New York, United States, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Plastics to Fuel is an innovative technique that uses pyrolysis, polymerization, and gasification to recycle old plastic into liquids. The two basic plastics, polyethylene and polypropylene, are commonly utilized to manufacture fuels such as LPG, diesel, and gasoline, which can be used in various industries, including agriculture, the automotive industry, and the petrochemical industry. Efforts to use plastic as fuel are gaining momentum in the energy sector as more people become aware of the severe environmental damage caused by single-use plastics and poor recycling methods.
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Increasing Plastic Production and Pollution Drive the Global Market
According to Straits Research, “The global plastic to fuel market size was valued at USD 386.12 million in 2022. It is estimated to reach USD 3,899.23 million by 2031, growing at a CAGR of 29.3% during the forecast period (2023–2031).” Plastics' expanding production and use are primarily driven by the qualities that make them appropriate for various end-user industries, including packaging, household, sports equipment, building and construction, electronics, automotive, and agriculture. Increasing urbanization and industrialization, as well as rising living standards, particularly in emerging nations, have contributed to a rise in the consumption of plastic goods. According to the United Nations Environment Programme, around 8.3 billion tonnes of plastic have been created since the 1950s, of which 60 percent has ended up in landfills or the ocean. Plastic production and rising worries about plastic pollution and mismanagement of plastic waste are anticipated to create new opportunities for the plastic-to-fuel sector, consequently driving the market's expansion over the forecast period.
Favorable Policies, Initiatives, and Regulatory Framework for Plastic Recycling Creates Tremendous Opportunities
Increasing awareness about plastic pollution and sustainable waste management through a variety of campaigns and programs is anticipated to benefit the plastic industry as a whole and drive market expansion. In addition to suitable legislation, adequate money, robust technical assistance, and public awareness are essential to the success of any waste management program. For example, Bottles for Change is a campaign launched by Bisleri, an Indian bottled water company, to promote plastic segregation and recycling at schools, housing societies, corporate offices, and colleges, among other locations. In addition to these campaigns, favorable government-funded initiatives and projects are anticipated to help the plastic industry and promote market expansion.
Regional Analysis
Asia-Pacific plastic-to-fuel market Share is expected to grow at a CAGR of 33.7% over the forecast period. Singapore, Indonesia, Vietnam, China, Japan, and India are projected to generate the highest demand for plastic to fuel. This region's growing urbanization and industrialization are anticipated to fuel market expansion in the upcoming years. It is expected that favorable government policies and regulations promoting the development of renewable energy technologies will drive market expansion throughout the forecast period. In addition, China is the second largest producer of rubbish in the world. China was the world's largest importer of waste plastics; however, in January 2018, the government enacted the National Sword policy, which prohibited the import of the majority of waste plastics and other waste products. This is anticipated to favorably impact the demand for plastics to fuel in the region throughout the forecast period.
Europe is projected to grow at a CAGR of 25.4% over the forecast period. In order to fuel the market's growth in the coming years, the European Union and local governments are developing a favorable regulatory environment for plastic. In March 2011, the European Union planned to transition to a low-carbon economy by 2050. A highly developed infrastructure and the regional government's constant efforts to promote and deploy green and clean energy technology are predicted to drive growth during the projection period. In many European Union nations, landfill restrictions have been in effect for decades. In addition, high landfill tipping fees, closing expenses of landfills, waste management, and dumping tariffs have prompted the population to move to plastic waste recycling and plastic waste-to-fuel conversion.
Key Highlights
- Based on technology type, the global plastic-to-fuel market is divided into pyrolysis, depolymerization, and gasification. The pyrolysis segment is the highest contributor to the market and is expected to grow at a CAGR of 29.5% over the forecast period.
- Based on source, the global plastic-to-fuel market is segmented into municipal solid waste and commercial and industrial. The commercial and industrial segment owns the highest market share and is estimated to grow at a CAGR of 29.2% over the forecast period.
- Based on plastic type, the global plastic-to-fuel market is divided into polypropylene (PE - HDPE, LDPE), polyethylene terephthalate (PET), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and others. The polypropylene (PE - HDPE, LDPE) segment is the highest contributor to the market and is anticipated to grow at a CAGR of 29.5% over the forecast period.
- Based on the end fuel, the global plastic-to-fuel market is bifurcated into sulfur, hydrogen, crude oil, and others. The crude oil segment owns the highest market share and is projected to grow at a CAGR of 28.8% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global plastic-to-fuel market and is expected to grow at a CAGR of 33.7% over the forecast period.
Competitive Players
The key players in the global plastic-to-fuel market are Plastic2oil, Alterra Energy, Neste, Green EnviroTech Holdings Corp, Polycycl Private Ltd., Brightmark LLC, Klean Industries, Plastic Energy, Beston (Henan) Machinery Co. ltd, Agilyx Inc.
Market News
- In February 2023, Ethical Fashion Group (EFG), co-founded by a veteran member of the British fashion business Harold Tillman, formed a strategic alliance with Hydrogen Utopia International PLC. The collaboration will offer a "ground-breaking" approach to reducing fashion pollution, claims the business, which converts non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels.
Global Plastic-to-Fuel Market: Segmentation
By Technology Type
- Pyrolysis
- Depolymerization
- Gasification
By Source
- Municipal Solid Waste
- Commercial and Industrial
By Plastic Type
- Polypropylene (PE - HDPE, LDPE)
- Polyethylene Terephthalate (PET)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Others
By End Fuel
- Sulfur
- Hydrogen
- Crude Oil
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
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