According to a new research report by Global Market Insights Inc., the Plastics-To-Fuel Market size is expected to exceed USD 590 million by 2026. Growing need for curbing carbon footprint will enhance the product share in the fuel consumption sector. Offtake agreements and ease of accessibility to end-users will pave the way for PTF manufacturers in near term.
Increasing aversion toward GHG emission levels across the globe is driving the need for technological advancement in fuel making sectors. Petrochemical companies are focusing on sustainability and utilizing high-quality materials in order to enhance their product offerings and customer satisfaction. These trends showcase positive plastics-to-fuel market outlook. However, supply-demand relationship of PTF indicates moderate growth for the period 2020 to 2026 owing to limited production capacities and high capex requirement.
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The industry is expected to witness significant growth, by 2030 that will be attributed to numerous factors including, regulatory landscape regarding carbon emission, price of conventional fuel, commercial viability of product in emerging countries, enhancement in waste disposal techniques, etc. The addressable market potential for PTF will, thus, be opening more avenues for key manufacturers during 2020 to 2030.
Browse key industry insights spread across 185 pages with 194 market data tables & 17 figures & charts from the report, “Plastics-To-Fuel (PTF) Market, By Source (Municipal Solid Waste (MSW), Industrial), By Depolymerization (Thermal Degradation [Pyrolysis, Gasification, Hydrogenation], Catalytic Degradation), By Fuel Type (Solid, Liquid, Gaseous), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The industrial waste segment will witness 2.4% CAGR through 2026. This growth will be majorly from countries such as the U.S., China, Japan, etc. These countries have reported major amounts of wastes coming from different end-users including automotive, aerospace, textiles, tire manufacturing, etc., over the past few decades. Stringent government regulations for treating wastes into recyclable or compostable products will promote sustainability among end-users. These will again provide new opportunities for plastics to fuel market manufacturers to increase their market shares.
Hydrogenation is expected to have a miniscule percentage share of the overall industry. This is majorly attributed to its expensive manufacturing method and high cost of hydrogen gas. However, this process is extensively used in the production of liquid coal, food industry, etc. Growing advancement in the field of fuel making and concerns over environmental footprint will increase the demand for hydrogenation in the plastics-to-fuel market.
Solid fuel segment will foresee over 2% CAGR in plastics-to-fuel market size. This is majorly attributed to low amount of conversion rate into solid fuel. Additionally, the product has a great set of alternatives including biomass pellets, coal, etc.
North America will account for over 20% share in the global plastics-to-fuel market size. This can be majorly attributed to higher recycling & waste-to-energy (WtE) recovery rate in the U.S. In 2017, the country generated more than 250 million tons of waste, out of which approximately 25% was recycled and around 12% was utilized to produce energy. Such high recycling and WtE rates are still not being utilized on a full scale.
Low affinity of petrochemical producers toward sustainable products and higher dependency on traditional fuel resources are creating large amounts of landfill wastes & openly dumped disposals in the region. Such trends have necessitated the government to implement strict regulations for waste treatment & management.
Government bodies including Environmental Protection Agency, Canadian Council of Ministers of the Environment (CCME), etc., are working toward specific waste disposal techniques and promoting recycling & recovery of wastes to enhance plastics-to-fuel usage in the region.
Some of the key manufacturers in the global plastics-to-fuel industry are Nexus Fuel, Plastic2Oil, Anhui Oursun Environmental Technologies, Neste, Paterson Energy, etc.