Multi-million dollar growth for recycled plastics & plastic to oil market

Global – ‘€˜The global recycled plastics and plastic waste to oil market stood at US$ 542.8 million in 2014 and is likely to reach US$ 1,971.4 million by 2024,’€™ according to the latest report by Transparency Market Research. This represents a compound annual growth rate of 12.6% between 2016 and 2024.

Pyrolysis process was the largest technology segment of the global recycled plastic and plastic waste to oil market, accounting for more than 50% of the global share in 2014.

Meanwhile, polyethylene (PE) was the largest plastic type segment, accounting for more than 40% of the global share in 2014. On the basis of end-fuel, diesel was the largest segment, accounting for more than 50% of the global market share in 2014.

Europe accounted for more than 35% of the global market share in 2014, with Asia Pacific representing the second-largest market for recycled plastic & plastic waste to oil that year. ‘However, the recycled plastic and plastic waste to oil market in North America and South & Central America are anticipated to grow at fastest rates during the forecast period,’ analysts have pointed out.

They add that the plastic to oil process is not projected to be a replacement to traditional recycling practices, but due to low plastic recycling rates, it is becoming a ‘feasible addition’ to plastic waste management infrastructure.

Furthermore, countries dependent on crude oil imports have started adopting plastic to oil processes which has also boosted the sales of plastic to oil systems.

‘Increasing plastic production globally is also expected to boost the revenues of the recycled plastic and plastic waste to oil market,’ the report concludes.