Q: What is pyrolysis market size?
A: The report of McKenzie & Company, published in 2018, estimates that pyrolysis-based advanced recycling of plastic waste is expected to generate a profit pool of USD 25.4 billion by 2030. Extrapolating this data, by the same year, the pyrolysis market is expected to be between USD 100 to USD 200 billion.
Q: What are the pyrolysis market drivers?
A: Pyrolysis market has many driver and the key one is legislation. The key laws and drivers which promote plastic recycling are:
Extended Producer Responsibility : EPR been adopted by most of the countries across the world.
Plastic Tax : Legislations around plastic tax are adding even more accountability towards plastic recycling. As from 1 April 2022, the UK has been imposing £200 per ton as plastic tax.
EU Packaging Levy: The EU Packaging Levy was published in 2020 and covers all EU member states. For each kilogram of plastic packaging waste that is not recycled at end of life, Member States must contribute €0.80 (€800 per tonne)
Europe is raising the bar for plastic circularity targets form current 25% to 50% by 2025, and to 55% by 2030.
Since April 2021, plastic has been classified as a toxic waste in Canada
Over next few years, similar legislations around plastic tax and circularity targets will be replicated across the globe.
Q: What are the legislations in India that will boost the plastic pyrolysis market?
A: EPR (Extended Producer Responsibility for brand owners and packaging companies) targets in India are currently set to 25%, with an increase to 70% next year ( 2023) and to 100% by end of 2024.
Recycling targets for flexible packaging will increase from 50% in 2024 to 80% by 2027.
Recycling targets for other plastics will increase from 30% in 2024 to 60% by 2027.
Q: What are the global legislations promote plastic recycling as well as pyrolysis market?
A: The below are the global legislations:
Extended Producer Responsibility : EPR been adopted by most of the countries across the world.
Plastic Tax : Legislations around plastic tax are adding even more accountability towards plastic recycling. As from 1 April 2022, the UK has been imposing £200 per ton as plastic tax.
EU Packaging Levy: The EU Packaging Levy was published in 2020 and covers all EU member states. For each kilogram of plastic packaging waste that is not recycled at end of life, Member States must contribute €0.80 (€800 per tonne)
Europe is raising the bar for plastic circularity targets form current 25% to 50% by 2025, and to 55% by 2030.
Q: What is pyrolysis oil market size?
A: Pyrolysis Oil Market Size is estimated to be USD 302.1 Mn in 2020 and it is expected to grow to USD 19.9 Billion by 2040.
Q: What volumes of circular plastics will be produced via pyrolysis?
A: It found that 276 million metric tons per annum (MMTPA) of plastics are produced annually, with 93% coming from virgin plastic. Out of the total plastic generation, only 21 million metric tons, or nearly 8%, are recovered and recycled.
Google’s report suggests that chemical recycling, specifically decomposition (pyrolysis) and purification, can close the gap by 20%, which is around 86MMTPA, with increased mechanical recycling can close the gap by 116MMTPA by 2040. Both are required!
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