North America Plastic to Fuel Market is expected to reach US$ 138.11 million by 2028


PRESS RELEASE BY The Insight Partners 05 Oct 2021

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Pyrolysis Segment to Dominate North America Plastic to Fuel Market During 2021–2028

 According to The Insight Partners market research study on “North America Plastic to Fuel Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and End Product” is expected to reach US$ 138.11 million by 2028 from US$ 64.77 million in 2021. The market is estimated to grow at a CAGR of 11.4% from 2021 to 2028. The report provides trends prevailing in the North America plastic to fuel market along with the drivers and restraints pertaining to the market growth. Increasing awareness regarding greenhouse gas emission from fuel making sector and rising energy requirement are the major factor driving the growth of the North America plastic to fuel market. However, problems regarding usage of non-renewable energy sources hinders the growth of North America plastic to fuel market.

In case of COVID-19, North America is highly affected specially the US. The North American countries produce and consume plastic in tremendously high volume. In 2020, the demand for plastic rose enormously due to the production of medical devices and protection equipment. This highlighted enormous volume of plastic waste as at the end of life of the plastic made medical devices and protection equipment, these products were disposed to plastic landfills/pits. The North American region has a number of plastics to fuel recycling companies, especially in the US and Canada. The massive outbreak of the virus in the US had crippled the operations of various plastic to fuel recycling units. The disruption in logistics of plastic waste to fuel conversion units/plants resulted in lower volume of production in the year. This highlighted lower revenue among the companies as well as in the plastic to fuel market.  Several companies have adopted different strategies to continue their operations and increase their annual sales statistics. For instance, Agilyx Inc., one of the forerunners in the plastic to fuel market developed a strategy to launch Cyclyx International LLC, a post-use plastic feedstock management in 2020. The new company aims at increasing recycling of waste plastic. This strategy is anticipated to boost Agilyx Inc’s business in the coming years. Similarly, in 2020, Nexus Fuel LLC and Shell agreed on contract, where Nexus Fuel LLC would supply Shell a volume of 60,000 tonnes of pyrolysis liquid derived from plastic waste to Shell over a period of 4years.

The North America plastic to fuel market can be segmented into technology, end product, and country. Based on technology, the market can be categorized into pyrolysis, gasification, and depolymerization.  The pyrolysis segment dominated the North America plastic to fuel market in 2020 and gasification segment is expected to be fastest growing during forecast period. Based on end product, the market can be segmented into crude oil, hydrogen, and others. The crude oil segment dominated the North America plastic to fuel market in 2020 and others segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.

Agilyx; Bradam Group, LLC.; Cassandra Oil AB; Klean Industries Inc.; nexus FUELS, LLC; OMV Aktiengesellschaft; Plastic Advanced Recycling Corp.; Plastic2Oil, Inc.; and RESYNERGI are among the leading companies in the North America plastic to fuel market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 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.     

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