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Plastics-To-Fuel Market Size
Plastics-To-Fuel Market size was valued at USD 572.7 million in 2019 and is estimated to exhibit over 2.5% CAGR from 2020 to 2026. Depleting availability of fuel sources along with flourishing cleantech industry and Emerging regulations for GHG emissions from petrochemical industries & refineries will create growth potential for PTF demand.
The Plastics-To-Fuel (PTF) market is a part of the circular economy model, that thrives to produce high-quality plastic products from wastes. The technology is highly capital-intensive and Return-On-Investment (ROI) period for the market generally varies from two to five years. However, the industry is witnessing an increasing number of manufacturers in the U.S. and Europe owing to well-established infrastructure for waste management.
Presence of stringent government regulatory norms in regions including Europe is supporting the adoption of plastic to fuel technology. Major countries including Germany, France, Italy, and Denmark have reported a substantially high degree of recycling & energy recovery rate along the plastic waste disposal value chain. In 2016, Germany reported the energy recovery rate of post-consumer plastic waste and plastics packaging waste at 60.6% and 58% respectively.
The growth factors responsible for such a high recovery rate are subjected to the EU waste legislation, that mandates countries to recycle plastic wastes, a minimum of 55% by 2025. Such trends have opened new avenues for plastic to fuel manufacturers over the last few years. These plastics to fuel market manufacturers can expand their cooperation with plastic converters and recyclers to increase the waste recovery rate in Europe, further contributing to industry development. The market for plastic waste pyrolysis oil to witness 5.3% growth during the forecast period.
Why will MSW segment prove lucrative for global plastics-to-fuel industry size growth?
In 2019, the global plastics-to-fuel market size from the Municipal Solid Waste (MSW) segment was USD 85 million. MSW segment will lead LATAM and MEA industry share on account of the high waste generation in these regions from municipal & household sectors.
How will global plastics-to-fuel market fare through 2026?
Global plastics-to-fuel market, in 2019, was worth USD 572.7 million and may showcase 2.5% CAGR through 2026, driven by strict GHG emission norms and reduced availability of fuel sources.
What factors will push the adoption of liquid fuels?
Liquid fuel may hold 80% of plastics-to-fuel market share by 2026, owing to the fact using pyrolysis, a ton of plastic waste can be converted to an astounding 100 gallons of fuel. Also, rising demand from oil producers will push segment growth.
Which method of depolymerization will be preferred?
Global plastics-to-fuel market size from thermal pyrolysis segment may experience 2.5% CAGR through 2026, driven by cost-effectiveness of pyrolysis & rising demand for liquid fuel.
Where will global plastics-to-fuel market size depict expansion?
Europe may hold 45% of global industry share owing to the presence of numerous conversion facilities offering high energy recovery and recycling rate from plastic wastes.