Report : Plastic to Fuel Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Technology (Pyrolysis, Gasification, Depolymerization); End Product (Crude Oil, Hydrogen, Others) and Geography
According to our latest market study on “Plastic To Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and End Product,” the plastic to fuel market is expected to grow from US$ 3521.09 million in 2021 to US$ 8804.20 million by 2028; it is estimated to grow at a CAGR of 14.0% from 2021 to 2028.
The global plastic to fuel market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. Plastic to fuel initiatives is starting to gain traction in the energy industry, as people become aware of the widespread environmental damage caused by single-use plastics and people's insufficient recycling habits. This is prompting researchers to look for new ways to dispose of the growing plastic output. An increase in government subsidies for green technology development and attempts to encourage such technologies through increased financing are projected to provide significant market growth possibilities. Furthermore, the government's tightening of energy-security regulations is pressuring businesses to invest in environmentally friendly research. Plastics-to-fuel is a promising option for not just reducing pollution but also bringing major economic benefits to regions. According to the American Chemistry Council, plastic-to-fuel plants in the US alone would generate over 39,000 employment and nearly US$ 9 billion in economic output, indicating that the worldwide market potential for this business is enormous.
The global plastic to fuel market is bifurcated on the basis of technology and end product. The market, based on technology, is segmented into pyrolysis, gasification, and DE polymerization. By end product, the market is segmented into crude oil, hydrogen, and others. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), and Rest of World.
The COVID-19 pandemic has created significant tremors on various industries, including the plastic recycling industry. The plastic recyclers experienced a drop in plastic procurement, thereby resulting in decline in recycled product volume. In addition, the regulations related to lockdown and social distancing implemented by various governments across the world had created the scarcity of labor at the plastic recycling units worldwide. This also reflected lower volume of production. Owing to the factors mentioned above, the plastic recycling industry has been impacted negatively, which has restrained the growth of the plastic to fuel market.
To tackle the COVID-19 situation and continue the operations at the plastic to fuel production units, the plastic to fuel market players adopted a few strategies such as mergers and acquisition, up scaling funding, and expansion to untapped geographies. These strategies benefitted the market players in the second half of 2020. However, the decline in revenues during the initial period of the outbreak hindered the annual sales of market players. This ultimately have had an adverse impact on the plastic to fuel market.
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 major companies operating in the plastic to fuel market.