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
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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