Recycled plastic & plastic waste to oil market estimated to reach US$1971.4 mln by 2024

The global recycled plastic & plastic waste to oil market stood at US$542.8 mln in 2014 and is likely to reach US$1971.4 mln by 2024, expanding at a CAGR of 12.6% between 2016 and 2024, as per Transparency Market Research. The global recycled plastic & plastic waste to oil market has been broadly segmented on the basis of plastic type into polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polyvinyl chloride (PVC), polypropylene (PP), and other plastics (acrylic, polycarbonate, polylactic fibers, nylon, and fiberglass). 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. The global recycled plastic & plastic waste to oil market has also been segmented on the basis on end-fuel into diesel, gasoline, kerosene, synthetic gases, and others. Plastic to oil (fuel) process is one of the highly efficient technologies to convert plastic into synthetic crude oil and other petroleum products. Plastic to oil (fuel) systems process feedstock (different types of plastic) and convert it into synthetic crude oil, its distillates, and other refined petroleum products. Plastic to oil (fuel) process not only aids in converting plastic to synthetic crude oil (fuel) but also enables eco-friendly disposal of plastic waste. 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 by the recycling markets. Plastic to oil (fuel) process is not projected to be a replacement to traditional recycling practices, but due to low plastic recycling rates, it is becoming a feasible addition to plastic waste management infrastructure. Rising environmental concerns across the globe and increasing government and environmental regulations against the disposal of plastics have augmented the sales of plastic to oil (fuel) systems across the globe. Countries dependent on crude oil imports have started adopting plastic to oil (fuel) processes which has also boosted the sales of plastic to oil (fuel) systems. Increasing plastic production globally is also expected to boost the revenues of the recycled plastic & plastic waste to oil market. Pyrolysis process was the largest technology segment of the global recycled plastic & plastic waste to oil market, accounting for more than 50% of the global share in 2014. Pyrolysis process is expected to dominate the market due to its lower CAPEX requirements as compared to gasification and catalytic depolymerization processes. Polyethylene (PE) was the largest plastic type segment of the global recycled plastic & plastic waste to oil market, accounting for more than 40% of the global share in 2014. Polyethylene (PE) is one of the most preferred plastic types for plastic to oil (fuel) processes owing to its high energy conversion rates. On the basis of end-fuel, diesel was the largest segment, accounting for more than 50% of the global recycled plastic & plastic waste to oil market share in 2014. The global recycled plastic & plastic waste to oil market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Europe accounted for more than 35% of the global market share in 2014. Asia Pacific was the second-largest market for recycled plastic & plastic waste to oil in 2014. However, the recycled plastic & plastic waste to oil market in North America and South & Central America are anticipated to grow at fastest rates during the forecast period. Some of the leading companies 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.