Plastic to Fuel Technology Market Size Worth USD 3,849.5 Million in 2032 | Emergen Research
Emergen Research
8 min read
Emergen Research
inclining prices of fossil fuels, and stringent waste management regulations and policies are some of the factors expected to drive Plastic to Fuel Technology market revenue growth
Vancouver, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global plastic to fuel technology market size was USD 321.4 Million in 2022 and is expected to register a revenue CAGR of 28.3% during the forecast period. Rising demand for high-quality fuel products, growing concerns regarding greenhouse gas emissions from petroleum industries, inclining prices of fossil fuels, and stringent waste management regulations and policies are some of the factors expected to drive market revenue growth.
Increasing demand for high-quality fuel products in recent years is driving revenue growth of the market. The global demand for fuel products is growing rapidly due to the rising expansion of the automotive sector across the globe. The demand for fuel products is expected to rise over the next ten years, plastic to fuel technology, known for its exceptional sustainability and innovations, emerges as an indispensable material in the production of fuels.
The worldwide production of plastics has experienced a twofold increase since the start of the century, reaching nearly 400 million metric tons annually in 2021. The substantial presence of such extensive plastic waste plays a pivotal role in propelling the revenue growth of the market. In addition, various countries are actively working on alternative solutions for managing plastic waste, moving away from conventional landfill disposal methods. These aspects are expected to be key factors driving revenue growth of the global PTF market during the forecast period.
Consequently, manufacturers operating in the plastic-to-fuel technology market are witnessing a substantial uptick in orders and sales volumes, as they play a vital role in meeting the burgeoning demand for fuel industries. On 21 November 2022, Klean Industries Inc (Klean) announced that it has engaged in a Detailed Feasibility Study (DFS) for the design and construction of a 10,000 tons per year plastic waste pyrolysis plant in Philippines with RGH Systems Inc (RGH), a wholly owned subsidiary of REI Global Inc (REI). The two companies have been working together to explore multi-facility collaboration opportunities across the Philippines and potentially other parts of Southeast Asia. This project will convert polyolefin plastics such as PP, PE, LDPE, HDPE, and PS into high-quality fuel for reuse in the local economy.
Segment Insights
Plastic Type Insights:
On the basis of plastic type, the global plastic to fuel technology market is segmented into Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS) and others.
Polyethylene segment accounted for largest revenue share in the global plastic-to-fuel technology market in 2022 due to its widespread use in packaging and its abundance in plastic waste streams. Polyethylene can be segregated based on its densities, low density, and high density. It is adopted to produce high-quality fuel products in addition to hexene at 340oC. Polyethylene can be converted into oil and gaseous products by processing it into transitions.
Technology Insights:
On the basis of technology, the global plastic to fuel technology market is segmented into pyrolysis, gasification, and depolymerization. Pyrolysis segment accounted for largest revenue share in the global plastic-to-fuel technology market in 2022 due to rising demand to use this technology owing to its capability to recover plastic qualities and reduce operating costs. Pyrolysis technology offers the potential for increased energy production and waste management over the long term, making it an attractive option for manufacturers seeking both economic and environmental advantages.
Asia Pacific accounted for a comparatively larger revenue share than other regional markets in the global plastic to fuel technology market in 2022, due to growing awareness of greenhouse emissions and energy requirements in countries across the region, especially in China, Japan, South Korea, and India. Plastic to fuel technology can derive various liquid gas products that can meet the oil requirements of the region. According to the Asia Pacific Energy Research Centre (APERC) report, APEC, which consumes about 53% of the world's oil, increased consumption at an average annual rate of 8%, while the rest of the world grew 1.7%. In Japan, oil demand decreased by 1.6% per year. In addition, there is a concerted effort in the country to advance the adoption of plastic-to-fuel technologies such as pyrolysis.
Europe is expected to register a moderately fast revenue growth rate during the forecast period due to the consumption of oil in countries across the region especially in U.K., Germany, Spain and France. According to the European Commission, in 2021, the consumption of oil and final petroleum products for energy and non-energy purposes in EU Member States increased by 4.4% to 400.6 Mtoe compared to the lowest level ever recorded. recorded over a 31-year time series as of 2020. Member States have energy levels and patterns of consumption of oil and non-energy petroleum products, influenced by the size and structure of their economies there. In 2021, Germany leads with a 20.75% share of total EU final consumption, followed by France (15.8%), Italy (10.8%), and Spain (10.3%)., which increases the demand for oil consumption such as crude oil, ensuring a sustained upward trajectory for revenue growth of the market in this region.
Scope of Research
Report Details
Outcome
Market size in 2022
USD 321.4 Million
CAGR (2023–2032)
28.3%
Revenue forecast to 2032
USD 3,849.5 Million
Base year for estimation
2022
Historical data
2019–2021
Forecast period
2023–2032
Quantitative units
Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Plastic type, technology, fuel type, end-use, and region
Regional scope
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled
Agilyx, CBS Technolgies, Plastic2Oil, Green Envirotec Holdings LLC, Vadxx Energy, RES Polyflow, Unitron Energy, NexusCircular, JBI Chemicals Inc., Envion, Beston Group, Zhangzhou Qiyu Renewable Energy Technology Co. Ltd, Shangqiu Sihai Machinery Equipment Manufacturing Co., Ltd., Klean Industries, MkAromatics.com, Alterra Energy LLC, Polycycl Private Ltd. and Brightmark LLC
Customization scope
10 hours of free customization and expert consultation
The global plastic to fuel technology market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective plastic to fuel technology. Some of the major companies included in the global plastic to fuel technology market report are:
Agilyx
CBS Technolgies
Plastic2Oil
Green Envirotec Holdings LLC
Vadxx Energy
RES Polyflow
Unitron Energy
NexusCircular
JBI Chemicals Inc.
Envion
Beston Group
Zhangzhou Qiyu Renewable Energy Technology Co. Ltd
On 21 July 2022, Dow and Nexus Announcements announced that they have signed a detailed Letter of Intent (LOI) for Dow to secure the production of an advanced recycling facility new in Dallas, Texas. This new facility will process and convert more than 26,000 tons of previously unrecycled plastic into circular feedstock each year and will be returned to Dow as feedstock to create new recycled plastics for food contact, health care, hygiene, and fitness.
On 15 February 2022, Virgin Group and chemical conversion technology company Agilyx announced a strategic partnership to research and develop low-carbon fuel production facilities to help fight pollution, plastic pollution, and the global transition to net zero emissions. Virgin Group and Agilyx aim to reuse plastic waste to produce synthetic crude oil, which will then be refined into low-carbon fuel. Non-recyclable plastic waste will be diverted from landfills and help expand options in the low-carbon fuel market from the currently limited range.
For the purpose of this report, Emergen Research has segmented global plastic to fuel technology market on the basis of plastic type, technology, fuel type, end-use, and region:
Plastic Type Outlook (Revenue, USD Million; 2019-2032)
Polyethylene Terephthalate (PET)
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Others
Technology Outlook (Revenue, USD Million; 2019-2032)
Pyrolysis
Gasification
Depolymerization
Fuel Type Outlook (Revenue, USD Million; 2019-2032)
Solid
Liquid
Gaseous
End-Use Outlook (Revenue, USD Million; 2019-2032)
Sulfur
Crude Oil
Hydrogen
Others
Regional Outlook (Revenue, USD Million; 2019–2032)
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