Press release
Recycled Plastic & Plastic Waste to Oil Market: Environmental Concerns to Contribute Massively, reports TMR
The global recycled plastic and plastic waste to oil market is predicted to reach US$1,971.4 mn by 2024. Based on region, in 2014, the global recycled plastic and plastic waste to oil market was dominated by Europe and the trend is expected to continue throughout the forecast period. The Europe recycled plastic and plastic waste to oil market is predicted to reach US$587.5 mn by 2024.
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Polyethylene (PE) to Dominate Global Market
By plastic, in 2014, the global recycled plastic and plastic waste to oil market was dominated by polyethylene (PE) segment. This segment is expected to reach 737.5 mn by 2024. Based on technology, the global recycled plastic and plastic waste to oil market is expected to be led by pyrolysis processes segment throughout the forecast period. This segment is expected to reach US$1,035.1 mn by 2024. By end-fuel, the diesel segment is predicted to lead the global recycled plastic and plastic waste to oil market. “The diesel end-fuel segment is expected to reach US$944.3 mn by 2024,” states a TMR analyst.
Environmental Concerns to be Biggest Driver
Plastic is considered to be a vital component of the modern day civilization with its consistently rising applications in numerous industries. The awareness of the environmental effects of plastic disposal is spreading among people from across the globe. Most of the plastics pollute the water and air and cause severe health effects. The rising environmental concerns from the plastic disposals and the increasing government rules regarding the disposal of plastics are two of the important factors expected to propel the global recycled plastic and plastic waste to oil market. Governments of many nations are engaged in increasing their funding for the introduction of new ways to recycle plastic and plastic wastes.
Declining Crude Oil Prices Can be a Concern
The prices of crude oil are declining at a considerable rate in many countries across the globe. Declining prices of conventional crude oil have been limiting the pricing advantage as observed by the synthetic crude oil. The declining prices of conventional crude oil are predicted to hamper the global recycled plastic and plastic waste to oil market. In the near future, plastic to oil suppliers are predicted to improve the competence of all existing systems.
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Increasing Plastic Production to Contribute Largely
The production of plastic is increasing across the globe owing to the rising demand from many industries. Irrespective of global warming, the use of plastic for packaging of a wide variety of consumer goods still remains high. Plastics find application in food and beverages, electronics, medicines, automobiles, and many other consumer goods. The increasing production of plastics has led to the growth of the plastic industry. Rising production of plastics is expected to contribute towards the growth of the global recycled plastic and plastic waste to oil market in the years to come.
The global recycled plastic and plastic waste to oil market is segmented as follows:
Global Recycled Plastic & Plastic Waste to Oil Market: Plastic Type Analysis
Polyethylene (PE)
Polyethylene Terephthalate (PET)
Polystyrene (PS)
Polyvinyl Chloride (PVC)
Polypropylene (PP)
Other Plastics
Global Recycled Plastic & Plastic Waste to Oil Market: Technology Analysis
Pyrolysis Process
Gasification and Synthesis Process
Catalytic Depolymerization Process
Global Recycled Plastic & Plastic Waste to Oil Market: End-Fuel Analysis
Diesel
Gasoline
Kerosene
Synthetic Gases
Others
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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