Plastic to Fuel Market Size Worth $8.8 Billion by 2028 at 15.8% CAGR | The Insight Partners

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The Insight Partners published latest research study on 'Plastic to Fuel Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Pyrolysis, Gasification, and Depolymerization) and End Product (Crude Oil, Hydrogen, and Others) and Geography,' the global plastic to fuel market size was valued at $3.64 Billion in 2022 and is projected to reach $8.80 Billion by 2028; it is expected to grow at a CAGR of 15.8% from 2022 to 2028.

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Plastic to Fuel Market Report Scope & Strategic Insights:

Plastic to Fuel Market: Competitive Landscape and Key Developments

Agilyx; Klean Industries Inc.; nexus FUELS, LLC; Plastic2Oil, Inc.; Cassandra Oil AB; Bradam Group, LLC.; RESYNERGI; MK Aromatics Limited; Plastic Advanced Recycling Corp.; and OMV Aktiengesellschaft are among the key plastic to fuel market players that are profiled during this study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global plastic to fuel market and its ecosystem.

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In 2021, Partnership between Agilyx and NextChem aims to boost the implementation of chemical recycling facilities globally by using Agilyx's advanced pyrolysis technology of converting mixed waste plastic into circular olefins and fuels.

In 2021, Despite unfavorable conditions in 2020, OMV has hit several milestones. It hit milestone by transforming 250 t of post-consumer plastics into synthetic oil.

In recent years, continuous technical development in recycling and waste disposal has provided a huge opportunity for the plastics-to-fuel sector. Countries such as Turkey, India, and Saudi Arabia have set a target of significantly decreasing their carbon footprint by 2030. As a result of these developments, the demand for pyrolysis oil in the fuel-producing sector has increased. The world economy is projected to improve after the COVID-19 epidemic, which means that energy demands will skyrocket in the next years. In addition, increased R&D to reduce the cost of installing plastic fuel generating facilities is expected to drive the market size in forthcoming period. The plastic to fuel market participants is likely to benefit from technological improvements in energy generation to enhance the efficiency of waste-derived energy.

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Increasing Energy Requirement:

Electricity is at the heart of modern economies, and it accounts for an increasing proportion of energy services. As a result of increased family incomes, electrification of transportation and heat, and a rise in demand for digital linked gadgets and air conditioning, the energy demand is expected to rise even more. Based on the current stated policies Scenario, the global electricity consumption will grow at a rate of 2.1% per year until 2040, more than double the rate of primary energy demand. As a result, electricity's share of total final energy consumption will increase from 19% in 2018 to 24% in 2040. In emerging nations, the increase in energy consumption is projected to be particularly large.

Government policies, market conditions, and available technology all work together in the Stated Policies Scenario to shift energy supply toward low-carbon sources, with their share growing from 36% (current share) to 52% in 2040. Furthermore, the rising electricity demand was one of the main reasons why global CO2 emissions from the power sector reached a new high in 2018. The mentioned aspects related to use of low-carbon sources will create the demand for technologies converting low grade plastic into fuels. This factor will positively boost the plastic to fuel market size. However, the commercial availability of a diverse range of low-emission generation technologies places electricity at the forefront of efforts to combat climate change and pollution, which is increasing the demand for alternate solutions, thereby resulting in plastic to fuel market analysis.

Due to the COVID-19 outbreak, Russia, the UK, France, Italy, Spain, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to nationwide lockdowns and supply chain disruptions, the countries in the region experienced an economic slowdown in 2020 and, most likely, the impacts are expected to prevail in 2021. The COVID-19 outbreak has triggered the use of plastic in the European however, the plastic to fuel recyclers struggled to source sufficient volume of plastic waste to convert the same to fuel. This hindered the annual sales of plastic to fuel companies, thereby, impacted the plastic to fuel market analysis negatively.

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Due to the disruption in businesses of plastic to fuel market growth caused from supply of plastic waste, the market players in Europe have adopted numerous strategies. For instance, in 2020, Viridor and PLASTIC ENERGY have signed a Memorandum of Understanding (MoU) to develop a new project which would convert up to 30,000 tonnes of unrecycled plastic to recycled oils every year. Similarly, UK's first plastic to hydrogen plant nears construction, as the Front-End Engineering Design (FEED) phase has completed. Likewise, Clariant and VUCHT, a part of Duslo, Slovakia, are transforming plastic to diesel. The two companies signed an agreement in 2020 towards implementing the strategy to develop winter diesel from plastic waste.

Plastic to Fuel Market: Technology Overview

Based on technology, the global plastic to fuel market size is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis technology dominated the plastic to fuel market share in 2021, accounting for the bulk of worldwide sales. This approach is more efficient than other technologies at processing mixed, unclean, and dirty polymers. Furthermore, the technique can produce a variety of fuel types, such as biofuel, solid residue, and synthetic gas. During the projected period, these reasons are expected to boost the plastic to fuel market growth for the pyrolysis segment.

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