The global plastic to fuel market size was valued at USD 231.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 29.5% from 2021 to 2028. Growing demand for the generation of energy from waste on account of a clean environment has triggered the growth of the market. Increasing household and industrial waste have caused governments in different regions to generate energy from plastic. A favorable regulatory scenario combined with government support in the form of tax benefits and financial incentives should have a positive impact on the market in the coming years. Growing environmental concerns about the use of non-renewable energy sources should hinder market growth.
The increasing demand for recycling industry in developed markets such as Japan, Netherlands, Germany, and the U.S. should impel market growth. Companies such as Chevron and BP have introduced plastic to fuel techniques to produce and to generate their own energy using plastic waste.
The global economy is anticipated to enhance post-COVID-19 pandemic, which is why energy requirements are expected to increase exponentially in the coming years. Furthermore, increasing R&D to minimize installation costs of plastic to fuel generation plants is projected to propel market growth in these regions. Technological advancements for energy generation in order to improve the efficiency of energy yielded from waste are expected to positively influence market participants.
According to the World Bank, approximately 242.0 million tons of plastic waste is generated every year. Availability of such huge plastic waste is a key factor driving the market. Moreover, numerous countries are developing solutions to tackle plastic waste disposal other than landfill. These factors are anticipated to drive the market during the forecast period.
The pyrolysis technology led the market and accounted for 65.3% share of the global revenue in 2019. This technique processes mixed, unwashed, and soiled plastics more efficiently than other technologies. Moreover, numerous fuel types can be generated through this technology such as biofuel, solid residue, and synthetic gas. These factors are anticipated to drive the pyrolysis technology during the forecast period.
Gasification refers to the process of converting fossil fuel and organic materials into various gases such as carbon dioxide, carbon monoxide, and hydrogen. The different forms of gasification include fluidized bed reactors, entrained flow gasifiers, counter-current fixed bed gasifiers, co-current fixed bed gasifiers, and plasma gasifiers. This technology is on the rise due to growing demand for hydrogen around the globe.
Depolymerization is a process of converting polymers into several monomers under high temperatures. This technology is largely used to recycle plastic and generate fuel out of it. Depolymerization technology is anticipated to grow in the near future because it can convert complex plastic structures into fuel which other technologies are not able to.
Crude oil led the market and accounted for 55.1% share of the global revenue in 2019. The wide application of crude oil produced from plastic in automobiles, boilers, ships, tractors and trucks, power generators, and construction machinery is projected to boost the market over the forecast period. The rising consumption of crude oil as a fuel in the U.S., China, Japan, India, and Brazil due to the burgeoning automotive industry in these countries is likely to propel the plastic to fuel the market over the forecast period once the COVID-19 pandemic is tackled.
The demand for clean fuel is expected to witness exponential increase every year, with rising pollution levels coupled with growing government regulations to control and curb the carbon content in fuels is expected to drive demand for hydrogen in the near future. Adoption of hydrogen-powered fuel cells has witnessed a robust growth over the past decade owing to being classified as pollution-free source of energy and is being used extensively in powering cars and buses. These factors are anticipated to drive the production of hydrogen from plastics during the forecast period.
Asia Pacific dominated the market and accounted for a 35.5% share of global revenue in 2019. The major demand for plastic to fuel is expected to arise from China, India, and Japan. Increasing industrialization and urbanization in this region is expected to fuel market growth over the coming years. Favorable government policies and regulations to promote the development of renewable energy technologies are projected to propel market growth over the forecast period.
Europe is the second largest regional segment in the market. Countries such as Germany, Austria, Wales, and Switzerland which have a high plastic recycling rate are anticipated to drive the market players to develop efficient plastic to fuel technologies. Furthermore, the European Union and local policymakers are developing favorable regulatory environment for the plastic to fuel industry to grow at a significant pace in the near future.
Growing population, especially in China and India, supports this increase in energy consumption. With the increasing population, the demand for basic fuel requirements such as electricity, transportation, and fuel for cooking has been increasing. The amount of plastic waste generated from these countries is exceptionally high. The waste plastic is abundantly available which can be utilized to generate fuel. These factors are anticipated to drive the market during the forecast period.
Since the technology is under development, the market is fragmented with few companies providing commercial plastic to fuel technologies. The companies are now concentrating on offering shareholders long-term value in order to grow and survive in the market. The key players value developing robust and low-risk strategies that ensure a significant profit margin and a strong foundation for their shareholders. Some of the prominent players in the 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.
Report Attribute |
Details |
Market size value in 2021 |
USD 314.1 million |
Revenue forecast in 2027 |
USD 1.8 billion |
Growth Rate |
CAGR of 29.5% from 2021 to 2028 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
Segments Covered |
Technology, end-fuel, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; Spain; U.K.; France; China; Japan; India; Australia; Brazil; Argentina; Saudi Arabia; UAE |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global plastic to fuel market report on the basis of technology, end-fuel, and region:
Technology Outlook (Revenue, USD Million, 2016 - 2028)
Pyrolysis
Depolymerization
Gasification
End-fuel Outlook (Revenue, USD Million, 2016 - 2028)
Sulfur
Hydrogen
Crude Oil
Others
Regional Outlook (Revenue, USD Million, 2016 - 2028)
North America
The U.S.
Canada
Mexico
Europe
Germany
Spain
The U.K.
France
Asia Pacific
China
India
Japan
Australia
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
UAE
b. The global plastic to fuel market size was estimated at USD 231.0 million in 2020 and is expected to reach USD 314.1 million in 2021.
b. The global plastic to fuel market is expected to witness a compound annual growth rate of 29.5% from 2021 to 2028 to reach USD 1,824.3 million by 2028.
b. Pyrolysis accounted for a revenue share of 65.3% in the global market in 2019. Numerous fuel types can be generated through this technology such as biofuel, solid residue, and synthetic gas which is anticipated to drive this segment
b. Some key players operating in the 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.
b. Key factors driving the plastic to fuel market growth include growing need for alternate sources of energy pertaining to the excess dependence on natural resources
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
ISO Certified
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.