Press release
Global Recycled Plastic & Plastic Waste to Oil Market to Grow at 12.6% CAGR Through 2024
MRRSE
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The growing environmental concerns across the globe regarding the disposal of plastics are fueling the recycled plastic and plastic waste to oil market. The heightened demand for plastic waste to oil systems is expected to drive the market to expand at a CAGR of 12.6% between 2016 and 2024, states a latest report that is now available on Market Research Reports Search Engine (MRRSE).
Plastic is a vital commodity used to manufacture numerous daily-use products and also for packaging them. The production of plastic is consistently increasing due to its high consumption across the globe. This in turn has led to an increase in the global plastic waste generation. The management of plastic waste is one of the biggest challenges faced today. Plastic waste pollutes the land and oceans, apart from severely affecting natural habitats and the food chain of many living beings.
Plastic to oil is emerging as one of the best technologies to convert waste plastic to synthetic crude oil and several other petroleum products. The plastic to oil process entails an eco-friendly disposal of plastic waste that adds to the existing recycling efforts taking place. The global recycled plastic and plastic waste to oil market is driven by the environmental regulations against the disposal of plastics. Rising environmental concerns among consumers have also led to the rise in the installation of plastic to oil systems worldwide. The increasing plastic production is also driving the recycled plastic and plastic waste to oil market. On the other hand, the declining price of crude oil is expected to restrain the growth of the market.
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The global recycled plastic and plastic waste to oil market is segmented on the basis technology, end-fuel, plastic type, and region. Regionally, the market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and South and Central America. Of these, Europe accounted for a share of 35% in the global market in 2014. The recycled plastic and plastic waste to oil markets in North America and South and Central America are expected to grow at the fastest rate.
On the basis of technology, the market is segmented into catalytic depolymerization process, gasification and synthesis process, and pyrolysis process. Of these, the pyrolysis process segment was the largest, accounting for a share of over 50% in the global recycled plastic and plastic waste to oil market in 2014.
By end-fuel, the market is segmented into diesel, kerosene, synthetic gases, gasoline, and others. Among these, diesel was the largest segment in 2014 and represented a share of over 50% in the global recycled plastic and plastic waste to oil market.
Some of the leading key players profiled in the report are: MK Aromatics Ltd., Cynar Plc, Agilyx Inc., Vadxx Energy LLC, Clean Blue Technologies Inc., PK Clean, Nexus Fuels, LLC, Plastic2Oil Inc. (JBI, Inc.), Plastic Advanced Recycling Corporation (PARC), and RES Polyflow.
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