Albany, NY -- (SBWire) -- 10/26/2017 --There is a growing need for recycling the plastic and plastic waste. Various major companies are now concentrating on developing new waste-conversion technologies. Some of the major corporates in the global recycled plastic and plastic waste to oil market are Agilyx Inc., Cynar Plc, Vadxx Energy LLC, Nexus Fuels LLC, Clean Blue Technologies Inc., JBI Inc., RES Polyflow, PK Clean, Plastic Advanced Recycling Corporation (PARC), and MK Aromatics Ltd. These leading companies in the market are banking on the developments happening in the plastic to fuel technologies and spreading out their presence regionally to bolster their respective market share. For instance, Agilyx has appointed a new CEO, while Vadxx Energy LLC has finalized funding for its first commercial level, plastic waste to energy plant in Akron, Ohio.
The global market for recycled plastic and plastic waste to oil is expected to reach valuation of around US$1.97 bn by the year 2024. This growth is expected to be achieved at a healthy CAGR of 12.6% during the aforementioned forecast period of 2016 to 2024. Recycled plastic and plastic wastes to oil technologies market in Europe has shown prominence in the recent years. This is due to the huge plastic waste debris found in municipal waste streams that offer substantial opportunities for the recycling companies in Europe.
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Need for Sustainable Unconventional Oil Sources Drives Recycled Plastic and Plastic Waste to Oil Market
Plastics are resultant of petroleum and thus can be reused to derive oil. With increasing amount of plastic waste across different regions of the world, this process to derive oil (fuel) from plastics waste becomes very important from ecological perspective. According to the World Bank, plastic waste of about 130 million metric tons per year (MTPY) is generated across the globe. One of the major concerns at the global level from an economical as well as ecological point of view is the recovery of the waste plastics. Such a large volume of plastic waste is a big cause of concern and thus, compelling the governments across the world to enact stringent regulations against its disposal. Also, they are encouraging the technological developments that will utilize this huge volume of waste plastics and make something useful out of it. These government regulations have created a positive environment for the growth of global recycled plastic and plastic waste to oil market.
The sharp decline in fossil fuel reserves and swift developments in the technology for conversion of plastic to oil is boosting the plastic recycling technologies market. Additionally, countries depended on fuel imports are now looking at recycled plastic and plastic waste to oil processing technologies to be self-sustainable. Collectively, these factors are likely to encourage investments in research and development of sophisticated technologies that enable better conversion processes.
The report also states that the global market for recycled plastic and plastic waste to oil market is also driven by the increasing demand for more sustainable unconventional oil sources.
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Slump in the Crude Oil Prices Pose a Threat for Market Growth
Crude oil prices are at their lowest level in over a decade which has negatively impacted the recycled plastic and plastics waste to oil market. The prices for recycled materials have soared than that of virgin materials, resulting in low demand for recycled materials by manufacturers. Many companies in the market are experiencing the impact of drop in crude oil prices and are thus, adjusting their strategies to make sure the business runs smoothly.
However, plastic to oil is among the best upcoming technologies to derive synthetic crude oil and other oil related products. This process not only helps in producing synthetic fuel but also aids in environment-friendly disposal of waste plastics.
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Recycled Plastic & Plastic Waste to Oil Market Is Expected to Represent US $1.97 Bn by 2024
The recovery of these plastics is one of the major concerns at the global scale, from an ecological as well as economical point of view.