Recycled Plastic & Plastic Waste to Oil - Technology Analysis 2024
Based on end-fuel, the recycled plastic & plastic waste to oil market has been segmented into diesel, gasoline, kerosene, synthetic gases, and others. Diesel is the most widely produced fuel from plastic to oil (fuel) process. Gasoline and kerosene are also produced in large volumes through plastic to oil (fuel) process. Diesel is expected to generate highest revenues owning to its increasing demand and numerous applications across various industries.
Europe is the largest market for plastic to oil (fuel) processes and systems. Asia Pacific also has a significant market for plastic to oil (fuel) processes and systems. Countries such as Germany, the U.K., China, and Japan are the leading players for plastic to oil (fuel) process in these regions. North America, Middle East & Africa, and South & Central America also have significant demand for plastic to oil (fuel) process. Countries such as the U.S., Kingdom of Saudi Arabia, Brazil, and the UAE are driving the market in these regions. The U.S. is expected to be one of the leading players in the global recycled plastic & plastic waste to oil market in the next few years.
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Rising environmental concerns across the globe and increasing government and environmental regulations against the disposal of plastics have boosted the installation of plastic to oil (fuel) systems across the globe. However, declining crude oil prices are expected to hamper the growth of global recycled plastic & plastic waste to oil market. Increasing plastic production globally is expected to boost the adoption of plastic to oil (fuel) systems in the near future.
Some of the companies operating in the recycled plastic & plastic waste to oil market include Agilyx Inc., Cynar Plc, Vadxx Energy LLC, Nexus Fuels, LLC, Clean Blue Technologies Inc., Plastic2Oil Inc. (JBI Inc.), RES Polyflow, PK Clean, Plastic Advanced Recycling Corporation (PARC), and MK Aromatics Ltd.
Plastic has become vital for modern day existence. Plastics are used to manufacture numerous daily use products as well as for packaging a variety of products. Production and consumption of plastics have been constantly increasing to meet the needs of growing markets. Increasing plastic production has led to increase in plastic waste generation. As per the World Bank, around 130 million metric tons per year (MTPY) of plastic waste is generated across the globe. Management of plastic waste is one of the world’s greatest ecological challenges. Plastic waste pollutes land and oceans and severely affects the natural habitats and food chain of living beings.
Plastic to oil (fuel) process is one of the best emerging technologies to convert plastic into synthetic crude oil and other petroleum products. Plastic to oil (fuel) process not only aids in converting plastic to synthetic crude oil (fuel) but also enables eco-friendly disposal of plastic waste. Plastic to oil (fuel) process is an advanced waste conversion technology that is considered complementary to existing plastic recycling efforts as it usually does not consider plastic resins that are valued by the recycling markets. Plastic to oil (fuel) process is not projected as a replacement to traditional recycling practices. However, due to low plastic recycling rates, it is becoming a feasible addition to plastic waste management infrastructure.
In terms of plastic type, the recycled plastic & plastic waste to oil market has been segmented into polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), and other plastics. Polyethylene (PE) is one of the most preferred plastic for plastic to oil (fuel) process owing to its higher energy conversion rates. High density polyethylene (HDPE) produces higher yield compared to low density polyethylene (LDPE), predominantly due to separation issues. Plastic waste from industries, commercial facilities, and residential facilities as well as municipality and ocean waste are utilized as feedstock in plastic to oil (fuel) process.
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