According to the latest research report titled "Plastic to Fuel Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the plastic to fuel market is expected to grow to US$ 8,804.20 million by 2028; it is estimated to grow at a CAGR of 15.8% from 2022 to 2028.
The plastic waste crisis is becoming more pressing due to the surge in population, economic expansion, and urbanization. Excessive plastic waste production and disposal are causing significant global environmental concerns. As a result, various waste-to-wealth techniques have been developed to recycle and repurpose plastic waste. Among them, converting plastic waste to fuel is a recent innovation that has gained traction as a viable solution for residential and industrial needs. Countries like Japan, Germany, and the US have successfully implemented this process and turned it into a profitable business model. India and Canada are also following suit and adopting this technology, which is expected to drive the growth of the plastic to fuel market.
In countries outside of North America, Europe, and Asia Pacific, plastic waste production and consumption continue to increase, particularly in regions such as the UAE, Saudi Arabia, South Africa, Brazil, Argentina, and others, where plastic is increasingly used for food and grocery packaging. As a result, the volume of plastic landfills has grown significantly, leading to government and private sector interest in recycling initiatives. However, the COVID-19 pandemic has disrupted the plastic recycling industry in these regions due to lockdown measures, social distancing rules, and supply chain disruptions for plastic waste transportation to recycling facilities. Although a few plastics to fuel conversion companies exist in these regions, they experienced reduced production and revenue generation during the pandemic, hindering the growth of the plastic to fuel market.
On the contrary, growing plastic waste is projected to create demand for newer technologies for converting low grade plastic into fuel. This factor will gradually expansion the plastic to fuel market size in rest of the world.
Key Findings of Study:
The analysis of the global plastic to fuel market is categorized into five main regions, namely North America, Europe, APAC, MEA, and SAM. As of 2021, APAC held the largest market share in plastic to fuel, followed by North America and Europe. Due to the growing concern of plastic waste, several developed nations, particularly in Europe, have banned plastic waste from landfills, emphasizing the need for recycling and recovery. The enactment of the ban has significantly increased the plastic recovery rate in these countries. However, the disposal of non-recyclable plastic after the recycling process remains a major challenge. Hence, producing fuel from non-recyclable plastics has emerged as a viable option, thereby increasing the demand for plastic to fuel technologies in Europe during the forecast period.
Although the US government has implemented various initiatives to collect and sort plastic waste in North America, the region's plastic recycling rate remains below 10%. Consequently, the region holds significant potential for plastic-to-fuel technology in the future. Several companies operate in the North American plastic to fuel market, and the demand for plastic to fuel end products is rapidly increasing in the US, Canada, and Mexico, driven by growing awareness of the long-term hazards of plastic. As a result, governments have introduced strict regulations to reduce plastic consumption and encourage recycling. This factor has contributed to recent growth in the plastic-to-fuel market, and the industry is expected to maintain a steady growth rate in the years ahead.
The Asia Pacific region presents numerous opportunities for plastic to fuel technologies. Many countries in the region, including major manufacturers, have been struggling with plastic waste management and are among the leading illicit dumpers of plastic waste. China, in particular, has had a poor track record in plastic waste management but has recently implemented stricter policies to encourage plastic recycling, leading to a rise in plastic to fuel companies in the country. Consequently, China has emerged as the top revenue-generating country in the APAC plastic to fuel market. In addition, Japan and South Korea have also been active in producing fuel from plastics, positioning the Asia Pacific region as the top region in the plastic to fuel market analysis.
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