Published Date : Apr 15, 2016
Plastic to oil process is an emerging technology that converts plastic into synthetic crude oil and other various other petroleum products. Plastic to oil process is an advanced technology for converting waste plastic into fuel and serves as an efficient way to recycle used and waste plastic, present on the wastelands and dumping grounds. Thus, plastic waste to oil process helps in cleaning up the environment and is an eco-friendly process of converting plastic waste to fuel.
According to a report published by market intelligent company Transparency Market Research, the global recycled plastic and plastic waste to oil market was valued US$542.8 mn in 2014 and is likely to reach US$1,971.4 mn by 2024, expanding at a CAGR of 12.6% from 2016 to 2024.
Pyrolysis Expected to be the most widely used Technology in the Future
On the basis of technology, the global recycled plastic and plastic waste to oil market is segmented into catalytic depolymerization processes, gasification and synthesis, and pyrolysis. The pyrolysis is the most widely accepted technology for the conversion of plastic to fuel. The wide acceptance of pyrolysis technology is due to the lower CPAEX requirement as compared to other technologies.
Europe Dominated the Recycled Plastic Waste to Oil Market
On the basis of geography, the global recycled plastic and plastic waste to oil market is segmented into North America, Europe, South and Central America, Asia Pacific, and the Middle East and Africa. Out of these, Europe held the largest market for plastic to oil market. Asia Pacific contributes to the market significantly. Countries such as China, Japan, Germany, and the U.K., are the leading players in the market.