U.S. Plastic-to-Fuel Market to Surpass US$ 150 Million by End of 2027, Says Coherent Market Insights
Rising demand for alternative sources of producing fuel due to depleting natural resources is expected to fuel the market growth of the U.S. plastic-to-fuel.
Plastic-to-fuel is an advanced technology that converts plastic waste materials into liquids by using the pyrolysis polymerization and gasification process. Polypropylene and polyethylene are the two major plastic that is widely used to convert into fuels such as diesel, LPG, and gasoline which can be used across various manufacturing industries such as automotive, agriculture, and petrochemical industry.
The U.S. Plastic-to-Fuel Market accounted US$ 95.0 Mn in terms of value by the end of 2019 and is expected to grow at CAGR of 6.8% during forecast period.
Market Drivers:
Rising demand for alternative sources of producing fuel due to depleting natural resources is expected to fuel the market growth of the U.S. plastic-to-fuel. The growing generation of plastic waste in the country which is required to be treated is further expected to augment the market growth. Moreover, the growing focus of the manufacturer and government of the country on recycling of plastic for reuse is further expected to augment the market growth of the plastic-to-fuel.
Growing production and consumption of the plastic in the U.S. country is expected to foster the market growth of the plastic-to-fuel. This is raising the adoption of plastic to fuel technology in the country. Moreover, the growing level of water pollution in the ocean is another major factor expected to accelerate the market growth of the U.S plastic-to-fuel. Growing production of automobile that is creating demand for fuel is further expected to augment the market growth of the U.S plastic-to-fuel.
Market Opportunities:
Increasing government grants for green technology creations and initiatives for supporting such technology by raising funding’s is expected to serve major growth opportunities to the market of the U.S. plastic-to-fuel. Increasing strict policies by the government for securing energy is also expected to augur the market growth.
Growing demand for petroleum products in the country across various end-user industries is projected to offer lucrative opportunities to the market of the U.S. plastic-to-fuel. Increasing investment by manufacturers for producing such fuels is again contributing to the market growth of the plastic-to-fuel. The growing popularity of this advanced technology among major players in the country is also projected to spur the market growth.
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Key Takeaways:
On the basis of end product, crude oil segment dominated the U.S. Plastic-to-Fuel Market in 2019, accounting for 59.6% share in terms of value, followed by diesel. The crude oil produced from plastic is finding numerous applications in automobiles, boilers, ships, tractors and trucks, power generators, and construction machinery. This is projected to drive the growth of crude oil segment over the forecast period. The increase in consumption of crude oil as a fuel in U.S., owing to the flourishing automotive industry is likely to propel the plastic to fuel market over the forecast period.
On the basis of processors, Nexus segment dominated the U.S. Plastic-to-Fuel Market in 2019, accounting for 75.0% share in terms of value, followed by JBL.
On the basis of fuels, Vadxx segment dominated the U.S. Plastic-to-Fuel Market in 2019, accounting for 40.6% share in terms of value, followed by RES Polyflow and Agilyx, respectively
Market Trends:
The development of innovative technology by researchers in order to meet the increasing need is expected to be a major trend in the market. For instance, in February 2020, Enexor BioEnergy, an organic waste-to-energy company, has announced the release of its on-site, small-scale plastics-to-energy technology: the PTE-200, which converts unrecyclable plastics into affordable clean energy (75kW power and 125kW thermal).
Increasing demand for a renewable source of energy due to the ongoing trend of go-green is expected to stimulate the market growth of the U.S. plastic-to-fuel. Moreover, the growing demand for ultra-clean fuel and low sulfur content fuel from unsorted waste plastics is further anticipated to accelerate the market growth of the U.S. plastic-to-fuel over the forecast period.
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Competitive Landscape:
- Plastic2Oil
- Agilyx Corporation
- Vadxx Energy
- Green Envirotec Holdings
Market Segmentation:
By Fuels
- Agilyx
- Vadxx
- GETH
- RES Polyflow
- Cenco
By End Product
-
Crude Oil
- Sold to Local Refiners
-
Diesel
- Sold to End-User
By Processors
- JBL
- Nexus
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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