The plastic to oil process is an emerging technology that converts plastic into synthetic crude oil and various other petroleum products. Plastic to oil is an advanced technology for converting plastic waste into fuel in comparison to other plastic recycling efforts carried out across the globe. The plastic to oil process also benefits the environment by enabling eco-friendly disposal of the huge plastic waste that can be found in waste sites and landfills. The plastic to oil process is not a replacement for conventional recycling processes, but an addition to plastic waste management, which is essential as plastic waste pollutes land and water bodies alike. Plastic waste also affects the food chain and the purity of natural habitats, causing potentially irreversible damage to the ecology in the vicinity.
Polyethylene Emerges as the Preferred Plastic in Recycled Plastic Waste to Oil Processes
The global recycled plastic and plastic waste to oil market is segmented on the basis of plastic type, technology, end fuel, and geography. On the basis of plastic type, the market is segmented into polyethylene terephthalate (PET), polyethylene (PE), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), and others. Since polyethylene (PE) provides higher energy conversion rates, it is one of the most widely used plastics in the plastic to oil process.
On the basis of technology, the global recycled plastic and plastic waste to oil market is segmented into catalytic depolymerization processes, gasification and synthesis, and pyrolysis. Pyrolysis is the most widely accepted technology for the conversion of plastic to fuel and is expected to be the most widely used technology in the future, as it requires lower CAPEX in comparison with other technologies. Catalytic depolymerization is the most expensive technology and thus witnesses limited demand.
Diesel to be the Highest Revenue Generator in Recycled Plastic Waste to Oil Market
Based on end fuel, the global recycled plastic and plastic waste to oil market is segmented into gasoline, kerosene, diesel, synthetic gases, and others. Out of these, diesel was the most widely produced fuel from plastic to oil processes owing to rising demand from various industries and its numerous applications in various sectors. Gasoline and kerosene are also produced in large volumes.
On the basis of geography, the global recycled plastic and plastic waste to oil market is segmented into North America, Europe, South and Central America, Asia Pacific, and the Middle East and Africa. Out of these, Europe contained the largest market for plastic to oil processes. Asia Pacific also contributes to the market significantly. Countries such as China, Japan, Germany, and the U.K. are the leading players in the market. The U.S. is anticipated to be one of the leading players in the global recycled plastic and plastic waste to oil market.
Some of the leading players operating in the recycled plastic and plastic waste to oil market are: Cynar Plc, MK Aromatics Ltd., Vadxx Energy LLC, Clean Blue Technologies Inc., Nexus Fuels, LLC, Plastic2Oil Inc. (JBI Inc.), PK Clean, RES Polyflow, Plastic Advanced Recycling Corporation (PARC), and Agilyx Inc.
