New York, NY -- (SBWIRE) -- 08/10/2017 -- The production and consumption of plastic products have risen exponentially over the past few years. About 130 million metric tons of plastic waste is generated per year (MTPY), estimates the World Bank. This extent of plastic is polluting the world hence many organizations and governments are collectively making efforts to recycle most of these plastic products. Transparency Market Research (TMR) estimates that the global recycled plastic and plastic waste to oil market will reach up to US$1.97 bn by the year 2024, exhibiting a healthy CAGR of 12.6% for the period 2016-2024.

Both from economic and ecological point of views, recovery of the plastic generated is a crucial concern all over the globe. Governments are implementing strict rules against disposal of plastic waste and are motivating technologists to develop effective and efficient ways to recycle plastic wastes.

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Which segments of recycled plastic and plastic waste to oil market are experiencing higher growth?

Based on type, the market for recycled plastic and plastic waste to oil can be segmented into polystyrene (PS), polyvinyl chloride (PVC), polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and others. Owing to higher energy conversion rates, it is expected that polyethylene will witness considerably high demand. Production of polyethylene due to applications such as plastic bottles and bags are increasing with the passage of time. Also, it is crucial to recycle polyethylene as in most of the cases, they are not biodegradable. The waste polyethylene plastic is melted to liquid form and extruded or reshaped while it solidifies. This allows the manufacturers to reuse the waste plastic to produce new durable products. This trend of recycling polyethylene is inspiring various manufacturers to use waste plastic and manufacture new products using more cost effective methods. This in turn will give impetus to the global recycled plastic and plastic waste to oil market.

Which regions show most lucrative prospect for growth of the global market?

Due to the contribution of the U.K. and Germany, Europe commands over a major share of the global recycled plastic and plastic waste to oil market. However, the contribution of Asia Pacific is escalating owing to the increasing government support. Within this region, China and Japan are exhibiting maximum opportunities for the market's growth.

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Many countries are dependent on China's reprocessing industry. However, China is posing slimitations on the waste, which they are importing from other countries. In February, 2017, China announced that by the end of 2017, they will be following the new agendas. The Chinese government indicated to the World Trade Organization (WTO) that the reason behind this act is the occurrence of large amounts of hazardous and dirty wastes mixed with the imported wastes.

On the other hand, North America is expected to exhibit assuring growth opportunities over the forecast period of 2016-2024. The increasing number of pilot projects by prominent players to use plastic waste and convert it into synthetic oil is driving the market in this region. Furthermore, government incentives for recycling of waste plastic and availability of skilled workforce are the contributing factors for this market to grow.