Recycled plastic waste oil is emerging as a major product in the global economy. Environmental concerns are taking shape globally in the form of legislations and rising public awareness. Despite stringent bans on single-use plastics, other forms of plastic continue to drive production. Plastic continues to remain a cost-effective, and feasible go-to option for various manufacturing and packaging needs. This will drive robust demand for the recycled plastics waste oil market.
Key Developments: Victoria Takes Charge
The Australia Petroleum ministry announced an initiative to identify and find commercially viable solutions to recycle HDPE oil containers. Currently, plastic oil container generate 3500-4000 tonne waste each year. Moreover, the ministry and associate industries will likely create new methods and products from the plastic waste. EcoRecycle Victoria supported this initiative with robust grants and funding. Such support for recycling initiatives will help create new opportunities in the recycled plastic waste oil market.
Hemp Plastics Promises a Wave of the Future
Hemp plastics widely used for making products like textiles, rope, shoes, clothing, paper, food, insulation, bio plastics, and biofuel. These are lightweight, and cost-effective.Furthermore, these plastics are replacing carbon-plastics in automotive, thanks to rising regulations. Additionally, carbon-based fiberglass cost about 5 dollars per pound as compared to 30 to 70 cents for hemp fiberglass.
Moreover, conventional plastics produce as much as 8 million metric ton of waste each year. This waste is under severe scrutiny due to threat to ocean-life and preservation. On the other hand, Hemp plastics are known to be 100% biodegradable. Hemp is likely to make way for new opportunities like hash oil. Major countries like Canada, and the US have legalized the use of hash oil for both consumption and as a food addictives. This is expected to drive growth of the recycled plastics waste oil market.
