The plastic to fuel market was valued at US$ 3521.09 million in 2021 and is projected to reach US$ 8804.20 million by 2028; it is expected to grow at a CAGR of 14.0% from 2021 to 2028.
With the rise of the human population, rapid economic expansion, ongoing urbanization, and changes in lifestyle, plastic waste production and consumption is rising at an alarming rate. Plastic waste has been a growing concern across the world in recent years. With a growing reliance on plastic, the practice of discarding plastic carelessly has become commonplace. Several waste-to-wealth methods have been created throughout the years to recycle and reuse plastic in novel ways. Converting plastic waste to fuel and making it useable for both residential and industrial needs is one of the current innovations. Plastic to fuel conversion has previously been successfully done in countries such as Japan, Germany, and the US. These three have also been effective in turning conversion processes into viable company models. Similarly, countries such as India and Canada are increasingly adopting the plastic to fuel process.
Based on technology, the pyrolysis segment held the largest share in the global plastic to fuel market. Pyrolysis is a well-known method for producing fuel from plastic. It is a thermal breakdown process that occurs in the absence of oxygen at temperature between 400 and 500?C. Pyrolysis penetration in the plastics-to-fuel market is boosted by the rising demand for liquid fuel in the end-user sectors and the cost-effectiveness of pyrolysis over alternative thermal degradation technologies. In addition, there are various sellers of system and equipment components in the market, which reduces downtime and delays in operations. Companies are increasingly considering pyrolysis as a prominent solution for their PTF plants. Agilyx Inc., for example, uses pyrolysis technology in their IP-protected reactor where post-use plastic is broken down for processing. It allows the trash’s energy and raw materials to be repurposed, decreasing the environmental impact of incorrect rubbish disposal.
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 has led to numerous businesses to come on a standby situation. In 2020, technological investments experienced a dip owing to the above-mentioned reasons. The sudden lockdown imposed in many countries across the world, due to the outbreak, has severely impacted the industrial plants leading to reduced activities. Therefore, the plastic to fuel market witnessed decline in the growth. However, the economy is anticipated to normalize in the coming years and plastic to fuel plants activity throughout the world began to normalize as well in the third quarter of 2021.
The overall plastic to fuel market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the plastic to fuel market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the plastic to fuel market. Agilyx Inc.; Cassandra Oil AB; Klean Industries Inc.; Nexus Fuel LLC; OMV Aktiengesellschaft; Bradam Group, LLC; RESYNERGI; MK Aromatics Ltd.; Plastic2Oil, Inc.; and Plastic Advanced Recycling Corp. are among key players operating in the market.