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.
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 Plastic To Fuel Technology 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.
Some Key Highlights in the Report
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.
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Key Questions Answered in This report on the Plastic To Fuel Technology Market
The report provides detailed information about the Plastic To Fuel Technology market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Plastic To Fuel Technology market, so as to help them formulate successful strategies and take target-driven decisions.
How are key market players successfully earning revenue out of the advantages of the product?
What are the winning imperatives of market frontrunners in the Plastic To Fuel Technology market?
Which end-user is expected to undertake maximum adoption of the product during the forecast period?
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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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