Wilmington, Delaware, United States, June 16, 2022 (GLOBE NEWSWIRE) -- A review by Transparency Market Research (TMR) notes that the global recycled plastic & plastic waste to oil market is estimated to register growth at a CAGR of 10.2% during the forecast period, 2022-2031. The report sheds light on important aspects favoring the market growth including different trends in the recycled plastic & plastic waste to oil market.
Due to rising gap in demand and supply of crude oil across the globe, scientists are focusing on the development of sustainable technology that can assist in the crude oil production. Furthermore, there has been a rise in the adoption of plastic to fuel technology owing to its ability to convert non-recycled plastic into crude oil and fuel, which can be utilized as a transportation fuel and feedstock in olefin crackers. This factor is estimated to drive the future market demand for recycled plastic & plastic waste to oil.
Key vendors in recycled plastic & plastic waste to oil market are focusing on their business expansions by using different strategies. For instance, several enterprises are developing sturdy marketing strategy for recycled plastic & plastic waste to oil. Such efforts are helping in the overall market growth.
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Recycled Plastic & Plastic Waste to Oil Market: Key Findings
- Plastic compounds are being adopted across varied industry verticals such as the electronics, automobiles, construction, and FMCG in the recent years. This factor is fueling the expansion of the plastic industry. Moreover, the demand for recycled plastic is being increasing instead of its counterparts owing to different advantages it offers including ease of production, cost-effective and lightweight nature, and non-reactivity to water. Hence, rising adoption of recycled plastics is leading to increased market demand for recycled plastic & plastic waste to oil.
- Regulatory authorities of several nations around the world are taking initiatives to collect garbage and convert it into the electricity. This aside, companies from different industries are increasing investments in garbage reuse and recycling processes. These factors are favoring the growth of the global recycled plastic & plastic waste to oil market.
- The government authorities of numerous nations are increasing investments in order to advance their waste management systems and address the environmental as well as social issues. These factors are generating sizable business opportunities in the recycled plastic & plastic waste to oil market, which is prognosticated to be valued at US$ 151.1 Mn by 2031.
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Recycled Plastic & Plastic Waste to Oil Market: Growth Boosters
- Surge in the concerns pertaining to the plastics disposals around the world is propelling the recycled plastic & plastic waste to oil market
- Increasing adoption of plastic to fuel technology is likely to create promising business opportunities in the market during the forecast period
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Recycled Plastic & Plastic Waste to Oil Market: Regional Analysis
- The recycled plastic & plastic waste to oil market in Asia Pacific is prognosticated to expand at a CAGR of 6.5% during the forecast period. This growth is ascribed to rise in the demand for packaging materials in many regional nations including India and China owing to rapid urbanization & industrialization, growth of the e-commerce sector, rise in the standard of living, and improving per capita income.
- The market is foreseen to gain sizable business avenues in Europe owing to many factors including existence of numerous manufacturing companies and execution of stringent regulations related to waste management in the region
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Recycled Plastic & Plastic Waste to Oil Market: Key Players
Some of the key players profiled in the report are:
- Nexus fuels
- Vadxx Energy LLC.
- Plastic Advanced Recycling Corporation
- Plastic2Oil Inc. (JBI Inc.)
- MK Aromatics Limited
- Agilyx Inc
- Northwood Exploration Israel Ltd
- PLASTIC ENERGY
- Niutech
- OMV Aktiengesellschaft
- Agile Process Chemicals LLP
Recycled Plastic & Plastic Waste to Oil Market Segmentation
Fuel
- Diesel
- Gasoline
- Fuel Oil
- Others
Plastic Type
- HDPE
- LDPE
- PP
- PS
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Rest of World
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