Recycling plastic waste is a complex concern to which no real solution has proven to be completely effective and environmentally responsible. Many recycling techniques have in fact proven to be rather expensive, energy inefficient, and as harmful to the environment, if not more, as plastic itself. The global population continues its exponential rise and economic and industrial activities thrive at an even faster rate. This has made the issue of recycling plastic waste, which accounts for a large portion of total waste generated on everyday basis from several sources, increasingly severe. Thus continuous research activities are being undertaken across the globe with an aim of finding an effective method of recycling plastic waste or gaining something beneficial from the process.
Recycled plastic and plastic waste to oil is being considered a good way of tackling the ever-growing mounds of plastic waste across the globe. The concept has no longer remained only a theory and has been brought to practical application for some time now. According to a recent market research study by Transparency Market Research, the global recycled plastic and plastic waste to oil market will exhibit a robust 12.6% CAGR from 2016 through 2024. The market, which was valued at US$542.8 mn in 2014, is expected to reach US$1,971.4 mn by 2024.
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Listed below are some of the major facts outlining the present state of the global recycled plastic and plastic waste to oil market:
Pyrolysis Takes Dominant Position Among Conversion Technologies
The key technologies in the market utilized for the conversion of recycled plastic and plastic waste to oil include pyrolysis, catalytic depolymerization, and gasification and synthesis. Of these, pyrolysis is currently the most prominently used technology in the global market. In 2014, pyrolysis accounted for over 50% of the global market and is expected to remain the dominant technology in the future as well owing to its lesser CAPEX requirements compared to the catalytic depolymerization and gasification techniques.
Europe Leads Market from a Geographical Perspective
From a geographical standpoint, the global recycled plastic and plastic waste to oil market witnessed the rise of Europe as the dominant regional market in 2014, with 35% share in the global market. Implementation of favorable government regulations related to recycling wastes, high landfill tipping charges in certain countries, and availability of enough capital for investing in innovative waste management techniques are the key factors driving the market in Europe.
In the next few years, the market for recycled plastic and plastic waste to oil is expected to witness significant traction in Asia Pacific. Asia Pacific is projected to become the foremost contributor to the global waste production in the next few years. As waste management companies start realizing the potential of development and growth in the region, the market for recycled plastic and plastic waste to oil will also bloom.
Some of the major vendors operating in the global recycled plastic and plastic waste to oil market are Clean Blue Technologies Inc., Vadxx Energy LLC, Agilyx Inc., RES Polyflow, Plastic Advanced Recycling Corporation (PARC), Nexus Fuels, LLC, MK Aromatics Ltd., Cynar Plc, PK Clean, and Plastic2Oil Inc. (JBI Inc.).