Press release
Sales of Recycled Plastic & Plastic Waste to Oil Market Growth,and Forecast, 2022-2031
The global recycled plastic & plastic waste to oil market was valued at US$ 60.0 Mn in 2021
It is estimated to grow at a CAGR of 10.2% rom 2022 to 2031
๐๐๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ -https://www.transparencymarketresearch.com/recycled-plastics-plastic-waste-oil-market.html
The global recycled plastic & plastic waste to oil market is expected to reach a value of US$ 151.1 Mn by the end of 2031
Overview of Recycled Plastic & Plastic Waste to Oil Market
Plastic recycling is cost-effective and environment friendly; it helps reduce carbon emissions.
Growth of the plastic industry can be primarily ascribed to the rise in adoption of plastic compounds in various industries including automobiles, electronics, FMCG, and construction. Low cost, ease of production, non-reactivity to water, and lightweight attributes are some of the features driving the adoption of recycled plastic over its counterpart.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5774
Governments of various countries are taking initiatives to reclaim garbage and transform it into electricity. Consequently, some businesses are investing in garbage recycling and reuse. Governments of several countries are focusing on improving their waste management systems, as social and environmental issues have become more prominent.
Companies should collaborate with researchers to gain a competitive edge over market players in order to excel in recycling plastic into oil. Waste plastic recycling to fuel oil projects are becoming increasingly prominent, as researchers are innovating in proprietary machines that facilitate this process. Industrial boilers play a significant role in the recycled plastic and plastic waste to oil market. Demand for recycled plastic and plastic waste to oil is expected to rise in the near future, as increasing number of companies are investing in R&D labs.
Rise in Adoption of Plastic to Fuel Technology to Drive Recycled Plastic & Plastic Waste to Oil Market
Crude oil consumption has increased significantly in the world in the last few years. Strong growth of the global economy and rise in population are driving the consumption of crude oil.
Increase in infrastructure development activities has led to a significant growth in demand for crude oil. Surge in crude oil consumption has driven the need for the import of fossil fuel due to the demand-supply gap. For instance, oil production in Asia Pacific stands at 7.6 million barrels per day, while oil consumption stands at 35.86 million barrels per day. Thus, import of fossil fuels has increased significantly in the region.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=5774
Trends in the recycled plastic and plastic waste to oil market indicate that researchers are striving to develop sustainable technology for the production of crude oil in order to mitigate the demand-supply gap. The ability of plastic to fuel technology to transform non-recycled plastic into crude oil and fuel that can be used as feedstock in olefin crackers or as a transportation fuel makes its adoption viable across the globe. This is boosting the recycled plastic & plastic waste to oil market.
Growth in Plastic Disposal Concerns to Augment Demand for Recycled Plastic & Plastic Waste to Oil
Demand for plastic has been increasing significantly across the globe since the last decade, owing to extensive application of plastics in various sectors. The usage of plastic has been rising at a rapid pace, especially in manufacturing industries such as food & beverages for packaging applications. This is boosting the demand for recycled plastic and plastic waste to oil.
Consistent demand for plastics has raised concerns about its adverse impact on the environment due to the continuous accumulation in landfills. Plastic waste does not degrade or degrades at a very slow pace. On an average, 50% of waste plastic generated in Europe is recovered, while the rest is sent to landfills.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=5774
Public and private firms have made several efforts to develop innovative processes such as pyrolysis that can reduce the accumulation of plastic waste by converting single-use plastic waste to a hydrocarbon fraction. For instance, Agilyx has developed a chemical recycling process to transform hard-to-recycle and low-quality plastic waste, which represents 75% of waste plastic, into refinery-grade crude.
๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
Nikhil Sawlani
Transparency Market Research Inc.
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