Transparency Market Research has added new report to its database titled, "Recycled Plastics & Plastic Waste To Oil Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2015 - 2023"
Urbanization, economic development, and changing consumption and production patterns have resulted in an unbridled increase of the volume of plastic waste, which adversely impacts the environment. Owing to its low cost, durability, convenience, and diverse industrial and household applications, the demand for plastics has tremendously increased over the years. This has created enormous heaps of solid waste, removal and disposal of which has emerged as a serious concern faced by countries all over the world.
Moreover, the growing amount of solid waste is also aggravating concerns related to environment deterioration. Waste plastic therefore represents a large part of the solid waste generated worldwide. Plastic materials have strong molecular bonds and are resistant to the natural process of degradation, due to which destroying plastic wastes is difficult.
Every year, approximately 500 billion pounds of plastic is manufactured across the globe. Several countries have started recycling plastics to tackle the problem of mounting plastic waste. Furthermore, the U.S. Ministry of Environment has formulated stringent disposal laws for industrial and other sectors, which are likely to have a positive impact on the
global recycled plastics and plastics weight oil market.
Household Plastic Waste Easier to Process than Industrial Plastic Waste
Key application segments of the recycled plastics and plastics waste to oil market are processes such as pyrolysis/thermal degradation, gasification, and catalytic degradation. On the basis of types of waste, the global plastic to oil market can be segmented into domestic waste and industrial waste. Domestic waste comprises waste generated by the household sector and waste produced by restaurants, during the packaging of household goods such as plastic bags and bottles. It is relatively easier and more affordable to process household plastic waste and produce oil from it than industrial plastic waste.
Asia Pacific Countries at the Forefront of Initiating Recycling Process on Commercial Level
Leading Asia Pacific economies such as Japan and China are at the forefront of initiating plastic recycling processes on a commercial level. China receives plastic waste materials from several countries, such as India, Australia, and others, for recycling. Since North America, China, and Latin America constitute some of the biggest plastic waste producing regions in the world, they also exhibit exponential development scope for recycling plastics into oil.
Increasing energy demand due to the growing global population is a primary factor impelling the global market for recycled plastics and plastic waste to oil. Favorable government regulations created to promote recycling and reuse of plastic materials are also expected to foster growth of the market in the forthcoming years. Plastic recycling generally requires sorting of the waste into different kinds of plastic, making the process labor-intensive, which incurs high production cost. This limits the growth prospects of the recycled plastics and plastic waste to oil market to an extent. However, development of new machines to sort plastics using laser techniques for distinguishing the types of plastic materials is likely to fuel the demand from the market. Some of the leading companies operating in the market are Cynar Plc, Polymer Solutions, VentanaEcogreen Inc., Plastic2Oil Technologies, Agilyx, and PK Clean.
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