Global plastic to fuel market was worth USD 231.0 million in 2020. It is expected to grow at a compound anual growth rate (CAGR of 29.5%) between 2020 and 2028. The market has grown due to the growing demand for energy from waste and the clean environment. Different regions have been able to create energy from plastic because of the increasing amount of household and industrial waste. The market should see positive changes in the future due to a favorable regulatory environment and government support through tax benefits and financial incentives. Market growth should be slowed by growing environmental concerns regarding the use of nonrenewable energy sources.
Market growth should be driven by the increasing demand for recycled products in developed markets like Japan, Germany, Netherlands, Germany and the U.S. Chevron and BP are using plastic to fuel their energy production and generation.
Global economic growth is expected to be enhanced following the COVID-19 pandemic. This is why energy needs are expected to grow exponentially over the next few years. These regions will see increased R&D to reduce the cost of installing plastic fuel generator plants. Market participants will benefit from technological advancements in energy generation to increase the efficiency of energy generated from waste.
The World Bank estimates that approximately 242.0 million tons annually of plastic waste are generated each year. The market is driven by the huge amount of plastic waste. Many countries are also working on solutions for plastic waste disposal that is not landfill. These factors will drive the market over the forecast period.
Pyrolysis technology accounted for 65.3% of global revenue in 2019, and led the market. The pyrolysis technology processes mixed, unwashed and soiled materials more efficiently than any other technologies. This technology can also produce many fuel types, including biofuel, solid residue and synthetic gas. These factors will drive the pyrolysis tech during the forecast period.
Gasification is the process of converting organic fuels and fossil fuels into gases like carbon dioxide, carbon monoxide and hydrogen. There are many forms of gasification, including fluidized bed reactors and entrained flow gasifiers. Due to the growing demand for hydrogen all over the world, this technology is on the rise.
The process of converting high-temperature polymers to monomers is called depolymerization. This technology is used to recycle plastic and make fuel from it. The future is bright for depolymerization technology, which can transform complex plastic structures into fuel in a way that other technologies cannot.
The market leader was crude oil, which accounted for 55.1% of global revenue in 2019. Over the forecast period, the market will be boosted by the widespread use of crude oil made from plastic in automobiles and boilers as well as ships, engines, trucks, buses, power generators and construction machinery. After the COVID-19 pandemic has been resolved, the U.S., China and India will likely see a rise in crude oil consumption as a fuel.
With rising pollution levels and growing government regulations to curb carbon emissions, the demand for clean fuel will continue to rise. The adoption of hydrogen-powered fuel cell has seen a strong growth in the last decade. This is because it is a pollution-free source and is used extensively to power cars and buses. These factors will drive the production and use of hydrogen from plastics over the forecast period.
Asia Pacific was the dominant market, accounting for 35.5% of global revenue in 2019. China, India and Japan are expected to be the largest consumers of plastic fuel. Market growth is expected to be driven by the region's increasing industrialization and urbanization. Market growth is expected to be driven by favorable government policies and regulations that promote the development renewable energy technologies.
Europe is the second-largest regional market segment. Market players are expected to focus on developing efficient plastic-to-fuel technologies in countries such as Germany and Austria. The European Union and the local policymakers are creating favorable regulatory environments for the plastic fuel industry to grow at an impressive pace in the near future.
This rise in energy consumption is supported by a growing population, particularly in China and India. The demand for fuels for electricity, transport, and cooking is increasing due to the growing population. These countries produce a lot of plastic waste. It is possible to use the waste plastic to make fuel. These factors will drive the market over the forecast period.
The technology is still in development so the market is fragmented. There are very few companies that offer commercial plastics for fuel technologies. To survive and grow in the market, companies now focus on providing long-term value to shareholders. Key players are keen to develop robust, low-risk strategies that provide a substantial profit margin and strong foundation for shareholders. The prominent players in plastic to fuel include:
Green Envirotec Holdings LLC
Shangqiu Sihai Machinery Equipment Manufacturing Co., Ltd.
Beston (Henan) Machinery Co., Ltd.
Zhangzhou Qiyu Renewable Energy Technology Co. Ltd.
Up Market Research published a new report titled “Plastic To Fuel Market research report which is segmented by Technology (Gasification, Depolymerization, Pyrolysis), by End-fuel (Hydrogen, Sulfur, Crude Oil), By Players/Companies Plastic2Oil, Vadaxx Energy, RES Polyflow, Green Envirotec Holdings LLC, JBI Inc, Beston (Henan) Machinery Co Ltd, Shangqiu Sihai Machinery Equipment Manufacturing Co Ltd, Agilyx Corporation, Zhangzhou Qiyu Renewable Energy Technology Co Ltd, Envion”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Plastic To Fuel Market Research Report|
|By Technology||Gasification, Depolymerization, Pyrolysis|
|By End-fuel||Hydrogen, Sulfur, Crude Oil|
|By Companies||Plastic2Oil, Vadaxx Energy, RES Polyflow, Green Envirotec Holdings LLC, JBI Inc, Beston (Henan) Machinery Co Ltd, Shangqiu Sihai Machinery Equipment Manufacturing Co Ltd, Agilyx Corporation, Zhangzhou Qiyu Renewable Energy Technology Co Ltd, Envion|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||248|
|Number of Tables & Figures||174|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Technology (Gasification, Depolymerization, Pyrolysis), by End-fuel (Hydrogen, Sulfur, Crude Oil).
Plastic To Fuel Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Plastic To Fuel Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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