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Recycled Plastic & Plastic Waste to Oil Market Estimated to Reach a US$ 1.97 Billion Value by 2024

Feb 14th 2019 at 3:21 AM

A new report titled “Recycled Plastic & Plastic Waste to Oil Market Estimated to Reach a US$ 1.97 Billion Value by 2024” has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Recycled Plastic & Plastic Waste to Oil market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Recycled Plastic & Plastic Waste to Oil across the globe.

Over the past few decades, the production and consumption of plastics across the world have been exhibiting an exponential rise. Resultantly, there has been a dramatic increase in the generation of plastic waste, especially in high-income countries. The World Bank estimates that about 130 million metric tons per year (MTPY) of plastic waste is generated worldwide.

The recovery of these plastics is one of the major concerns at the global scale, from an ecological as well as economical point of view. This is compelling governments to enact strict regulations against the disposal of plastics and also encourage the development of technologies that utilize waste plastic and convert it into something fruitful. These regulations are, therefore, creating a conducive environment for the global market for recycled plastic and plastic waste to oil to thrive. The rapidly emerging plastic to oil (fuel) conversion technology is anticipated to complement the conventional plastic recycling technologies.

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Besides this, the ever-rising demand for fuel is prompting organizations to capitalize on plastic wastes to generate oil, thereby escalating the installation of plastic to oil (fuel) systems across the globe. On the other hand, the declining prices of crude oil are adversely affecting the growth of the market. With all these factors put together, the global market for recycled plastic and plastic waste to oil to reach a valuation of US$1.97 bn by 2024, progressing at a CAGR of 12.6% from 2016 to 2024.

The recycled plastic & plastic waste to oil market has been broadly segmented on the basis of plastic type, technology, end-fuel, and geography. The recycled plastic & plastic waste to oil market has been segmented on the basis of plastic type into polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), and other plastics. Polyethylene (PE) was the largest plastic type segment of the recycled plastic & plastic waste to oil market globally, accounting for more than 40% of the global share, in 2014. Polyethylene (PE) is one of the most preferred plastics 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 issues related to separation. Rising environmental concerns across the globe and increasing government and environmental regulations against 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 next few years.

On the basis of technology, the global recycled plastic & plastic waste to oil market has been segmented into pyrolysis, gasification and synthesis, and catalytic depolymerization processes. Pyrolysis process is the most widely used technology for converting plastic into oil (fuel). Based on end-fuel, the global 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.

The recycled plastic & plastic waste to oil market was analyzed for North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Europe held the major share of the global recycled plastic & plastic waste to oil market, accounting for more than 35% of the global market share, in 2014. Asia Pacific was the second-largest recycled plastic & plastic waste to oil market, followed by North America, in 2014. Middle East & Africa and South & Central America held the fourth-largest and fifth-largest market share, respectively, of the global recycled plastic & plastic waste to oil market in 2014.

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Some of the key market participants in the global 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. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, key technologies, filed or pending patents, production capacities, and recent developments. The global recycled plastic & plastic waste to oil market has been 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

Global Recycled Plastic & Plastic Waste to Oil Market: Regional Analysis

North America

U.S.

Rest of North America

Europe

Germany

U.K.

Rest of Europe

Asia Pacific

China

Japan

Rest of Asia Pacific

Middle East & Africa

Kingdom of Saudi Arabia

UAE

Rest of Middle East & Africa

South & Central America

Brazil

Rest of South & Central America

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