Plastic to Fuel Technology Market 2028 : Asia Pacific is Expected to Hold Highest Revenue growth during Forecast Period

September 27 16:14 2022
Plastic to Fuel Technology Market 2028 : Asia Pacific is Expected to Hold Highest Revenue growth during Forecast Period
Plastic To Fuel Technology Market
The global plastic to fuel technology market size is expected to reach USD 648.1 million in 2028 and register a revenue CAGR of 13.5% during the forecast period

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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Major 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.

Segments covered in the report:

Type Outlook (Revenue, USD Million; 2018–2028)

  • Polyethylene
  • Polystyrene
  • Polyvinyl Chloride
  • Polyethylene Terephthalate
  • Polypropylene

Technology Outlook (Revenue, USD Million; 2018–2028)

  • Catalytic Depolymerization
  • Pyrolysis
  • Gasification

End-fuel Outlook (Revenue, USD Million; 2018–2028)

  • Crude Oil
  • Hydrogen
  • Sulphur
  • Others

Key Regional Markets Covered in the Report:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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About Us:Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors. 

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