A single step process for degrading plastic waste by converting the plastic waste into carbonaceous products via thermal decomposition of the plastic waste by placing the plastic waste into a reactor, heating the plastic waste under an inert or air atmosphere until the temperature of 700° C. is achieved, allowing the reactor to cool down, and recovering the resulting decomposition products therefrom. The decomposition products that this process yields are carbonaceous materials, and more specifically egg-shaped and spherical-shaped solid carbons. Additionally, in the presence of a transition metal compound, this thermal decomposition process produces multi-walled carbon nanotubes.