The leading market players dealing in recycled waste carbon manufacturing are substantially forming partnerships with fuel manufacturers to provide technological expertise and solutions. Thus, the revenue share of the companies dealing in recycled waste carbon is increasing, which is spurring the market growth.
According to Markets and Data Research report, “Recycled Waste Carbon Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Recycled Waste Carbon Market was valued at USD 176.3 million in 2022 and is expected to register a CAGR of 12.2% during the forecast period.
Recycled waste carbon ensures various beneficial properties for chemical manufacturers, including reduced carbon dioxide (CO2) emissions, lower energy use, minimized water deployment, and others. The increase in the production of chemicals is attributed to factors such as rising procurement of sustainable materials, investment in chemical facility expansion, and others. 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%. Thus, rapid advancements in the chemical sector are boosting the demand for sustainable and recycled carbon, which, in turn, is accelerating the recycled waste carbon market growth.
The increasing strategic partnerships between recycled waste carbon and fuel manufacturers will help capture and convert more than half of the emissions into fuel applications by boosting the adoption of recycled waste carbon in the fuel manufacturing process, which in turn, will accelerate the recycled waste carbon market growth. Additionally, 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 primary aim of the partnership was to explore and promote the adoption of bio-recycle waste carbon in the production of fuels and chemicals. Thus, the increasing partnerships in the market will boost the industry revenue growth in the upcoming years.
Spread through 353 pages, the “Recycled Waste Carbon Market” report includes an in-depth TOC, over 196 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
- Increasing adoption of recycled waste carbon in fuel manufacturing is fostering market growth.
- The booming chemical industry is spurring the recycled waste carbon industry size growth.
- The increasing procurement of recycled waste carbon from municipal solid waste is driving the segmental growth of the market.
- However, the availability of various substitutes for recycled waste carbon is restraining the market growth.
The Recycled Waste Carbon Market is Segmented in the Following Categories:
By Source: Municipal Solid Waste, Biosolids, Plastics, Industrial Waste Gases, Others
By Recycling Process: Pyrolysis, Advanced Thermochemical Process, Others
By Application: Chemicals, Fuels, Thermal Energy, Others
By Region: North America, Europe, South America, Asia-Pacific, Middle East & Africa
In terms of application, fuels dominate the market. Recycled waste carbon is employed as an efficient catalyst to convert carbon into fuel production for methanol, biodiesel, and others. The increasing research & development (R&D) activities for the utilization of recycled carbon in fuel plants, rising sustainable targets, favoring green initiatives by governments, and increasing environmental consciousness, 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. Henceforth, the recently launched CO2-to-methanol plant is augmenting the demand for recycled waste carbon to ensure superior sustainability, thereby supplementing market growth.
Furthermore, in the context of the region, Europe held a significant revenue share in the recycled waste carbon market in 2022. The increasing chemical production activities, development of new power plants, and others are fostering market growth. For instance, according to the European Chemical Industry Council (CEFIC), in 2020, the European Union chemical industry was valued at USD 556.1 billion (EURO 487 billion), and in 2021, it was USD 702.7 billion (EURO 594 billion), an annual growth rate of 26.3%. As a result, the advancement in the above-mentioned end-use industries is driving the recycled waste carbon market growth in Europe.
Major Companies Operating in Recycled Waste Carbon Market Include:
- Carbon Recycling International
- Fulcrum BioEnergy
- Enerkem Inc.
- HORIBA, Ltd.
- Twelve Benefit Corporation
- LanzaTech
- Genomatica, Inc.
- Carbon8 Systems Ltd.
- SkyNano LLC
- Sunfire GmbH
The recycled waste carbon market has the presence of various players such as LanzaTech, Fulcrum BioEnergy, Genomatica, Inc., Carbon Recycling International (CRI), and Enerkem, among 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 October 2023, LanzaTech Global and Olayan Financing Company formed a joint venture in Saudi Arabia to accelerate the deployment of LanzaTech’s carbon recycling technology in hard-to-abate industries, aligning with Saudi Arabia’s decarbonization goals and carbon circular economy framework. Using a variety of waste carbon feedstocks, including waste industrial gases and solid waste feedstocks, and focusing on an area with strong decarbonization aspirations, LanzaTech hopes to implement its commercial solution more rapidly and extensively across different industries.
“Recycled Waste Carbon Market Assessment, 2016-2030F”, evaluates the future growth potential of recycled waste carbon market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the recycled waste carbon market.
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