Global Plastic to Fuel Market to Surpass US$ 1,700Million by 2028 | CAGR 28%
The global plastic to fuel market, according to Ameco Research, will grow at a CAGR of more than 28% throughout the forecast period, approaching a market value of US$ 1,700 million by 2028.
Plastic waste is a major issue all around the world. Plastic garbage accumulating in landfills and oceans is likely to stay trapped for centuries due to its durability, causing a global environmental disaster. Only 9% of the plastic waste generated each year is recycled, even though the world manufactures roughly 300 million tonnes of it. The rate of waste generation is increasing all across the world. In 2016, cities around the world generated 2.01 billion tonnes of solid garbage, or 0.74 kg per person each day. Annual waste creation is anticipated to increase by 70% from 2016 levels to 3.40 billion tonnes in 2050, owing to high population expansion and urbanization.
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Growth Drivers:
- Massive expenditures in plastic-to-fuel conversion technology
- Strong demand from efficient non-recyclable plastics management
- Concerns about greenhouse gas emissions from the petroleum industry are growing
Market Restraints
- High initial investment requirements
- Lack of knowledge in emerging economies
Market Opportunities:
- Increasing government help in the form of economic incentives
- Creating a more favorable regulatory environment
The plastic to fuel market expands with growing awareness about environmental damage worldwide
Plastic to fuel projects are starting to gain traction in the energy industry, as more people are becoming aware of the widespread environmental damage caused by single-use plastics and people’s insufficient recycling habits, prompting researchers to look for new ways to dispose of our growing plastic output.Such attempts transform chemical energy held in a material’s hydrocarbon structure into fuel, a process that has been lauded for its economic and environmental benefits but is still in its infancy.
According to estimates, less than 5% of the plastic produced each year is recycled, with annual production predicted to rise by 3.8 percent until 2030, adding to the 6.3 billion tonnes produced since production began 60 years ago. Plastics to fuel technology have the potential to not only reduce pollution but also provide considerable economic benefits to regions. According to the American Chemistry Council, plastic tofuel plants in the United States alone would generate roughly 39,000 employments and nearly US$9 billion in economic output, indicating that the worldwide market potential for this business is enormous.
Global Plastic to Fuel Market Segmentation
Technology, end-fuel, and region are the three segments that make up the global plastic to fuel market. Pyrolysis, depolymerization, and gasification are the three technology segments that make up the market. Because it is a simple and cost-effective method for processing diverse plastic feedstocks, the pyrolysis technology sector is expected to have a substantial market share. In the plastic to fuel business, depolymerization technology is seeing substantial expansion.
Furthermore, hydrogen, sulfur, crude oil, and other end-fuels are included in the end-fuel category. Due to the strong need for crude oil in the automotive and manufacturing industries, the crude oil segment is expected to hold a major proportion of the worldwide plastic to fuel market.
Plastic to Fuel Regional Stance
North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa are the regional markets of the global plastic to fuel market. Europe, led by the United Kingdom, continues to be the global leader in financial investments in plastic to fuel innovation. Strict limits on rubbish disposal across the European continent have aided the expansion of the plastic to fuel sector in key European countries leading to plastic recycling and waste recovery. On the strength of a well-managed non-recyclable plastic waste sector, the United States has seen a steady stream of new plastic to fuel centers open in recent years. As a result, the North American plastic to fuel market is expected to grow rapidly.Plastic to fuel innovation penetration, on the other hand, looks to be a pipe dream across the Asian subcontinent.Even important countries in Asia Pacific continue to struggle with dependable and effective non-recyclable plastic waste management, making it a difficult market for plastic-to-fuel entrepreneurs. However, the same also implies a potentially opportunistic market in the future.
Major Players
The plastic to fuel market is consolidated with a big number of players. The prominent players offered in the report include Agilyx Corporation, Nexus Fuel, Green Envirotec Holdings LLC, Neste, Vadxx, Plastic2Oil, POLCYL, Inc., CbS Technologies, Klean Industries, RES Polyflow, and others.
On November 19, 2020 – Nexus and Shell have signed a supply agreement to ramp up to commercial production of chemicals from plastic trash. The four-year deal will result in the conversion of 60,000 tonnes of pyrolysis liquid derived from plastic trash into chemical goods.
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