Recycled Plastic and Plastic Waste to Oil Market is estimated to reach US$ XX Mn by 2027 in terms of revenue with CAGR of XX% in the forecasting period 2019-2027.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Plastic to oil process is one of the highly efficient technologies to convert plastic into synthetic crude oil and other petroleum products. Plastics are resultant of petroleum and thus can be reused to derive oil. With the increase in the amount of plastic waste across different regions of the world, this process to derive oil from plastics waste becomes very important from an ecological perspective. Plastics are derived from petroleum, they can be reconstituted to obtain oil.
The recovery of these plastics is one of the major concerns at the global scale, from an ecological as well as economic point of view. The ever-rising demand for fuel is prompting organizations to capitalize on plastic wastes to generate oil, thereby escalating the installation of plastic to oil systems across the globe. The global Recycled Plastic and Plastic Waste to Oil Market is primarily driven by the rising need to find sustainable unconventional sources of oil.
According to the Maximize Market Research report, the growing acknowledgement of the benefits of the conversion of recycled plastic and plastic waste to oil has helped the global market for the same massively.
Recycled Plastic and Plastic Waste to Oil Market is segmented into plastic Type, technology, fuel Type, and region. On the basis of plastic Type, Polyethylene will dominate the market throughout the forecast period, owing to its higher energy conversion rates. Polyethylene is one of the most preferred plastic Types for plastic to oil processes owing to its high energy conversion rates.
In terms of technology, Pyrolysis process is the largest technology segment of the Recycled Plastic and Plastic Waste to Oil Market. Pyrolysis process is expected to dominate the market due to its lower CAPEX requirements as compared to gasification and catalytic depolymerisation processes. Based on fuel Type, Diesel production took up the largest share in the Recycled Plastic and Plastic Waste to Oil Market, due to the rising demand for diesel in the booming transportation sector in developing economies.
In terms of region, Europe is the largest market for recycled plastic and plastic waste to oil. Commercialization of catalytic and pyrolysis depolymerisation processes in various countries in the region is providing a significant boost to the recycled plastic and plastic waste to oil market. The Asia Pacific and North America followed Europe in the global recycled plastic and plastic waste to oil and are expected to remain major regional markets in the coming years.
Market Scope of the Recycled Plastic and Plastic Waste to Oil Market
Recycled Plastic and Plastic Waste to Oil Market, by Plastic Type
• Polyethylene
• Polyethylene Terephthalate
• Polystyrene
• Polyvinyl Chloride
• Polypropylene
Recycled Plastic and Plastic Waste to Oil Market, by Technology
• Pyrolysis
• Gasification and Synthesis
• Catalytic Depolymerisation
Recycled Plastic and Plastic Waste to Oil Market,by Fuel Type
• Diesel
• Gasoline
• Kerosene
• Synthetic Gases
Recycled Plastic and Plastic Waste to Oil Market, by Geography
• Europe
• Asia-Specific
• North America
• Middle East & Africa
• Latin America
Recycled Plastic and Plastic Waste to Oil MarketKey Players operating in the market
• 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)
• MK Aromatics Ltd.
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