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North America Plastic Waste Pyrolysis Oil Market Analysis

Report ID: GMI9054
Published Date: Apr 2024
Report Format: PDF

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North America Plastic Waste Pyrolysis Oil Market Analysis

North America Plastic Waste Pyrolysis Oil Market Size, By Feedstock, 2022-2032 (USD Million)

Based on feedstock, the market is segmented as LDPE, polypropylene (PP), HDPE, and others. High-Density Polyethylene segment is anticipated to reach over 15 million by 2032. Pyrolyzing HDPE plastic waste plays a pivotal role in plastic waste management and fosters the principles of the circular economy. As the production of plastic waste across North America region, including HDPE, rises steadily due to factors such as population expansion, urbanization, and evolving consumption patterns, there is a pressing need for effective waste management solutions like pyrolysis.

North America Plastic Waste Pyrolysis Oil Market Share, By End Use, 2023

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North America plastic waste pyrolysis oil market is categorized into fuel, heat & power, chemicals, and others. The fuel application is set to grow at a CAGR of more than 5.9% through 2032. As the production of plastic waste continues to escalate across the region, concerns about environmental pollution and resource depletion are on the rise. However, this surge in plastic waste also presents an opportunity for its transformation into valuable fuel sources. Pyrolysis, a process involving thermal decomposition, aims to maximize the production of valuable fuels such as diesel, gasoline, and synthetic crude oil from diverse types of plastic waste.

U.S. Plastic Waste Pyrolysis Oil Market Size, 2022-2032 (USD Million)

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U.S. is set to exceed a value of over USD 130 million by 2032. Various tax incentive measures implemented by the U.S. government aim to promote investments in energy efficiency among businesses and consumers. These measures encompass deductions or credits on state income tax and the exemption of state sales taxes on eligible products. According to the International Energy Agency, Oregon's state initiatives are projected to yield significant positive outcomes in terms of natural gas and electricity savings. Furthermore, The implementation of sustainable improvements in business operations, combined with the delivery of efficient customer service, has created a conducive environment for business expansion.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

North America solid oxide fuel cells market size was USD 373.2 billion in 2023 and is expected to register 6.6% CAGR from 2024-2032 owing to growing concerns about climate change and air pollution and increasing demand for cleaner and more sustainable energy technologies in the region.

North America solid oxide fuel cells industry from the tubular segment is expected to exceed USD 255 million by 2032 due to its high electrical efficiency, modularity and scalability, allowing for flexible deployment in various applications and settings.

U.S. solid oxide fuel cells industry is expected to cross USD 550 million by 2032 and is expected to register a commendable CAGR from 2024-2032 due to growing interest in decentralized energy systems and grid resilience in the country.

Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, Ceres, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, AFC Energy PLC, and Fuel Cell Energy, Inc., are some of the major gas fired boiler companies in Europe.