Global Recycled Plastic and Plastic Waste to Oil Market to Grow at ~10% CAGR During 2022-2030
Research Nester published a report titled “Recycled Plastic and Plastic Waste to Oil Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global recycled plastic and plastic waste to oil market in terms of market segmentation by plastic, fuel type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global recycled plastic and plastic waste to oil market is estimated to witness a ~10% CAGR over the forecast period, i.e., 2022–2030. The market is segmented on the basis of plastic into, low density polyethylene, high density polyethylene, polypropylene, and others, out of which, the low-density polyethylene (LDPE) segment is estimated to garner significant market share by the end of 2030. LDPE is the single use plastic, which forms the largest share of plastic waste that cannot be recycled. As per the statistics by the UNEP, 50% of all plastic produced in the world is designed to be used only once. This is why it is primarily used to generate fuel. Based on application, the diesel additive segment is anticipated to hold the largest market share over the forecast period. The fuel made from plastic cannot be used as a greener alternative to crude oil, as it more polluting as compared diesel and petrol. However, this is an optimum solution to manage plastic waste, and using this fuel as additive with diesel can reduce the burden on fossil fuel resources.
The global recycled plastic and plastic waste to oil market is estimated to grow on the back of rising demand for recycling plastic waste, and increasing adoption of plastic waste to oil technology. According to the data by UNEP, every year, 300 million tons of plastic waste is produced worldwide, out of which 79% plastic ends up in landfills and dumps. The growing need to reduce this plastic waste, especially single-use plastic, is estimated to drive the market growth. Moreover, escalating need to reduce dependency on fossil fuels is estimated to fuel the market growth.
Request Sample For More Information@ https://www.researchnester.com/sample-request-3337
Regionally, the global recycled plastic and plastic waste to oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share over the forecast period, on the back of increasing concerns for reducing plastic waste, combined with the presence of major market players in the region. According to the report by EPA, 27 million tons of plastic was dumped in landfills in 2018., whereas 5.6 million tons plastic was burned. The production of oil from plastic waste can significantly reduce the amount of municipal solid waste generated each year, which is estimated to boost the market growth in the region.
Increasing Need to Recycle and Manage Plastic Waste to Boost the Market Growth
The fuel produced using plastic cannot replace traditionally used petroleum products, however, the use of plastic-made oil can significantly reduce the plastic waste present on land and oceans. According to other report by UNEP, 8 million tons of plastic end up in the oceans every year. The need to manage plastic waste is estimated to primarily fuel the market growth.
However, lack of awareness regarding the technology of producing fuel from plastic waste, is expected to operate as key restraint to the growth of global recycled plastic and plastic waste to oil market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global recycled plastic and plastic waste to oil market which includes company profiling of OMV Aktiengesellschaft, Plastic Energy, Agile Process Chemicals LLP, Jinan Niutech Environment Technology Corporation Plastic Advanced Recycling Corporation, Brightmark LLC., MK Aromatics Limited, Agilyx Corporation, Plastic2Oil, Inc., and Nexus Fuels, LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global recycled plastic and plastic waste to oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Grab PDF Sample For More Information@ https://www.researchnester.com/sample-request-3337
About Research Nester
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
Contact for more Info:
AJ Daniel
Email: info@researchnester.com
U.S. Phone: +1 646 586 9123
U.K. Phone: +44 203 608 5919
