Recycled Plastic & Plastic Waste to Oil Market Exhibiting a CAGR of US.97bn
Posted by amol on July 2nd, 2019
There are several major players in the global recycled plastic and plastic waste to oil market which makes it competitive and fragmented. The key players are consistently looking forwards to waste generators and landfills stock piles to be ahead in the competitive edge. Transparency Research Market (TMR) sheds some light on such players who operate in the global recycled plastic and plastic waste to oil market. Some of these players include Clean Blue Technologies, Agilyx Inc., Nexus Fuels LLC, Vadxx Energy LLC, and Blue Technologies Inc. These players are focusing on strategies to introduce products at par with the latest technology to widen their presence in the global market.
The global recycled plastics and plastic waste to oil market is driven by ever increasing demand for fuel across the globe. Spur in the fuel demand stimulates the companies to capitalize wastes coming from plastic to convert into oil. The global recycled plastics and plastic waste to oil market is likely to register a staggering growth of CAGR 12.5% during the forecast period 2018 to 2026. Simultaneously, the estimated revenue is expected to reach up to US.97bn by the end of the forecast period.
On regional basis, North America is expected to demonstrate impressive opportunities in the global recycled plastic and plastic waste to oil market. New technology and product development being initiated by regional players in the market is likely to provide momentum for the expansion of the global recycled plastic and plastic waste to oil market in upcoming years. The global recycled plastic and plastic waste to oil market is segmented in to polypropylene, polyethylene, polyethylene terephthalate, polystyrene, and polyvinyl chloride. However, polyethylene is expected to surge the global plastic and plastic waste to oil market during the forecast period.
Demand for Sustainable Alternative Sources to Boos the Plastic Waste to Oil Market
Increased use of plastics in various forms across the globe results in large amount of plastic waste. Plastic can be reused since it’s a product derived from petroleum. So, it is very important to look for recycling options from the environmental perspective. Therefore, the process of converting plastic waste to fuel is implemented. Government initiatives to convert huge amount of plastic waste to fuel is also expected to drive the global plastic and plastic waste to oil market to grow exponentially. Alternatively, plastics waste to oil plants emit less toxic gases as compared to conventional gas furnaces, owing to be a factor attributing the growth in the global recycled plastic and plastic waste to oil market.
Moreover, depletion of fossil fuel reserves, and surging technological development to convert plastic waste to fuel augments the strengthening of the global plastic and plastic waste to oil market in forthcoming years.
Downswing in Crude Oil Pricing to Hinder the Growth of Plastic Waste to Oil Market
Decrease in crude oil prices will perhaps hinder the growth of the global plastic and plastic waste to oil market during the forecast period. Oil derived from plastics waste is expensive, thereby may result in low demand in the global market. Several companies that are involved in converting plastic waste to oil are experiencing the pinch due to fall in the crude oil prices.
Nonetheless, plastic waste to oil is expected to open new avenues due to upcoming latest technological developments. New technological developments in this regard is expected to help in deriving synthetic crude oil from plastic waste. This process of deriving synthetic crude oil from plastic waste is likely to be very beneficial in term of environment and ecology. Hence, pushing the global plastic and plastic waste to oil market to grow substantially in upcoming years.
This review is based upon the TMR report titled, “Recycled Plastic & Plastic Waste to Oil Market (Plastic Type - Polyethylene, Polyethylene Terephthalate, Polystyrene, Polyvinyl Chloride, and Polypropylene; Technology - Pyrolysis, Gasification and Synthesis, and Catalytic Depolymerization; End-Fuel - Diesel, Gasoline, Kerosene, and Synthetic Gases) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2018 - 2026.”
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About the Authoramol
Joined: June 20th, 2019
Articles Posted: 260
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