Plastic waste has been banned from landfills in developed nations, particularly in Europe, to recover and recycle plastic waste. In 2016, ten European Union nations enacted legislation prohibiting the disposal of plastic waste in landfills. Following the introduction of the ban, these nations saw a considerable increase in the rate of plastic recovery. The disposal of non-recycled plastic collected after the recycling process is a major problem. Rather than landfilling, the better option is to make fuel from non-recycled plastics. This is expected to increase demand for plastic to fuel (PTF) technologies in Europe during the forecast period. 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.
Agilyx Inc., Klean Industries Inc., Plastic2Oil Inc., Nexus Fuel LLC, OMV Aktiengesellschaft – Prominent Market Participants in Plastic to Fuel Market
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. 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.
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 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 | Nexus declared that it has entered a strategic alliance with Wood plc, a consulting and engineering firm. This strategic alliance is for global expansion of Nexus’s advanced molecular plastics recycling business. | North America |
| 2020 | Agilyx and A.Eon Holdings Pty Ltd announced a collaboration under which they are going to study the construction of waste-to-energy facility using Agilyx’s plastics recycling technology. The planned plant, which is to be located in Melbourne, will be using Agilyx’s technology of converting mixed waste plastic into Agilyx Synthetic Crude Oil. | North America |
