The plastic to fuel market is a technology of the circular economy concept, which depends on the creation of high-quality plastic goods from waste. The technology is capital-intensive, and the market’s return-on-investment (ROI) time typically ranges from two to five years. However, due to well-established waste management infrastructure, the sector is seeing an increase in the number of producers in the US and Europe. Increasing development in plastics-to-fuel technology and the rising importance of this technology have helped to power America’s transportation system and local economies by reducing the amount of garbage sent to landfills and generating fuel and other valuable goods. Waste plastics can be converted to chemical feedstock or fuel. Depolymerization and pyrolysis are the processes used in these conversion technologies.
Agilyx Inc., Klean Industries Inc., Plastic2Oil Inc., Nexus Fuel LLC, OMV Aktiengesellschaft – Prominent Market Participants In Plastic to Fuel Market
In recent years, continuous technical development in recycling and waste disposal has provided a huge opportunity for the plastics-to-fuel sector. Countries such as Turkey, India, and Saudi Arabia have set a target of significantly decreasing their carbon footprint by 2030. As a result of these developments, the demand for pyrolysis oil in the fuel-producing sector has increased.
The COVID-19 pandemic has created significant tremors on various industries and plastic recycling industry was no different. The plastic recyclers experienced 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 globe, had showcased scarcity of labor at the plastic recycling units worldwide. This also reflected lower volume of production. Thus, the factors mentioned above highlighted negative impact on plastic recycling industry including plastic to fuel market. In order to tackle the COVID-19 situation and continue the operations at the plastic to fuel production units, the plastic to fuel market players adopted various strategies such as mergers and acquisition, upscaling funding, and expanding to untapped geographies, among others. These strategies benefitted the plastic to fuel market players in the second half of 2020, however, the decline in revenues during initial outbreak of the virus hindered the market players annual sales. This ultimately have had an adverse impact on the plastic to fuel market.
Agilyx Inc., Klean Industries Inc., Plastic2Oil Inc., Nexus Fuel LLC, and OMV Aktiengesellschaft are some of the key market players operating in the global plastic to fuel market. The listing of key players is derived by considering multiple factors such as overall revenue, current plastic to fuel product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the plastic to fuel ecosystems which were studies analyzed during the course of this market research study, such as Cassandra Oil AB; Bradam Group, LLC; RESYNERGI; MK Aromatics Ltd.; and Plastic Advanced Recycling Corp.
Most of the market initiatives were observed in North America and Europe region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2021 | Partnership between Agilyx and NextChem aims to boost the implementation of chemical recycling facilities globally by using Agilyx’s advanced pyrolysis technology of converting mixed waste plastic into circular olefins and fuels. | North America |
| 2020 | PLASTIC ENERGY and Viridor signed a Memorandum of Understanding for developing a new project which will convert up to 30,000 tonnes of unrecycled plastic to recycled oils each year. | Europe |
