Plastics are used on high levels to manufacture various
daily-use products. They are also used for packaging purpose in various
industries for packing a variety of products. Hence, this has led to a
continual rise in the production and consumption of plastics in order to meet
the needs of growing markets. As plastic use in the day-to-day life has
increased tremendously, it has become of great concern to manage the plastic
waste and reuse plastic in a proper way. Plastic waste is very hazardous by
nature as it pollutes land and oceans and to a great extent affects the natural
habitats and food chain of living organisms.
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One of the leading and efficient technologies that convert
plastic to synthetic crude oil and other petroleum products is plastic to oil
process. Thus process not only helps in converting plastic to synthetic crude
oil but it also allows eco-friendly disposal of plastic waste in an efficient
way. Plastic waste from industries, residential facilities, commercial
facilities, municipality, as well as ocean waste is used as input in the
plastic to oil process.
On the basis of plastic type, the global plastic waste to
oil market is segmented as polyethylene, polyethylene terephthalate,
polystyrene, polyvinyl chloride, polypropylene, and others. The others segment
is further sub-segmented as acrylic, polylactic fibers, polycarbonate, nylon,
and fiberglass. Based on the technology, the global market is segmented as
pyrolysis, catalytic depolymerization and gasification and synthesis processes.
Pyrolysis segment dominates the market owing to its lower CAPEX requirements as
compared to other technologies. It is also the most widely used technology used
for converting plastic to oil. In addition, the global plastic waste to oil
market is further segmented on the basis of end fuel as diesel, kerosene,
gasoline, synthetic gasses, and others. Diesel segment is expected to witness
the highest growth due to its increasing demand and numerous applications
through numerous industries.
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Europe proves to be the largest market for the plastic waste
to oil process followed by Asia Pacific giving ample opportunities for the
niche players. The U.K., Germany, China, and Japan are expected to the leading
players in these regions for the global market. In terms of demand, North
America, the Middle East & Africa, and South & Central America witness
positive growth in the global market. The U.S. is also anticipated to be one of
the leading players in the global plastic waste to the oil market.
Some of the major companies dominating in the global plastic
waste to oil market are Cynar Plc, Agilyx Inc., Vadxx Energy LLC, Clean Blue
Technologies Inc., and Nexus Fuels, LLC. Other key players influencing the
global market are Plastic2Oil Inc., PK Clean, RES Polyflow, Plastic Advanced
Recycling Corporation, and MK Aromatics Ltd.
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Plastic Waste to Oil Market: Regional Segment Analysis
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North America
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U.S.
·
Europe
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UK
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France
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Germany
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
·
Middle East and Africa
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