Albany, NY -- (SBWIRE) -- 10/20/2016 -- Innovations in recycled plastic and plastic waste material have created many new growth opportunities in the global market. 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. are some of the leading companies operating in the global recycled plastic and plastic waste to oil market. Transparency Market Research (TMR), in its new report, state that the global recycled plastic and plastic waste to oil market is expected to be benefited by the rising production of various types of plastics and the advancements in the technology to recycle plastic wastes.

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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