The Global Plastic To Fuel Market size is estimated 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 Global Plastic To Fuel not only provides significant economic benefits, but also reduces growing level of pollution. As per resources, Global Plastic To Fuel plants would create an estimated 39,000 jobs in the U.S. alone. This factor is also driving growth of the Global Plastic To Fuel market.

Plastic consumption causes littering in mountains and oceans, with the prevalence of microplastic contamination in the ecosystem. This is a sobering reminder of the systematic and pervasive threat that plastic pollution poses to the environment and the food-chain. Governments of various countries are taking initiatives to curb the level of pollution. In March 2019, Thailand, for instance, affirmed its commitment to combat the problem, with a promise by the National Resources and Environment Ministry that the country will recycle all of its locally produced plastic by 2030, followed by a pledge to reduce marine debris by 50% by 2027. Implementation of these promises are vital to Thailand’s future as it is the 6th-worst contributor to marine debris in the world and the fourth in ASEAN after Indonesia, Vietnam, and the Philippines.

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Top Companies Listed in the Global Plastic To Fuel Market Report:

Plastic Energy, Beston Machinery, Agile Process Chemicals, Klean Industries, Global Renewables, Plastic2Oil, MK Aromatics, RES Polyflow, Vadxx Energy, and Green Envirotech Holdings LLC, among others.

Further key findings from the report suggest:

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.

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Market Overview:

The materials and chemicals industry is rapidly gaining traction in the last few years and is expected to register significant revenue growth throughout the forecast period. Raw material and chemicals are widely used across various industrial sector such as biotechnology and pharmaceutical, paper and pulp, food and beverages, agriculture, chemical and medical. Revenue growth of the global Global Plastic To Fuel market is significantly driven by factors such as increasing investments by various market players to develop and launch enhanced products, rapid urbanization and industrial developments, rising per capita income and increasing adoption of green energy. In addition, rising funds by private and public organizations for equipment and rising adoption of biodegradable products due to increasing awareness about carbon emission concerns is further boosting market growth. 

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Type Outlook

Polyethylene

Polystyrene

Polyvinyl Chloride

Polyethylene Terephthalate

Polypropylene

Technology Outlook

Catalytic Depolymerization

Pyrolysis

Gasification

End-Fuel Outlook

Crude Oil

Hydrogen

Sulfur

Others

Regional analysis covers:

North America (U.S.A., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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