Yahoo Finance Plastic to Fuel Market Surpass US$ 1,746.5 Mn by 2028 | CAGR 28.8% Says Acumen Research and Consulting
LONDON, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Global Plastic to Fuel Market size is estimated to grow at a CAGR of around 28.8% over the forecast timeframe and reach a market value of around US$ 1,746.5 Mn by 2028.
Plastic-to-fuel projects are gaining traction in the energy industry, with the rising consciousness of the prevalent environmental damage caused by single-use plastics and people's insufficient recycling habits prompting researchers to look for alternative disposal methods for our growing plastic output. According to the United States Environmental Protection Agency (EPA), plastics are a fast-growing component of municipal solid waste (MSW). The American Chemistry Council is the primary source of data on the production of plastics. Plastic generation in the United States was 35.7 million tonnes in 2018, accounting for 12% of municipal solid waste generation.
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Report coverage
Market | Plastic to Fuel Market |
Analysis Period | 2017 - 2028 |
Base Year | 2020 |
Forecast Data | 2021 - 2028 |
Segments Covered | By Technology, End-Fuel and By Geography |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Key Companies Profiled | Agilyx Corporation, Vadxx, Nexus Fuel, Klean Industries, POLCYL, Plastic2Oil, Inc., CBS Technologies, Neste, RES Polyflow, Green Envirotec Holdings LLC, and others |
Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
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Global Plastic-to-fuel Market Dynamics
Some of the factors driving the growth of the global plastic-to-fuel market include the growing need for waste-to-energy generation, growing environmental concerns, and rising demand from the recycling industry. Besides, growing public awareness of greenhouse gas emissions (GHG) is increasing global plastic to fuel market share. However, the high capital required to start a business, and a lack of awareness in emerging markets, may limit the market's growth. On the other hand, ongoing research and development to reduce the installation cost of plastic to fuel generation plants will encourage small and medium-sized players to invest in the market, eventually driving it. Currently, recycling one tonne of plastic bags costs more than 4,000 USD; to avoid these high costs, many people burn plastic or dispose of it in landfills. Then again, favorable government assistance in the form of subsidies and tax breaks will boost market profitability in the coming years. The World Bank states that more than 200 million tonnes of plastic waste are generated every year. Therefore, the availability of such bulk plastic waste ultimately creates several growth opportunities for the plastic to fuel market players.
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Pyrolysis is the most used technology for plastic to fuel conversion
The technology segment is divided into pyrolysis, depolymerization, and gasification. In 2020, pyrolysis dominated the technology segment with the majority of the share. Pyrolysis technology is one of the oldest used technologies and is traced the back to early 1970s. It is an efficient technology used to convert treated waste into fuel and chemical products. Pyrolysis technology has become more environmentally friendly, safer, and efficient as the modern industry has progressed. With a certain amount of energy, it can process biomass, municipal solid waste, waste plastic, industrial waste, waste rubber (tire), agricultural waste, and other organic solid waste.
Rising consumption of crude oil due to the rapidly increasing automobile industry propels the market growth
The end-fuel segment is further categorized into sulfur, hydrogen, crude oil, and others. Among them, the crude-oil application acquired the maximum share in 2020 and is expected to continue its trend during the forecast period 2021 – 2028. The growing consumption of crude oil in countries such as the U.S., China, India, Japan, Germany, etc. is the primary factor driving the growth of the crude oil segment. Furthermore, these countries have the largest automobile industry which also increases the demand for crude oil.
Plastic-to-fuel Regional Stance
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global plastic to fuel market. Due to the presence of the majority of fuel conversion facilities offering high recycling and energy recovery rates from plastic wastes, the European region acquired the largest share in 2020. EU countries with high plastic recycling rates, such as Germany, Austria, and Switzerland, drive companies to develop efficient plastic-to-fuel conversion technologies. Favorable government support and stringent regulations in the region for clean energy are also driving factors in the European plastic to fuel market. For example, EU waste legislation requires countries to recycle approximately 55% of their plastic waste by 2025.
However, the Asia-Pacific region has a strong plastic-to-fuel market trend and is expected to be the second-largest market in 2020. China, India, and Japan are the major countries that account for a sizable portion of the APAC plastic-to-fuel market. Rising urbanization and industrialization, as well as favorable government regulations, are expected to provide significant impetus to the APAC market from 2021 to 2028.
Furthermore, the North American region will also witness robust growth in the global scenario. The U.S. is the major market in the region owing to the growing concerns for non-renewable energy sources, and the establishment of new plastic-to-fuel facilities in the region. For instance, according to the American Chemistry Council, plastic-to-fuel facilities in the United States alone would generate nearly 39,000 jobs and nearly $9 billion in economic output, making the global market potential of such an industry enormous.
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, CbS Technologies, Green Envirotec Holdings LLC, Klean Industries, Neste, Vadxx, Nexus Fuel, Plastic2Oil, POLCYL, Inc., RES Polyflow, and others.
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