. Pyrolysis reactors require a stable and consistent supply of premium-quality feedstock to function effectively.
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