WASHINGTON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Global Plastic to Fuel Market is valued at USD 235.2 Million in 2021 and is projected to reach a value of USD 1088.9 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 29.1% over the forecast period 2022-2028.
One of the most significant economic sectors is the Plastic to Fuel Market, and consistent growth is predicted going forward. Despite the industry's volatility, a range of factors could have an impact on its development or demise. This study examines current trends and potential developments to provide a comprehensive overview of the industry. It also details the industry's key players and their expansion strategies.
The study provides a complete evaluation of worldwide producers and suppliers, as well as their current state and future potential. It also includes information on demand-side variables influencing the global need for, such as rising investment demands, expanding technology, and new laws.
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Plastic to Fuel Market Overview
According to Vantage Market Research, some key factors anticipated accelerating the Plastic to Fuel Market growth over the forecast period. The main market-driving factors are the increased non-recyclable plastic waste, a rising demand for alternative energy sources, and lower emissions from plastic fuel plants than from natural gas furnaces. As a result of increased public and private sector spending to promote the recycling of plastic into more reusable products, the market for Plastic to Fuel Market is growing.
We forecast that the municipal solid waste (MSW) category in Plastic to Fuel Market sales will account for more than 30% of total sales by 2028 because there are so much waste coming out of the municipal and household sectors. The cost of obtaining plastic wastes and the availability of feedstock materials will significantly impact the industry's consumption patterns of municipal solid plastic wastes.
Asia Pacific dominates the Plastic to Fuel Market, and this trend of dominance will continue throughout the projection period. China, India, and Japan are expected to have the highest demand for plastic as fuel. In the upcoming years, rising industrialization and urbanization in this region are anticipated to drive market expansion.
Top 10 Players Generates More Than 45% of the Global Plastic to Fuel Market Revenue
The report also found that the largest players in the Plastic to Fuel Market are technology providers such as Vadxx, Nexus Fuel, Klean Industries and POLCYL. These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include Vadxx, Nexus Fuel, Klean Industries, POLCYL, Plastic2Oil Inc., CBS Technologies, Neste and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Top Players in the Global Plastic to Fuel Market
Increased Demand for Clean Fuel:
The need for clean fuel is anticipated to expand exponentially every year, and the demand for hydrogen is anticipated to rise in the near future as a result of rising pollution levels and tightening government laws aimed at reducing the amount of carbon in fuels. Since hydrogen fuel cells are regarded as a pollution-free source of energy and are frequently used to power cars and buses, their use has increased significantly over the past 10 years. During the forecast period, these factors are anticipated to propel market expansion.
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Growing Requirement for Energy:
Modern economies are centered on electricity, which provides an expanding amount of energy services. The energy demand is anticipated to increase even further due to rising family incomes, electrification of heating and transportation, and a rise in demand for digitally connected devices and air conditioning. In the Stated Policies Scenario, market factors, government policies, and available technology all work together to shift the energy supply toward low-carbon sources, with their share increasing from 36% (the current share) to 52% in 2040. This element will expand the market for plastic fuel favorably.
Growing Investment by Government and Private Organizations:
The market for plastic fuel is expanding across the region due to increasing expenditures made by public and commercial institutions to encourage plastic recycling into more reusable products. 2020 saw the announcement of Circulate Capital, an investment management firm, investing US$19 million in four privately held Indian recycling businesses: Srichakra Polyplast, Dalmia Polypro Industries, Deeya Panel Products, and Rapidue Technologies. Similarly, Circulate Capital Ocean Fund (CCOF) committed US$ 39 million in 2020 to build India's largest investment portfolio to combat ocean plastic pollution. As a result, it is anticipated that ongoing efforts by both the public and commercial sectors to combat plastic's negative effects would help the plastic market expand.
Top Trends in Global Plastic to Fuel Market
One trend that Vantage Market Research (VMR) expects to see in the Plastic to Fuel Market industry due to government assistance for renewable energy. Initiatives to use plastic as fuel are starting to steam in the energy sector as more people become aware of the severe environmental harm that single-use plastics and people's poor recycling habits cause. This encourages researchers to develop fresh solutions to stop the growing plastic production. Major market expansion opportunities are anticipated due to government initiatives to support the development of green technologies through increased funding and government subsidies.
Another trend that VMR predicts will continue in the Plastic to Fuel Market industry due to the adoption of new technologies for converting waste to energy. The growing public concern over greenhouse gas emissions (GHG) has increased the market share for plastic in gasoline globally. As a result of increased demand for a waste-to-energy generation brought on by a clean environment, the market has grown.
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Top Report Findings
Based on the source, the majority of the Plastic to Fuel Market's revenue is controlled by the municipal solid waste (MSW) category. This is primarily caused by the growing population and their propensity to use plastic goods.
Based on depolymerization, the thermal degradation category dominated the Plastic to Fuel Market, and it is anticipated that this trend will continue due to the end-user industry's rising need for liquid fuel and pyrolysis's cost-effectiveness when compared to alternative thermal degradation methods throughout the projection period.
Based on fuel type, the solid category dominated the Plastic to Fuel Market. This trend is anticipated to continue due to rising sustainability tendencies for solid fuel penetration during the forecast period. A further factor driving the market growth during the forecast period is the shift in focus of oil producers toward the use of plastic-to-fuel due to growing concerns about high quality & sustainability among plastic producers.
Thermal Degradation Category in Plastic to Fuel Market to Generate Over 30% Revenue
Plastic to Fuel Market is an expensive investment. Vantage Market Research has analyzed the market for Plastic to Fuel Market to understand its current state and potential future growth factors. For better understanding, based on depolymerization Plastic to Fuel Market is divided into thermal degradation and catalytic degradation.
During the forecast period, the market for Plastic to Fuel Market is anticipated to experience the highest CAGR for the municipal solid waste (MSW) category. Most of the fuel consumed by various consumers comes from municipal solid trash. All feedstock components are readily available in considerable quantities. In the European and North American regions, the municipal and household sectors produce significant waste. A certain amount of money must be spent to obtain the waste used to produce fuel. The amount of waste used in the fuel industry will depend on how expensive it is to acquire the material.
On the other hand, the industrial category is anticipated to grow significantly over the forecast period due to the industry's high capital requirements and strict regulations. Additionally, the industrial industry is divided into numerous subsegments, making it challenging to predict the market size precisely.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Plastic to Fuel Market Forecast Report (2022-2028).
Global Plastic to Fuel Market Segmentation
Municipal Solid Waste (MSW)
By Fuel Type
Middle East & Africa
Scope of the Report:
Market Size in 2021
USD 235.2 Million
Revenue Forecast by 2028
USD 1088.9 Million
29.1% from 2022 to 2028
2022 to 2028
Vadxx, Nexus Fuel, Klean Industries, POLCYL, Plastic2Oil Inc., CBS Technologies, Neste and others.
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