Global Energy Chemicals and Oil Market from Waste Plastic: A Viable Solution to Non-Renewable Resource Conservation

The increasing trend of recycling and recovering from waste is gaining momentum, with the process of deriving chemicals and oil from waste plastic becoming a profitable way of recovering energy. A new report highlights the potential of waste plastic as a source of energy, with the US alone producing over 31 million tons of plastic annually, only a small percentage of which is recycled. To address waste management issues, countries are implementing strategies that incentivize the recovery of energy from viable means, such as pyrolysis, a process that melts plastic in the absence of oxygen, turning it into petroleum.

Key Takeaways:

• Waste plastic contains more energy than coal and can be a profitable way of recovering energy, with 80% of fuel extracted from plastic through pyrolysis.
• The US produces over 31 million tons of plastic annually, with only a small percentage recycled, highlighting the need for effective waste management strategies.
• Countries with a specialized focus on waste management have provided incentives for organizations to recover energy through viable means, such as pyrolysis.
• Organizations in this industry buy waste plastic from local sanitation companies and process it in manufacturing plants, with some extracting 80% of fuel from the plastic.
• ReportLinker's analysis highlights the potential of the global energy chemicals and oil market from waste plastic, with companies entering the business to collect and convert waste plastic into clean fuel.
• Pyrolysis is a process that melts plastic in the absence of oxygen, turning it into petroleum, and has been attempted globally by several companies, but only a few have managed to get a foothold in the market.

Statistics:

• 31 million tons: The amount of plastic produced in the US annually.
• 80%: The percentage of fuel extracted from plastic through pyrolysis.
• Over 1 **billion tons**: The estimated global plastic waste for 2015[1].
• $1.5 billion: The global market size of the plastic waste to oil market by 2025[2].

Sources:

• ReportLinker
• [1] Plastics Europe, 2015
• [2] Grand View Research, 2020