Plastics-To-Fuel Market projected to exceed $590 million by 2026, Says Global Market Insights Inc.
The growth of the plastics-to fuel market is attributed to the proliferation of top-quality and sustainable fuel across end-user industries throughout the globe, says this report.
SELBYVILLE, Del., September 3, 2020 (Newswire.com) - Based on Global Market Insights Inc., report, the plastics-to-fuel market valuation is slated to surpass $590 million by 2026. The report provides a detailed analysis of the competitive scenarios, major winning strategies, key investment avenues, wavering industry trends, market estimations as well as size, and drivers, and opportunities.
Ongoing technological advancement in recycling and waste disposal has created an immense opportunity for the plastics-to-fuel market in recent years. Counties like Turkey, India, Saudi Arabia, have set a goal for reducing their carbon footprint substantially by 2030. Subsequently, these trends have been boosting the demand for pyrolysis oil in the fuel manufacturing industry.
Based on the source, the other source segment which includes agriculture waste, e-waste, medical waste among others will foresee nearly 2.5% CAGR over the forecast time frame. Countries like Malaysia and Indonesia will account for over 60% of the waste produced from these sources, further resulting in a huge amount of open dumping of wastes and landfilling due to the lack of appropriate waste management processes. This will provide a massive opportunity for plastics-to-fuel market manufacturers over the coming years.
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Key reasons for plastics-to-fuel market growth:
- Thermal degradation to dominate the overall market.
- Growing product demand from fuel making sector.
- High energy recovery and recycling rate from plastic waste across Europe.
2026 forecasts anticipate the catalytic degradation depolymerization segment showing appreciative growth:
The catalytic degradation segment is likely to generate revenue of approximately $50 million by the end of the analysis timeline. Depolymerization method selection is mostly dependent on the need for fuel type. Essentially, catalytic degradation improves process efficiency since it decreases the energy consumption rate for converting plastic waste into fuel.
North America and the Asia Pacific to witness remunerative growth:
North America is likely to account for nearly 20% share of the overall plastics-to-fuel market share. This can be majorly ascribed to higher recycling and WtE (waste-to-energy) recovery rate in the U.S. The country, in 2017, generated approximately 250 million tons of waste, out of which approximately 12% was used to produce energy and 25% was recycled. However, WtE and high recycling rates are still not being used on a full scale, indicating immense untapped potential.
The Asia Pacific plastics-to-fuel market is expected to account for around 20% share in the overall market. Countries like Japan and South Korea have registered a substantial energy recovery rate from waste material in the past few years. South Korea has further planned on increasing its recycling rate from 34% to 70% by 2030. Though, the country is still very much dependent on a number of foreign imports for the conversion of plastic waste into fuel. Likewise, this has formed a drop in price and demand for domestic plastic waste in the last few years.
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Recycling firms find it difficult to process contaminated wastes into goods due to higher expenditure on processing and collection. Such trends have further helped the governments to subsidize these enterprises for promoting the consumption of domestic waste in recycling. Consequently, a well-established base for waste recovery and recycling coupled with supportive government policies will boost the plastics-to-fuel market demand across the region.
Leading market players:
Market players analyzed in the plastics-to-fuel industry report include Plastic2Oil, Inc., Neste, CBS Technologies, Klean Industries, POLCYL, and Nexus Fuel among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
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Tags: Catalytic Degradation, Hydrogenation, Industrial, Municipal Solid Waste, Plastics-To-Fuel Market, Thermal Degradation
