The plastic to fuel technology market size is expected to reach USD 648.1 million in 2028 and register a revenue CAGR of 13.5% over the forecast period, according to the latest report by Reports and Data. Increasing concerns regarding extreme environmental damage occurring because of high levels of plastic consumption across the globe is driving market revenue growth. Also, increasing awareness regarding conversion of plastic to fuel is expected to boost market growth in the near future.
Insufficient recycling process is leading researchers to look for alternate disposal methods for the mounting plastic wastes. Approximately less than 5% of plastics produced every year is recycled. Most of the plastics are disposed into oceans, posing a threat to marine life. The waste that has already been disposed of in oceans would take a minimum of 450 years to biodegrade. Adopting plastic to fuel technology not only provides significant economic benefits, but also reduces growing level of pollution. As per resources, plastic to fuel technology plants would create an estimated 39,000 jobs in the U.S. alone. This factor is also driving growth of the plastic to fuel technology market.
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Top Companies: Agile Process Chemicals, Beston Machinery, Global Renewables, Klean Industries, MK Aromatics, Plastic Energy, Plastic2Oil, Vadxx Energy, RES Polyflow, and Green Envirotech Holdings LLC.
Further key findings from the report suggest:
- Polystyrene is one of the most used plastics. It is found in take-out cups and egg cartons. It is also used in packaging material that cushions goods while shipping. This type of plastic is used for conversion into fuel and hence is expected to grow at a significant rate during the forecast period. However, polystyrene and polystyrene materials have become a topic of concern as sophisticated facility is required to accelerate the degradation process.
- Pyrolysis is referred to as the sustainable control of plastic waste, along with the production of liquid oil as a source of energy, as well as solid char and gases as value-added products. This process includes thermal degeneration of large chain hydrocarbons or complex molecules into smaller chain hydrocarbons or smaller particles. Pyrolysis is widely seen as a promising technology for converting plastic waste into a wax/oil product, which can be used as a substantial fuel oil substitute or as raw material by the petrochemical industry.
- Crude oil has various applications, among which are the utilization of gasoline to fuel cars, usage of oil to heat buildings and diesel fuels, utilization of residual fuels in large ships, power factories, and in electricity Neste, for instance, investigates the use of waste plastic as a raw material for fuels, chemicals, and new plastics. Neste has started an advancement project aiming to utilize liquefied waste plastic as a raw material for its fossil fuel refinery.
- Market in North America accounted for significant revenue share in 2020. In the U.S., the government has implemented stringent policies to bring about energy security. The country is also showcasing increasing demand and consumption of plastics. For instance, a Canadian firm has found a method to convert ubiquitous plastic headed for landfills into diesel fuel and gasoline. This technology is already being used by the Sparta Group, the firm behind a pilot project known as Phoenix, to fuel the company’s truck fleet.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Plastic To Fuel Technology market is segmented into:
Type Outlook (Revenue, USD Million; 2018–2028)
- Polyvinyl Chloride
- Polyethylene Terephthalate
Technology Outlook (Revenue, USD Million; 2018–2028)
- Catalytic Depolymerization
End-fuel Outlook (Revenue, USD Million; 2018–2028)
- Crude Oil
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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