Global Recycled Plastic and Plastic Waste to OilMarket: Key Highlights
· Theglobal recycled plastic and plastic waste to oil market was valued at ~US$ 37 Mn in 2018,and it is anticipated to expand at a CAGR of ~10% during theforecast period.
· Among thefuels, the diesel segment held a dominant share of the global recycled plasticand plastic waste to oil market in 2018, primarily due to theapplication of diesel in numerous industries such as manufacturing andautomotive. Diesel offers high energy density that enables it to extract higheramount of energy than the same volume of gasoline. Also, diesel offers higherefficiency and cost effectiveness. These factors are anticipated to augment thegrowth of the global recycled plastic and plastic waste to oil market duringthe forecast period.
· Among theplastic types, the LDPE segment held a major share of the global recycledplastic and plastic waste to oil market in 2018, as LDPE exhibitsthe same physical properties as those of petroleum products such as petrol anddiesel.
· Therecycled plastic and plastic waste to oil market in Asia Pacific is likely toexpand at a substantial pace during the forecast period, due to strictregulations pertaining to the handling and disposal of plastic waste in theregion.
Key Drivers of Global Recycled Plastic and PlasticWaste to Oil Market
· Risinginvestments in the manufacturing sector are significantly increasing the demandfor plastic for use in packaging across the globe. The constant demand for plastichas caused plastic waste to accumulate in landfills. This has raised issuesrelated to environment protection. In order to overcome these issues, severalefforts have been made by researchers to develop innovative processes, such aspyrolysis, which can reduce the accumulation of plastic waste by convertingsingle-use plastic waste into value-added products. This, in turn, would reducethe adverse impacts of climate change. As per the U.S. Department of Energy,pyrolysis technology can reduce greenhouse gas emissions by up to 14%,and up to 96% in case of traditional energy, as compared toultra-low sulfur diesel (ULSD) obtained from conventional crude oil.
· Thus,rise in the demand to minimize the accumulation of plastic waste in landfillsand carbon emissions associated with it, by converting it into value-addedproducts, is expected to propel the global recycled plastic and plastic wasteto oil market during the forecast period.
· Increasein the demand for fossil fuel imports to fulfill the demand for crude oilacross the globe, especially in developing countries, is expected to drive theglobal recycled plastic and plastic waste to oil market during the forecastperiod. Increasing crude oil consumption can be attributed to the surge in investmentsin the infrastructure sector, increase in disposable income, and rise in thestandards of living.
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Asia Pacific to Lead Global Recycled Plastic andPlastic Waste to Oil Market
· AsiaPacific accounted for ~45% share of the global recycled plastic andplastic waste to oil market, in terms of revenue, in 2018, due tothe presence of a wide manufacturing base across the region. Some of the majorplayers actively operating in the market in the region are Agile ProcessChemical, Pyrocrat Systems LLP, Anhui Oursun Resource Technology Co., Ltd, andKlean Industries Inc.
· Chinadominated the recycled plastic and plastic waste to oil market in Asia Pacificin 2018, and the market in the country is anticipated to witnesssignificant growth during the forecast period, due to rise in the focus onreduction of GHG emissions associated with the accumulation of plastic waste atlandfill sites.
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Major Developments in Recycled Plastic and PlasticWaste to Oil Market
· In October2018, PLASTIC ENERGY announced its plans to open its headquarters in theU.K. The move is aimed to enable the company to expand its presence across theworld.
· In 2018,PLASTIC ENERGY announced its plans to establish manufacturing facilities inEurope and Asia. This would help the company expand its business across theworld.
· In January2017, Agilyx Inc. announced its plans to construct a production facilitynear Portland, Oregon. The facility would be using the company’s proprietarycommercial pyrolysis system to convert polystyrene scrap (including foam cups,packaging materials, and Styrofoam) into styrene monomers. This new facilitywould enable Agilyx Inc. to expand its presence, worldwide.
· In 2017,Northwood Exploration Israel Limited announced its plans to build a new plantin Southern Israel for the production of oil and electricity from oil shale.The plant would be producing 800,000–900,000 barrels of oil every year, andgenerating 15 megawatts of electricity for usage by the company as well as saleto customers. The new plant would enable the company expand its business acrossthe Middle East.
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Global Recycled Plastic and Plastic Waste to OilMarket: Competition Landscape
· Theglobal recycled plastic and plastic waste to oil market is led by multinationalplayers operating across the globe.
· Prominentplayers operating in the global recycled plastic and plastic waste to oilmarket are Vadaxx Energy, NexusFuels, Plastic2Oil, Agilyx, MK Aromatics Limited, Northwood Exploration IsraelLimited, RES POLYFLOW, Plastic Advanced Recycling Corporation, OMVAktiengesellschaft, Niutech, Agile Process Chemicals LLP, and PLASTICENERGY.
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