Plastic to Fuel Market Revenue to Cross US$ 2.0 Bn, Globally, by 2031

Posted by Kaustubh Ravan on July 10th, 2024

The global plastic-to-fuel market was valued at US$ 275.9 Mn in 2022. It is estimated to advance at a CAGR of 24.7% from 2023 to 2031 and reach US$ 2.0 Bn by the end of 2031.

PTF is a creative and dynamic industry that deals with energy and environmental issues. It promotes the transition to a more circular and sustainable economy while providing a long-term answer for managing plastic trash. Vendors in the worldwide plastic-to-fuel (PTF) market may find profitable prospects as both private and public investment in environmentally friendly waste management increases.

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The need for clean fuel is anticipated to expand exponentially every year, and the need 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. Their use has increased significantly over the past 10 years since hydrogen fuel cells are regarded as a pollution-free form of energy and are frequently used to power automobiles and buses. During the projection period, these variables are projected to fuel the generation of hydrogen from plastics.

Global Plastic to Fuel (PTF): Key Players

Some of the key players in the global Plastic to Fuel (PTF) are: Vadaxx Energy, Plastic2Oil, RES Polyflow, Green Envirotech Holdings LLC, Agilyx Corporation, Quantafuel AS, JBI Inc., Envion, Shangqiu Sihai Machinery Equipment Manufacturing Co., Ltd., Beston (Henan) Machinery Co., Ltd., and Zhangzhou Qiyu Renewable Energy Technology Co., Ltd.

Some developments by the key players in the global market for Plastic to Fuel (PTF) are:

  • Virgin Group and Agilyx, a provider of chemical conversion technologies, entered a partnership in 2022 to conduct research and development on lower-carbon fuels to assist combat plastic pollution and the world's transition to net-zero emissions.
  • The process of turning plastic trash into liquid goods of excellent quality at Quantafuel's factory in Skive, Denmark, was successfully launched, the business revealed in 2020. The facility can annually produce 15 million liters of sustainable diesel along with additional synthetic oil products out of 19,000 tons of waste plastic

Key Findings of the Market Report

  • The market has expanded because of the rising demand for waste-to-energy production due to a clean environment.
  • Governments in several places have started using plastic to make energy due to an increase in home and industrial garbage.
  • In the upcoming years, the market should profit from favorable regulatory conditions mixed with government assistance in the form of tax advantages and financial incentives.
  • The usage of non-renewable forms of energy is raising environmental concerns, which should restrain industry expansion.

The Global Market for Plastic to Fuel (PTF): Key Trends

  • Plastic trash, especially non-recyclable along with low-value plastics, has become a serious environmental problem due to its negative impact on ecosystems as well as landfill capacity. A viable solution to the problems of plastic waste and rising energy demand is to turn this garbage into fuel.
  • Plastic that is converted into fuel helps lower the volume of plastic waste that is disposed of or burned, reducing pollution and emissions of greenhouse gasses. A possibility to diversify energy sources and lessen dependency on fossil fuels is provided by plastic waste fuel. The expansion of the plastic to fuel (PTF) market is therefore anticipated to be boosted in the near future by the long-term sustainability of plastic towards fuel conversion and the rise in the acceptance of alternative fuels.

Global Plastic to Fuel (PTF) Regional Market Outlook

  • From 2023 to 2031, Asia Pacific is anticipated to have the biggest share, next to Europe. The acceptance of alternative fuels is increasing, while investments in the management of recyclable materials are surging. One of the important PTF markets in the Asia Pacific region is found in India, China, and Japan.
  • The use of plastic as a fuel for industry and the increased emphasis on environmentally friendly growth are boosting market statistics in the area. Latin America, the Middle East, and Africa are PTF's comparatively small markets.

Global Plastic to Fuel (PTF) Market Segmentation

Feedstock Type

  • Thermoplastics
  • Polyethylene Terephthalate
  • Polystyrene
  • Polyvinyl Chloride
  • High-Density Polyethylene
  • Low-Density Polyethylene
  • Polypropylene
  • Others
  • Thermosetting Plastics
  • Epoxy Resin
  • Melamine Resin
  • Others

Technology

  • Pyrolysis
  • Depolymerization
  • Gasification
  • Liquefaction

End Fuel

  • Crude Oil
  • Sulfur
  • Diesel
  • Hydrogen
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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Kaustubh Ravan

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Kaustubh Ravan
Joined: April 15th, 2021
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