According to the new research report published by The Insight Partners, titled “Plastic to Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology and End Product,” the plastic to fuel market is expected to grow from US$ 3,645.23 million in 2022 to US$ 8,804.20 million by 2028; it is estimated to grow at a CAGR of 15.8% from 2021 to 2028.
The global plastic to fuel market analysis is segmented into five major regions North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2021, APAC led the market with a substantial revenue share, followed by North America and Europe. Plastic to fuel initiatives is starting to gain traction in the energy industry, as 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.
Plastic to fuel technologies have a lot of opportunities in Asia Pacific. Several countries in Asia Pacific are major manufacturers and illicit dumpers of plastic waste. When it comes to poor plastic waste management, China is among the leading countries. Tons of plastic waste is also imported from other nations. However, China’s strict policies in the recent times toward recycling plastic has led the country to experience numerous companies to venture into plastic to fuel market. This has positioned the country the top revenue generator in APAC region. Also, coupled with China, other two countries Japan and South Korea has been at the forefront to produce fuel from plastics. This has stationed APAC region on the top of the regions in the plastic to fuel market analysis.
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The COVID-19 pandemic has created significant tremors on various industries, including the plastic recycling industry. The plastic recyclers experienced a drop in plastic procurement, thereby resulting in decline in recycled product volume. In addition, the regulations related to lockdown and social distancing implemented by various governments across the world had created the scarcity of labor at the plastic recycling units worldwide. This also reflected lower volume of production. Owing to the factors mentioned above, the plastic recycling industry has been impacted negatively, which has restrained the growth of the plastic to fuel market size.
To tackle the COVID-19 situation and continue the operations at the plastic to fuel production units, the plastic to fuel market players adopted a few strategies such as mergers and acquisition, upscaling funding, and expansion to untapped geographies. These strategies benefitted the market players in the second half of 2020. However, the decline in revenues during the initial period of the outbreak hindered the annual sales of market players. This ultimately have had an adverse impact on the plastic to fuel market size.
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 major companies operating in the plastic to fuel market.
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