Plastic to Fuel Market Size & Share Report 2028

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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

Publication Month: Aug 2022 | Report Code: TIPRE00008127 | No. of Pages: 118 | Category: Energy and Power | Status: Published

The plastic to fuel market was valued at US$ 3,645.23 million in 2022 and is projected to reach US$ 8,804.20 million by 2028; it is expected to grow at a CAGR of 15.8% from 2022 to 2028.

Asia Pacific comprises many developing countries including China and India. These are also the top two most populated countries worldwide. China alone produces 59,079,741 tons of plastic every year. These plastic wastes are either dumped into landfills or the ocean, thereby populating the environment and leaving long-term adverse impacts worldwide. Moreover, Asia Pacific accounts for the major share in marine plastic pollution with major contributors such as China, Indonesia, Sri Lanka, Vietnam, and the Philippines. Inefficient waste management infrastructure and the lack of awareness regarding the adverse impact of single-use plastic are the main reasons contributing to the rise in plastic waste across the region.

The rising investments by both the governments and private organizations to promote recycling of plastic to further reusable materials are propelling the growth of the plastic to fuel market across the region. In 2020, Circulate Capital, an investment management organization, announced its investment of US$ 19 million in four privately held Indian recycling companies – Srichakra Polyplast, Dalmia Polypro Industries, Deeya Panel Products, and Rapidue Technologies. Similarly, in 2020, Circulate Capital Ocean Fund (CCOF) invested US$ 39 million to create the largest investment portfolio devoted to fighting ocean plastic waste across India. Hence, constant investments by government and private companies to fight the adverse impact of plastic across countries in Asia Pacific are expected to contribute to the plastic to fuel market growth.

In APAC, India plastic to fuel market growth is expected to be the highest. According to the report published by the Central Pollution Control Board (CPCB) in 2018-19, India generates about 3.3 Mn metric tons of waste annually. The government of India under its Swach Bharat Abhiyan is actively taking steps to reduce the adverse impact of plastic on the local and global level. in 2020, Needa Green Energy Limited (NGEL) has set up a plastic to petrol developing plant in Guntur. The system was developed by three technocrats in 2020. Thus, the above mentioned developments are supporting the growth of the plastic to fuel market in India.

Strategic Insights

Report Coverage - Plastic to Fuel Market
Report CoverageDetails
Market Size Value inUS$ 3,645.23 Million in 2022
Market Size Value byUS$ 8,804.20 Million by 2028
Growth rateCAGR of 15.8% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages118
No. of Tables40
No. of Charts & Figures61
Historical data availableYes
Segments coveredTechnology, End Product and Geography
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Impact of COVID-19 Pandemic on Plastic to Fuel Market

APAC is characterized by many developing countries, a positive economic outlook, high residential and industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including plastic market. China, one of the largest plastic dependent country and massive plastic landfills, experienced stringent lockdown during initial phase of 2020, which disrupted the global plastic waste supply chain. Even as the factories in China are begun to operate, several businesses have reduced or pause on their operations, thereby, leading the plastic to fuel market players in the country to witness limited volume of plastic waste. This hindered the growth of the plastic to fuel market in China.

Lucrative Regions for Plastic to Fuel Market

Lucrative Regions for Plastic to Fuel Market

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Market Insights

Introduction of Go Green Process

Plastic to fuel initiatives is starting to gain traction in the energy industry, as more 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.  

Technology-Based Market Insights

Based on technology, the global plastic to fuel market is segmented into pyrolysis, gasification and depolymerization. The pyrolysis technology dominated the market 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 forecast period, these reasons are expected to boost the market growth for the pyrolysis segment.

End Product-Based Market Insights

Based on end product, the plastic to fuel market is segmented into crude oil, hydrogen and others. The others segment is projected to grow at a highest CAGR during the forecast period. Diesel, sulfur, and gasoline were among the various types of end products. Diesel fuel, in general, is a liquid fuel developed particularly for use in diesel engines and whose fuel ignition occurs because of compression of the input air mixture and subsequently injection of fuel, without the need of a spark plug. As a result, strong compression ignition properties are required for diesel fuel. Plastic processing is being promoted in several nations such as India, Japan, Germany, and the United States among others as a means of extracting fuel. For instance, in 2019, for example, the Indian government opened India's first plastic to diesel conversion facility in Mathura. Every day, the facility will remove five metric tonnes of plastic from the city and turn it to fuel.

The plastic to fuel market size has been segmented based on technology, end product, and geography. Based on technology, the plastic to fuel market analysis is segmented into pyrolysis, gasification, and depolymerization. Based on end product, the plastic to fuel market size is bifurcated into crude oil, hydrogen, and others. Based on geography, the plastic to fuel market analysis is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

Product development is the commonly adopted strategy by companies to expand their product portfolio. Agilyx Inc.; Cassandra Oil AB; Klean Industries Inc.; Nexus Fuel LLC; OMV Aktiengesellschaft; Bradam Group, LLC; RESYNERGI; MK Aromatics Ltd.; Plastic2Oil, Inc.; and Plastic Advanced Recycling Corp. are among key plastic to fuel market players implementing strategies to enlarge the customer base and gain significant share in the global plastic to fuel market, which, in turn, permits them to maintain their brand name globally. A few of the recent key developments are:

  • In 2020, Plans for building the UK’s first waste plastic to hydrogen facility have moved a step further to fruition with the completion of a Front-End Engineering Design phase.
  • In 2018, After six years of research and development, Biofabrik group’s WASTX Plastic technology has unveiled a prototype for a machine capable of transforming plastic waste into fuel.
  • In 2020, Oil refiner SK Innovation Co. is all set to develop up-cyling technology for producing petrochemical raw material from plastic wastes in cooperation with Jeju Clean Energy.

Frequently Asked Questions

China dominates the APAC plastic to fuel market. China is one of the leading plastic waste producers across the globe. The Chinese government are making huge investments in the development of mechanical and chemical plastic recycling plants.
The major companies in plastic to fuel market includes Agilyx Inc.; Klean Industries Inc.; Plastic2Oil Inc.; Nexus Fuels, LLC; and OMV Aktiengesellschaft.
The gasification technology is anticipated to grow at a fast CAGR during the forecast period. The technology can be used to make diesel and petrol, or directly burnt to create power in boilers. This technology is gaining popularity because to the growing need for industrial fuel throughout the world.
The inclination towards waste to fuel initiatives is projected to create lucrative business opportunities for the growth of plastic to fuel market.
The global market size for the plastic to fuel market is expected to be valued at US$ 3,645.23 million in 2022.
The factors attributing towards the growth of plastic to fuel market includes: • Growing awareness regarding greenhouse gas emission from fuel making sector • Increasing energy requirement

The List of Companies - Plastic to Fuel Market

  1. Agilyx, Inc
  2. Cassandra Oil AB
  3. Klean Industries Inc.
  4. Nexus Fuels lLC
  5. Recycling Technologies Ltd.
  6. Agile Process Chemicals LLP
  7. Avantium N.V.
  8. MK Aromatics Ltd.
  9. Plastic2oil, Inc.
  10. Plastic Advanced Recycling Corp.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global plastic to fuel market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global plastic to fuel market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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