Plastic To Fuel Market Size ($8804.20Mn by 2028) Lead by Pyrolysis Technology (14% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com

November 25, 2021

The plastic to fuel market size to reach $8804.20 million by 2028 from $3521.09 million in 2021 to grow at a CAGR of 14% from 2021 to 2028; while pyrolysis segment lead the global market with 65.7% market share in 2028 and crude oil segment led the market globally with market share of 62.55% in the year 2020.

/EIN News/ -- New York, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Plastic To Fuel Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - Covid-19 Impact and Global Analysis - by Technology (Pyrolysis, Gasification, Depolymerization); End Product (Crude Oil, Hydrogen, Others) and Geography with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00008127

Report Coverage Details
Market Size Value in US$ 3521.09 million in 2021
Market Size Value by US$ 8804.20 million by 2028
Growth rate CAGR of 14.0% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 117
No. Tables 43
No. of Charts & Figures 57
Historical data available Yes
Segments covered Technology, and End Product, and Geography
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Plastic To Fuel Market: Competitive Landscape and Key Developments
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 key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global plastic to fuel market and its ecosystem.

In 2021, Nexus declared that it has entered into a strategic alliance with Wood plc, a consulting and engineering firm. The alliance is for the global expansion of Nexus’s advanced molecular plastics recycling business.

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In 2020, Nexus Fuels LLC and Shell announced an agreement for the supply of 60,000 tonnes of pyrolysis liquid made from the plastic waste for over four years. Nexus will supply fully circular, ISCC Plus-certified product from its Atlanta plant.
           
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 global 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 global 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.

Due to the COVID-19 outbreak, Russia, UK, France, Italy, Spain, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. In 2020, Viridor and PLASTIC ENERGY 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, announced that they are transforming plastic to diesel. The two companies signed an agreement in 2020 to implement the strategy to develop winter diesel from plastic waste.

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Waste to Fuel Initiatives to Propel Plastic To Fuel Market Growth in Coming Years:
With the rise of the human population, rapid economic expansion, ongoing urbanization, and changes in lifestyle, plastic waste production and consumption is rising at an alarming rate. Plastic waste has been a growing concern across the world in recent years. With a growing reliance on plastic, the practice of discarding plastic carelessly has become commonplace. Several waste-to-wealth methods have been created throughout the years to recycle and reuse plastic in novel ways. Converting plastic waste to fuel and making it useable for both residential and industrial needs is one of the current innovations. Plastic to fuel conversion has previously been successfully done in countries such as Japan, Germany, and the US. These three have also been effective in turning conversion processes into viable company models. Similarly, countries such as India and Canada are increasingly adopting the plastic to fuel process.

Plastic To Fuel Market: Technology Overview
Based on technology, the global plastic to fuel market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis technology dominated the market in 2020, 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 projected period, these reasons are expected to boost the market growth for the pyrolysis segment.

Key Questions to Request for Plastic to Fuel Market:

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