The global plastic to fuel technology market size is expected to reach USD 648.1 million in 2028 and register a revenue CAGR of 13.5% during the forecast period. Increasing awareness regarding conversion of plastic to fuel technology is driving market revenue growth.
Pollution due to plastic consumption results in littering of mountains and oceans, with prevalence of microplastic contamination in the ecosystem. This is a sobering reminder of the pervasive and systemic threat plastic pollution poses to the environment and the food-chain. Various governments are taking initiatives to curb the level of pollution.
Plastic to fuel end products are utilized in various applications such as industrial, automotive, agriculture, food and beverage, and others. The market is influenced by factors such as high demand for crude oil, extinction of natural resources, increasing use of plastics, and need for recycling the product. Increasing need for an additional source of energy is fueling growth of the market.
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Top Players in the Global Plastic To Fuel Technology Market:
Agile Process Chemicals, Beston Machinery, Global Renewables, Klean Industries, MK Aromatics, Plastic Energy, Plastic2Oil, Vadxx Energy, RES Polyflow, and Green Envirotech Holdings LLC.
The fuel derived from plastic is a cleaner burning fuel than conventional ones, owing to its low content of Sulfur. Most of the population in developing countries use Sulfur-heavy diesel. The procedure of extracting fuel from plastic is not intended to replace traditional recycling methods, but to expedite the recycling of a huge number of plastic wastes. Technologies used in plastic to fuel technology are increasingly scalable and can be personalized, suited to the needs of other economies and geographical situations. These do not require large machines. This procedure is also helpful in regions where fuel prices are high and landfill options are limited such as island countries. Governments of such countries can create fuel locally, while removing the waste that harms the region’s reefs, tourism, and waterways.
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Market segmentation based on Type Outlook:
- Polyvinyl Chloride
- Polyethylene Terephthalate
- Catalytic Depolymerization
- Crude Oil
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Frequently Asked Questions Answered in the Report:
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