Europe Plastic to Fuel Market Overview and Growth by 2028

The Europe plastic to fuel market is expected to grow from US$ 48.60 million in 2021 to US$ 120.42 million by 2028; it is estimated to grow at a CAGR of 13.8% from 2021 to 2028.

The UK, Germany, France, Italy, and Russia are major economies in Europe. Surging energy requirement is expected to fuel the market growth. 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 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 CO2 emissions from the power sector reached a new high in 2018. 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 PTF market expansion across Europe region.

In case of COVID-19, Europe is highly affected specially France and Russia. 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 market players annual sale, thereby, impacted the plastic to fuel market negatively.  Due to the disruption in businesses of market players 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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe plastic to fuel market. The Europe plastic to fuel market is expected to grow at a good CAGR during the forecast period.

Europe Plastic to Fuel Market Segmentation         

Europe Plastic to Fuel Market – By Technology

• Pyrolysis
• Gasification
• Depolymerization

Europe Plastic to Fuel Market – By End Product

• Crude Oil
• Hydrogen
• Others

Europe Plastic to Fuel Market, by Country

• France
• Germany
• Italy 
• UK 
• Russia
• Rest of Europe

Europe Plastic to Fuel Market -Companies Mentioned

• Agilyx
• Cassandra Oil AB
• Klean Industries Inc.
• OMV Aktiengesellschaft
• Plastic2Oil, Inc.

Europe Plastic to Fuel Report Scope