Diesel production took up the largest share of the plastic-to-oil market in 2015 due to rising demand for diesel in the booming transportation sector in developing economies, according to a study by market intelligence firm Transparency Market Research, Albany, N.Y.
Transparency Market Research (TMR) said its study provides detailed analysis of the global recycled plastic and plastic waste-to-oil market. The various product and regional segments of the market are examined in the report in order to provide a 360-degree overview of the industry. The report is titled “Recycled Plastic & Plastic Waste to Oil Market Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 – 2024” and is available for sale on TMR’s official website.
The report is primarily driven by the rising need to find sustainable unconventional sources of oil, the research firm said. Since plastics are derived from petroleum, they can be reconstituted to obtain oil. This process has become vital in today’s environmental scenario, with the rising volume of plastic waste becoming a major ecological concern in several regions around the world, the research firm said. Converting this and other recycled plastic into oil would help solve the ecological problems caused by it and assuage the rising problem of scarcity of oil, according to the research firm.
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 in the recycling markets, the research firm said. 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, the research firm said. According to the TMR report, the growing acknowledgement of the benefits of the conversion of plastic waste to oil has helped the global market for the same. The market was valued at $542.8 million in 2014 and is expected to grow to more than $1.9 billion by 2024.
The report, which was issued in December, segments the global recycled plastic and plastic waste to oil market on the basis of the type of plastic used to obtain oil into polyethylene, polyethylene terephthalate, polyvinyl chloride, polystyrene and polypropylene. Of these polyethylenes took the largest share in the global market in 2015. The reason for the dominance of the segment is the higher energy density of polyethylene. The global recycled plastic and plastic waste to oil market is segmented on the basis of fuel type into diesel, kerosene, synthetic gases, gasoline and others. Diesel production took up the largest share of this market in 2015 due to the rising demand for diesel in the booming transportation sector in developing economies. Geographically, Europe is the largest market due to high environmental awareness in the region and the proactive stance of most governments in the region in support of the environmental protection are responsible for the dominant share of Europe in the global recycled plastic and plastic waste to oil market. Asia Pacific and North America followed Europe in the market in 2015 and are expected to remain major regional markets in the coming years. The report also looks into the competitive dynamics of the global recycled plastic and plastic waste to oil market by profiling major players such as Agilyx Inc., Nexus Fuels LLC, Plastic Advanced Recycling Corporation, Cynar plc, Clean Blue Technologies Inc., and MK Aromatics Ltd.
Transparency Market Research is a global market intelligence company providing business information reports and services. Using analysts, researchers, consultants, quantitative forecasting and trend analysis, TMR provides insight to decision makers. More information on TMR can be found on the website transparencymarketresearch.com.