Plastic to Fuel Market Drivers and Opportunities [2021-2031]
The Plastic to Fuel Market size is projected to reach US$ 1,194.48 million by 2031 from US$ 289.55 million in 2023. The market is expected to register a CAGR of 19.4% in 2023–2031. The continuous technical development in recycling and waste disposal is likely to remain a key plastic to fuel market trends.
Plastic to Fuel Market Analysis
Growing awareness regarding greenhouse gas emissions is anticipated to drive the growth of plastic in the fuel market. Nonrecyclable polymers such as polyethylene terephthalate (PET), polystyrene, and polyvinyl chloride (PVC) are at present the major concern. More than ~90% of plastic is not recycled and is discarded, landfilled, or poured into the ocean instead. Only 9–10% of waste plastic has been collected and recycled, implying that only 9–10% of waste plastic has been collected and recycled. This opens a huge market potential for the plastic-to-fuel industry since recycling these waste plastics will produce non-recyclable waste plastics that can be used in PFT in the not-too-distant future.
Plastic to Fuel Market Overview
With the growing population, prompt economic development, continuing urbanization, and changes in lifestyle, plastic waste generation and consumption are increasing at a high rate. Plastic waste has been an increasing concern across the world in recent years. With a growing reliance on plastic, the practice of discarding plastic recklessly has become conventional. Numerous waste-to-wealth procedures have been created throughout the years to recycle and reuse plastic in innovative ways. Converting plastic waste into fuel and making it useable for both industrial and residential needs is one of the current innovations. Plastic-to-fuel conversion has earlier been effectively done in countries such as Germany, the US, and Japan. These three have also been efficient in turning conversion procedures into feasible company models. Likewise, countries such as Canada and India are progressively adopting the plastic-to-fuel process.
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Plastic to Fuel Market: Strategic Insights
Market Size Value in US$ 3,645.23 Million in 2022 Market Size Value by US$ 8,804.20 Million by 2028 Growth rate CAGR of 15.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Plastic to Fuel Market: Strategic Insights
| Market Size Value in | US$ 3,645.23 Million in 2022 |
| Market Size Value by | US$ 8,804.20 Million by 2028 |
| Growth rate | CAGR of 15.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Plastic to Fuel Market Drivers and Opportunities
Increasing Energy Requirement Driving Demand for Plastic to Fuel Technologies
Electricity plays a crucial role, and it holds for an increasing proportion of energy services. With growing disposable income, consumer awareness, electrification of transportation and heat, and an increase in demand for digital gadgets and air conditioning, the energy demand is estimated to rise more. Government policies and available technology work in alignment with the policies scenario to shift energy supply toward low-carbon sources, which is boosting the demand for plastic to fuel technology globally. The commercial accessibility of a range of low-emission generation technologies places electricity at the forefront of efforts to combat climate change and pollution, which is increasing the demand for alternate solutions, thereby resulting in plastic to fuel market expansion.
Introduction of Go Green Process– An Opportunity in Plastic to Fuel Market
Plastic-to-fuel initiatives are starting to gain traction in the energy industry as more people become aware of the environmental damage triggered by single-use plastics and people's inadequate recycling practices. This is prompting researchers to look for innovative ways to discard the growing plastic output. An increase in government subsidies for green technology development and attempts to encourage such technologies through expanded financing is anticipated to offer substantial market growth opportunities. Furthermore, the government's strong energy-security regulations are 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.
Plastic to Fuel Market Report Segmentation Analysis
Key segments that contributed to the derivation of the plastic to fuel market analysis are technology and end product.
- Based on the technology, the plastic to fuel market has been divided into pyrolysis, gasification, and depolymerization. The pyrolysis segment held a larger market share in 2023.
- In terms of end product, the market has been segmented into crude oil, hydrogen, and others. The crude oil segment dominated the market in 2023.
Plastic to Fuel Market Share Analysis by Geography
The geographic scope of the plastic to fuel market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific comprises many developing countries, including China and India. These are also the top two most populated countries worldwide. These plastic wastes are either dumped into landfills or the ocean, thereby populating the environment and leaving long-term adverse impacts worldwide. Moreover, Asia Pacific holds the major share of marine plastic pollution with major contributors such as China, Indonesia, Sri Lanka, Vietnam, and the Philippines. Inefficient waste management infrastructure and the lack of awareness regarding the adverse impact of single-use plastic are the main reasons contributing to the rise in plastic waste across the region. The rising investments by both governments and private organizations to promote the recycling of plastic to further reusable materials are propelling the growth of the plastic to fuel market across the region. Owing to the rise in investments in plastic waste recycling across the region, plastic to fuel market players are also investing in expanding their business across the region, which is driving the growth of plastic to fuel market in the Asia Pacific region.
Plastic to Fuel Market Report Scope
Plastic to Fuel Market News and Recent Developments
The Plastic to Fuel Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In February 2022, Agilyx and Virgin Group collaborated for a strategic partnership to research and develop lower-carbon fuel facilities to support addressing plastic pollution and supporting the agenda of global transition to net zero. (Source: Agilyx, Inc, Press Release/Company Website/Newsletter)
- In November 2022, Klean Industries collaborated with RGH Systems to develop a waste plastic to energy facility in the Philippines. (Source: Klean Industries Inc., Press Release/Company Website/Newsletter)
Plastic to Fuel Market Report Coverage and Deliverables
The “Plastic to Fuel Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Plastic to Fuel Marketsize and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Plastic to Fuel Market Trends
- Detailed PEST and SWOT analysis
- Plastic to Fuel Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Plastic to Fuel Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, End Product and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Canada, China, France, Germany, India, Italy, Japan, Mexico, Middle East and Africa, Russia, South and Central America, South Korea, UK, US
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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