PUBLISHER: Market Xcel – Markets and Data | PRODUCT CODE: 1347148
PUBLISHER: Market Xcel – Markets and Data | PRODUCT CODE: 1347148
Global recycled waste carbon market size was valued at USD 176.3 million in 2022, which is expected to grow to USD 442.8 million in 2030, with a CAGR of 12.2% during the forecast period, between 2023 and 2030. The increasing utilization of waste carbon in fuel production and the advancing chemical industry are the primary factors driving the growth of the global recycled waste carbon market.
The increasing demand for carbon in methanol production, the rising deployment of recycled material in biofuel production, and others are several key trends accelerating the demand for recycled waste carbon in fuel production. Furthermore, the prominent determinants, including the development of new chemical manufacturing facilities and significant export demand are spurring the demand for recycled waste carbon to ensure environmental sustainability. However, the availability of economical substitutes for recycled waste carbon is posing a bottleneck for market growth in the upcoming years.
The recycled waste carbon sourced from municipal solid waste, biosolids, and others is utilized as an efficient catalyst to convert carbon in fuel production. Recycled waste carbon is employed in fuel productions such as methanol, biodiesel, and others. The increasing research & development activities for the utilization of recycled carbon in fuel plants, rising sustainable measures, and others are boosting the development of new recycled carbon to fuel manufacturing plants.
For instance, in October 2022, a recycled CO2-to-methanol plant started its commercial operation in Anyang, China. The new facility can capture 160,000 tons of carbon from waste streams. The CO2-to-methanol plant in China has a production capacity of 110,000 tons of methanol per year. Hence, the recently developed CO2-to-methanol plant is fostering the demand for recycled waste carbon to ensure superior sustainability, thereby propelling the market growth.
Recycled waste carbon has various beneficial properties, such as reduced carbon dioxide (CO2) emissions, lower energy use, and minimized water deployment. As a result, recycled waste carbon is utilized as a raw material in the manufacturing of chemicals. The increasing procurement of sustainable materials and investment in chemical facility expansion are leading to the rising production of chemicals.
For instance, according to the India Brand Equity Foundation (IBEF), in 2021, the chemical industry in India was valued at USD 212.8 billion, and in 2022, it was USD 232.6 billion, a year-on-year growth rate of 9.3%. Therefore, the growth of the chemical sector is fueling the demand for sustainable and recycled carbon procured from sources such as biocides, industrial waste gases, and others. This, in turn, is driving the global recycled waste carbon market growth.
The imposition of rigorous COVID-19 measures in 2020 significantly impacted the production of non-essential products, including chemicals, fuels, and others. For instance, according to the European Chemical Industry Council (CEFIC), in 2020, the Europe chemical industry registered a decline of 10.9% as compared to 2019. Thus, the decline in the chemical industry impeded the market in 2020.
However, the ease of COVID-19-related regulation significantly enhanced the recycled waste carbon market growth by the end of 2020. Likewise, in the coming years, the impact of the COVID-19 pandemic will be eradicated, which will boost the recycled waste carbon industry outlook during the projected forecast period.
The Russia and Ukraine war resulted in trends such as supply chain disruption and higher oil prices. As a result, the manufacturing activities of industrial products in Russia, Ukraine, Poland and several other European countries were halted in the first half of 2022 which declined the overall demand of recycled waste carbon.
For instance, according to the World Bank (WB), in 2022, due to the Russia-Ukraine war, the price of crude oil soared by USD 100 per barrel, reaching its highest level since 2013. Thus, the higher oil prices impacted the general pricing, which created a roadblock for recycled waste carbon in the first half of 2022.
The global recycled waste carbon market has the presence of various players such as Carbon Recycling International, Fairmat, Enerkem, HORIBA, and others. The above-listed players are equipped with state-of-the-art manufacturing facilities to ensure bulk product requirements as per the end-use industries' demand. The major players dealing in the manufacturing of recycled waste carbon are investing in strategies such as new product innovation, acquisitions, partnerships, mergers, and others to increase their market share in the recycled waste carbon industry.
For instance, in July 2023, GAIL Limited, a leading natural gas manufacturer in India formed a strategic collaboration with LanzaTech, a manufacturer of recycled waste carbon. The prime aim of the partnership is to adopt bio-recycled waste carbon in the production of fuels and chemicals. Thus, the increasing partnerships in the market will boost the industry's revenue growth in the upcoming years.
All segments will be provided for all regions and countries covered:
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.