- The presence of an evolving industry for energy management and green progress has created new pathways for growth within the global recycled plastic and plastic waste to oil market
- In the absence of alternative technological lines, use of existing plastic waste management systems is gathering momentum across several parts of the globe
ALBANY, N.Y., Jan. 26, 2021 /PRNewswire/ -- The demand within the global recycled plastic and plastic waste to oil market is slated to rise at a stupendous pace in the years to follow. The global quest to acquire green and environment-friendly ways of working has enabled the inflow of fresh revenues into the global recycled plastic and plastic waste to oil market. There is little doubt about the unlocking of new pathways for sustainable development across several leading industries. This factor, combined with the overbearing use of plastics across key industries, has helped in driving sales across the global recycled plastic and plastic waste to oil market. Furthermore, the use of plastic wastes in a multitude of key industries has also aided market expansion over the years.
The global recycled plastic and plastic waste to oil market is expected to reach a value of US$ 100 mn by the end of 2027, growing up from a value of US$ 37 Mn in 2018. This market is foreseen to grow at a stupendous CAGR of 10% over the forecast period.
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Key Findings of Market Report
- Environmental Management and Growth
The presence of a seamless sector for environmental studies and research has helped in exposing the adverse impacts of using plastics across leading industries and sectors. The growing use of plastics across the industrial, residential, and commercial sectors has had a negative impact on the natural ecosystem and green cover of the world. This has prompted researchers and scientists to invest their time, effort, and synergies in finding ways to avert plastic usage. In light of these factors, it is safe to state that the global recycled plastic and plastic waste to oil market would tread along a lucrative trajectory in the times to follow. The efforts of environmentalists in popularising the main methods of plastic recycling has driven market expansion.
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- Use of Plastics in the Healthcare Industry
The use of plastic products in the healthcare sector has been the most contagious application amongst all. The healthcare sector disposes high volumes of per capita waste, making it necessary to ensure seamless integration of plastic recycling units with healthcare entities. However, plastic waste cannot entirely be eliminated from the surface of the industry even after proper recycling. Therefore, the global recycled plastic and plastic waste to oil market is attracting formidable revenues from leading healthcare providers and units. The need for ensuring environmental safety is felt across the healthcare sector that is now resolving to reduce its volume of plastic disposal.
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- Future Projections
The next decade could witness a substantial decrease in the use of plastics across leading industries. This assertion can be attributed to two factors; one, the growing inclination of the masses towards using recyclable, biodegradable, organic, and green products, and second, the use of recycled plastic and plastic waste to oil systems across key industries. It is safe to predict that the global recycled plastic and plastic waste to oil market is at an important turning point on its journey to expansion. There is little contention about the use of plastic recycling technologies across leading sectors and industries. Moreover, assertions about unprecedented growth within the market are based on the visible inclination of government and private sector entities in ensuring safe disposal of plastics.
Global Recycled Plastic and Plastic Waste to Oil Market: Key Competitors
- Nexus Fuels
- MK Aromatics Limited
- RES POLYFLOW
- Northwood Exploration Israel Limited
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