According to a report published by Transparency Market Research (TMR), the global recycled plastic and plastic waste to oil market which stood at US$542.8 mn in 2014 is anticipated to reach US$1,971.4 mn by 2024, expanding at a CAGR of 12.6% from 2016 to 2024.
As massive amounts of plastic trash accumulates across the world, countries have realized that one of the best ways to tackle and mitigate the huge volume of plastic waste is to make it valuable and convert it into a fuel. Plastic to oil is a technology that enables the eco-friendly disposal of plastic waste and is complementary to existing efforts to recycle plastic. This technology is helping countries dependent on crude oil imports to channel their plastic waste into useful fuel and reduce dependence on other countries. Additionally, plastic waste to oil technology can help lower greenhouse emissions by making use of non-recycled plastics from landfills.
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Q. Which regions are expected to be key contributors in the recycled plastic and plastic waste to oil market?
The recycled plastic and plastic waste to oil markets in North America and South and Central America are expected to grow at a remarkable rate from 2016 to 2024. Previously however, Europe and Asia Pacific were key contributors in the market. Europe accounted for over 35% of the market in 2014.
Q. What are the factors driving the growth of the market?
The rising plastic production worldwide is the key driving factor for the recycled plastic and plastic waste to oil market. The rising use of plastic for packaging, toys, buckets, bottles, bags, and glasses is resulting in huge plastic waste, driving the market.
Growing concerns regarding the toxicity and environmental pollution caused by plastic waste are boosting the global recycled plastic and plastic waste to oil market. The recycled plastic and plastic waste to oil market also receives a huge support by government and environmental regulatory bodies. Various regulations against disposal of plastics are aiding the growth of the market.
Q. What are the new developments that have the potential to shape the recycled plastic and plastic waste to oil industry?
Chemists at UC Irvine have developed a new technique for the breaking down of polyethylene into its constituent elements, including diesel. The new technique makes use of hydrocarbons and a metal catalyst to break the plastic molecules into its constituent fuel compounds. The process is not yet launched commercially but is expected to be highly efficient and less toxic when it reaches the commercial market.
Jointly funded by Innovate UK and ESPRC, a research on Plaxx, developed by the British firm Recycling Technologies, is seen as a potential fuel for marine engines. The research on Plaxx, which is made from plastic waste, is expected to determine whether it can be used in diesel engines without causing engine wear.
Such developments in the field are expected to bring with them a new scope for improvement and growth in the recycled plastic and plastic waste to oil market.
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