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Plastic to Fuel Market Worth US$ 8804.20 Million by 2028 – Exclusive Research by The Insight Partners

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Plastic to Fuel Market Worth US$ 8804.20 Million by 2028 – Exclusive Research by The Insight Partners

November 26
06:47 2021
Plastic to Fuel Market Worth US$ 8804.20 Million by 2028 - Exclusive Research by The Insight Partners
The Insight Partners
Introduction of Go Green Process to Provide Growth Opportunities for Plastic To Fuel Market during 2021–2028

According to our latest market study on “Plastic To Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and End Product,” the plastic to fuel market is expected to grow from US$ 3521.09 million in 2021 to US$ 8804.20 million by 2028; it is estimated to grow at a CAGR of 14.0% from 2021 to 2028.

Strategic Insights         

Report Coverage

Details

Market Size Value in

 US$ 3521.09 million in 2021

Market Size Value by

 US$ 8804.20 million by 2028

Growth rate

 CAGR of 14.0% from 2021 to 2028

Forecast Period

 2021-2028

Base Year

 2021

No. of Pages

 117

No. Tables

 43

No. of Charts & Figures

 57

Historical data available

 Yes

Segments covered

 Technology, End Product, and Geography

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Plastic to fuel initiatives is starting to gain traction in the energy industry, as people become aware of the widespread environmental damage caused by single-use plastics and people’s insufficient recycling habits. This is prompting researchers to look for new ways to dispose of the growing plastic output. An increase in government subsidies for green technology development and attempts to encourage such technologies through increased financing are projected to provide significant market growth possibilities. Furthermore, the government’s tightening of energy-security regulations is pressuring businesses to invest in environmentally friendly research. Plastics-to-fuel is a promising option for not just reducing pollution but also bringing major economic benefits to regions. According to the American Chemistry Council, plastic-to-fuel plants in the US alone would generate over 39,000 employment and nearly US$ 9 billion in economic output, indicating that the worldwide market potential for this business is enormous.

The plastic to fuel market is a technology of the circular economy concept, which depends on the creation of high-quality plastic goods from waste. The technology is capital-intensive, and the market’s return-on-investment (ROI) time typically ranges from two to five years. However, due to well-established waste management infrastructure, the sector is seeing an increase in the number of producers in the US and Europe. Increasing development in plastics-to-fuel technology and the rising importance of this technology have helped to power America’s transportation system and local economies by reducing the amount of garbage sent to landfills and generating fuel and other valuable goods. 

Impact of COVID-19 Pandemic on Plastic To Fuel Market

The COVID-19 outbreak spreading across the globe has critically impacted all industries globally. Any hindrance on industries directly affects the region’s economic development. The unprecedented rise in the number of COVID-19 confirmed cases across the countries and the subsequent lockdown to combat the spread of the virus in the first two quarters of 2020 have led to numerous businesses to come on a standby situation. In 2020, technological investments experienced a dip owing to the above-mentioned reasons. 

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In recent years, continuous technical development in recycling and waste disposal has provided a huge opportunity for the plastics-to-fuel sector. Countries such as Turkey, India, and Saudi Arabia have set a target of significantly decreasing their carbon footprint by 2030. As a result of these developments, the demand for pyrolysis oil in the fuel-producing sector has increased.

Plastic to Fuel Market: Technology

Based on technology, the global plastic to fuel market is segmented into pyrolysis, gasification and DE polymerization. The pyrolysis technology dominated the market in 2020, accounting for the bulk of worldwide sales. This approach is more efficient than other technologies at processing mixed, unclean, and dirty polymers. Furthermore, the technique can produce a variety of fuel types, such as biofuel, solid residue, and synthetic gas. During the forecast period, these reasons are expected to boost the market growth for the pyrolysis segment.

Plastic to Fuel Market: Competitive Landscape and Key Developments

Agilyx; Klean Industries Inc.; nexus FUELS, LLC; Plastic2Oil, Inc.; Cassandra Oil AB; Bradam Group, LLC.; RESYNERGI; MK Aromatics Limited; Plastic Advanced Recycling Corp.; and OMV Aktiengesellschaft are among the key players in the global Plastic to Fuel market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2020, Nexus Fuels LLC and Shell announced a supply agreement for 60,000 tonnes of pyrolysis liquid made from plastic waste for over four years. Nexus will supply fully circular, ISCC Plus-certified product from its Atlanta plant.

In 2018, Plastic2Oil, Inc. announced that they are planning to resume limited production and sale of fuel products obtained by processing film plastics and used oils. Plastic2Oil executed an amendment of its agreement with Veridisyn, which extends the date by which the Veridisyn should submit the purchase orders for the first two processors to November 26th, 2018.

In 2018, the registration of the oil produced from waste is considered unique by REACH and ECHA. It means that Cassandra Oil is the only waste conversion company in entire Europe, which is entitled to sell their oil in large quantities to refineries.

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