As per the World Bank, around 130 million metric tons per year (MTPY) of plastic waste is generated across the globe. Plastic to oil (fuel) process is one of the best emerging technologies to convert plastic into synthetic crude oil and other petroleum products.
The rising demand for energy all over the world will continue to drive the global plastics to oil market in the coming years.
On the basis of technology, the global recycled plastic & plastic waste to oil market has been segmented into pyrolysis, gasification and synthesis, and catalytic depolymerization processes. Pyrolysis process is the most widely used technology for converting plastic into oil (fuel). Based on end-fuel, the global recycled plastic & plastic waste to oil market has been segmented into diesel, gasoline, kerosene, synthetic gases, and others.
Diesel is the most widely produced fuel from plastic to oil (fuel) process. the global recycled plastic & plastic waste to oil market stood at US$542.8 mn in 2014 and is likely to reach US$1,971.4 mn by 2024, expanding at a CAGR of 12.6% between 2016 and 2024.