Albany, NY -- (SBWire) -- 07/17/2019 --Market Research Reports Search Engine (MRRSE) has recently updated its massive research catalog by adding a new study, titled "Recycled Plastic & Plastic Waste to Oil Market". The study offers a clear insight about the prevailing trends and innovations happening in the Recycled Plastic & Plastic Waste to Oil Market. Readers can further access details about research highlights and executive summary to gain a better idea about this assessment. The market overview covers key industry developments and market opportunity map during the mentioned forecast period. In addition, a holistic view of the entire global market scenario across all the prime regional segments, such as (Regions) has been delivered.
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There is a growing need for recycling the plastic and plastic waste. Various major companies are now concentrating on developing new waste-conversion technologies. Some of the major corporates in the global recycled plastic and plastic waste to oil market are Agilyx Inc., Cynar Plc, Vadxx Energy LLC, Nexus Fuels LLC, Clean Blue Technologies Inc., JBI Inc., RES Polyflow, PK Clean, Plastic Advanced Recycling Corporation (PARC), and MK Aromatics Ltd. These leading companies in the market are banking on the developments happening in the plastic to fuel technologies and spreading out their presence regionally to bolster their respective market share. For instance, Agilyx has appointed a new CEO, while Vadxx Energy LLC has finalized funding for its first commercial level, plastic waste to energy plant in Akron, Ohio.
The global market for recycled plastic and plastic waste to oil is expected to reach valuation of around US$1.97 bn by the year 2024. This growth is expected to be achieved at a healthy CAGR of 12.6% during the aforementioned forecast period of 2016 to 2024. Recycled plastic and plastic wastes to oil technologies market in Europe has shown prominence in the recent years. This is due to the huge plastic waste debris found in municipal waste streams that offer substantial opportunities for the recycling companies in Europe.
Plastics are resultant of petroleum and thus can be reused to derive oil. With increasing amount of plastic waste across different regions of the world, this process to derive oil (fuel) from plastics waste becomes very important from ecological perspective. According to the World Bank, plastic waste of about 130 million metric tons per year (MTPY) is generated across the globe. One of the major concerns at the global level from an economical as well as ecological point of view is the recovery of the waste plastics. Such a large volume of plastic waste is a big cause of concern and thus, compelling the governments across the world to enact stringent regulations against its disposal. Also, they are encouraging the technological developments that will utilize this huge volume of waste plastics and make something useful out of it. These government regulations have created a positive environment for the growth of global recycled plastic and plastic waste to oil market.
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The sharp decline in fossil fuel reserves and swift developments in the technology for conversion of plastic to oil is boosting the plastic recycling technologies market. Additionally, countries depended on fuel imports are now looking at recycled plastic and plastic waste to oil processing technologies to be self-sustainable. Collectively, these factors are likely to encourage investments in research and development of sophisticated technologies that enable better conversion processes.
The report also states that the global market for recycled plastic and plastic waste to oil market is also driven by the increasing demand for more sustainable unconventional oil sources.
Crude oil prices are at their lowest level in over a decade which has negatively impacted the recycled plastic and plastics waste to oil market. The prices for recycled materials have soared than that of virgin materials, resulting in low demand for recycled materials by manufacturers. Many companies in the market are experiencing the impact of drop in crude oil prices and are thus, adjusting their strategies to make sure the business runs smoothly.
However, plastic to oil is among the best upcoming technologies to derive synthetic crude oil and other oil related products. This process not only helps in producing synthetic fuel but also aids in environment-friendly disposal of waste plastics.
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.
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:
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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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Recycled Plastic & Plastic Waste to Oil Market Insights and Assessment of Growth Factors Analyzed Until the End of 2024