Plastic-to-fuel market is expected to witness significant growth over the forecast period owing to the rising demand for energy along with depletion of natural resources. Lower emissions from the plastic to fuel plants as compared to natural gas furnaces are anticipated to boost the market demand over the next seven years. Plastic to fuel conversion technologies includes polymerisation, pyrolysis and gasification. Increasing use of plastics and the need for recycling plastic waste is expected to serve as a key driver for market growth. Moreover, need for alternate sources of energy pertaining to the excess dependence on natural resources are anticipated to be a major reason for rise in demand over the forecast period. Furthermore, rising cost of landfills and growing environmental concerns are expected to accelerate the plastic to fuel market. In addition, low raw material cost and increasing availability is expected to interest more players in the market. Increasing demand for energy in oil importing countries including India, Australia, Japan, China and Germany from exporting countries such as Qatar, U.S., Iran and Kuwait leads to higher import bills which is expected to act as a major driver for market growth. However, technological complexities along with high initial cost for setting up of waste processing plants are expected to act as restraining force for market growth over the next seven years.
Plastic to fuel find applications in numerous sectors including automotive, industrial, petrochemical, food & beverage, cosmetics and agricultural. Plastic products including polypropylene and polyethylene account for more than half of the plastics demand and are converted to gasoline, diesel, LPG and aromatics. Increasing demand in automotive and household applications is expected to boost market growth. The time required to convert plastic into fuel is very less which is expected to act as a driving force towards market growth over the forecast period. Furthermore, the petroleum products are of high value and the process is environment friendly which is expected to spur the demand pertaining to higher investments in this market.
North America is expected to witness significant growth over the forecast period owing to the increasing demand for plastic leading to easy access to feedstock in the U.S. Moreover, strong government policies of the U.S. towards energy security are expected to drive market growth. Furthermore, high tipping costs of landfills along with need for plastic waste recycling are expected to be the key factors for increasing the market demand. Europe is expected to develop market over the next seven years owing to high demand for oil for automotive sector. Asia Pacific is anticipated to witness surging demand over the forecast period owing to high demand for petroleum products h in countries including China, India and Australia. There have been investments and initiatives taken in India for production of these fuels which is expected to spur the plastic to fuel market. Countries are expected to invest in plastic to fuel business to reduce their oil import bills which is expected to propel the market growth. Presence of huge oil and gas reserves in the MEA countries is expected to restrict the growth of market to a moderate level.
Global key players in plastic to fuel market include Vadaxx Energy, Plastic2Oil, RES Polyflow, Green Envirotec Holdings LLC, Agilyx Corporation, JBI Inc., Envion, Shangqiu Sihai Machinery Equipment Manufacturing Co., Ltd., Beston (Henan) Machinery Co., Ltd., Zhangzhou Qiyu Renewable Energy Technology Co., Ltd., Rudra Environmental Solutions and CSIR-IIP. Key players target municipalities, landfills and industrial plastic waste generators for ensuring constant feedstock availability. JBI, a Canadian company has developed a system to convert plastic to fuel within an hour and converts almost all of the plastic’s hydrocarbon content into fuel with a little waste which in turn is burned owing to its high heating value. Plastic2Oil Inc., using its revolutionary technology, has developed a process that gives ultra-low sulphur, ultra-clean fuel from unsorted, unwashed waste plastics that doesn’t require further refining. It has got validations and permits from reputable laboratories and agencies including Conestoga-Rovers & Associates, IsleChem, New York State Department of Environmental Conservation (NYSDEC), Rock-Tenn Company and SAIC for its Plastic2Oil technology and economics.
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