The recovery of these plastics is a significant concern—ecological as well as economical—for a large number of nations. Plastic to oil (fuel) conversion technology mainly relies on depolymerization and pyrolysis processes and consists of recycling different types of plastics and converting them into synthetic crude oil, its distillates, and other refined petroleum products. The rapidly emerging technology is projected to complement the already existing traditional plastic recycling processes. The use of the recycled plastics and plastic waste to oil process is anticipated to substantially add to the waste management capability of various economies.
Global Recycled Plastic & Plastic Waste to Oil Market: Trends
Plastic to oil (fuel) conversion technology has gained prominence primarily due to two factors: forming a reliable source of alternative energy from an abundant feedstock having negligible economic value and an eco-friendly disposal of non-recycled plastics. The rapidly rising volumes of plastic waste has led to the overriding concern of environmental hazards to various habitats, particularly humans and aquatic life. Coupled with this, stringent government regulations against the disposal of plastics and revised risk assessment approaches in developing and developed nations have boosted the market.
In addition, declining reserves of fossil fuel, especially economies dependent on crude oil imports, has triggered the demand for plastic and plastic waste to oil conversion technologies. Furthermore, the accelerated pace of plastic production and the short-lived applications of plastic materials are encouraging trends expected to positively impact the global market.
Global Recycled Plastic & Plastic Waste to Oil Market: Market Potential
Recent developments in recycled plastic and plastic waste to oil market indicate that policymakers and energy industry players in various regions, particularly in North America and Europe, are focusing on the commercialization of the technology. Energy companies, especially in Africa and Asia Pacific, are increasingly investing substantial sums in making improvements and innovations in pyrolytic technology, which has added to their plastic recycling capacity.
