Global Recycled Plastic and Plastic Waste to Oil Market

According to a new report, published by Transparency Market Research (TMR), the global recycled plastic and plastic waste to oil market is primarily driven by the rising need to find sustainable unconventional sources of oil.

“Since plastics are derived from petroleum, they can be reconstituted to obtain oil. This process has become vital in today‘s environmental scenario, with the rising volume of plastic waste becoming a major ecological concern in several regions around the world,” TMR says. “Converting this and other recycled plastic into oil would solve the ecological problems caused by it and assuage the rising problem of scarcity of oil.”

As reported, the growing acknowledgment of the benefits of converting recycled plastic and plastic waste to oil has helped the global market for the same massively. The market was valued at 542.8 million US-Dollar in 2014, and now is expected to be valued at more than 1.9 billion US-Dollar by 2024, rising at a sturdy 12.6 percent CAGR (compound annual growth rate) from 2016 to 2024. Geographically, Europe is said to be the largest market. “Asia Pacific and North America followed Europe in the global recycled plastic and plastic waste to oil market in 2015 and are expected to remain major regional markets in the coming years,” TMR informed.

Complete report with table of contents at www.transparencymarketresearch.com/recycled-plastics-plastic-waste-oil-market.html

Photo: Harald Heinritz / abfallbild.de

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