There is a growing need for recycling the plastic and plastic waste. Various major companies are now concentrating on developing new waste-conversion technologies. Some of the major corporates in the are Agilyx Inc., Cynar Plc, Vadxx Energy LLC, Nexus Fuels LLC, Clean Blue Technologies Inc., JBI Inc., RES Polyflow, PK Clean, Plastic Advanced Recycling Corporation (PARC), and MK Aromatics Ltd. These leading companies in the market are banking on the developments happening in the plastic to fuel technologies and spreading out their presence regionally to bolster their respective market share. For instance, Agilyx has appointed a new CEO, while Vadxx Energy LLC has finalized funding for its first commercial level, plastic waste to energy plant in Akron, Ohio.
The global market for recycled plastic and plastic waste to oil is expected to reach valuation of around US$1.97 bn by the year 2024. This growth is expected to be achieved at a healthy CAGR of 12.6% during the aforementioned forecast period of 2016 to 2024. Recycled plastic and plastic wastes to oil technologies market in Europe has shown prominence in the recent years. This is due to the huge plastic waste debris found in municipal waste streams that offer substantial opportunities for the recycling companies in Europe.
Crude oil prices are at their lowest level in over a decade which has negatively impacted the recycled plastic and plastics waste to oil market. The prices for recycled materials have soared than that of virgin materials, resulting in low demand for recycled materials by manufacturers. Many companies in the market are experiencing the impact of drop in crude oil prices and are thus, adjusting their strategies to make sure the business runs smoothly.
However, plastic to oil is among the best upcoming technologies to derive synthetic crude oil and other oil related products. This process not only helps in producing synthetic fuel but also aids in environment-friendly disposal of waste plastics.
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