Global Plastic to Fuel Market to 2028 – Featuring Agilyx, Klean Industries and MK Aromatics Among Others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Plastic to Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis” report has been added to ResearchAndMarkets.com’s offering.

The plastic to fuel market was valued at US$ 3521.09 million in 2021 and is projected to reach US$ 8804.20 million by 2028; it is expected to grow at a CAGR of 14.0% from 2021 to 2028.

With the rise of the human population, rapid economic expansion, ongoing urbanization, and changes in lifestyle, plastic waste production and consumption is rising at an alarming rate. Plastic waste has been a growing concern across the world in recent years. With a growing reliance on plastic, the practice of discarding plastic carelessly has become commonplace. Several waste-to-wealth methods have been created throughout the years to recycle and reuse plastic in novel ways. Converting plastic waste to fuel and making it useable for both residential and industrial needs is one of the current innovations. Plastic to fuel conversion has previously been successfully done in countries such as Japan, Germany, and the US. These three have also been effective in turning conversion processes into viable company models. Similarly, countries such as India and Canada are increasingly adopting the plastic to fuel process.

Based on technology, the pyrolysis segment held the largest share in the global plastic to fuel market. Pyrolysis is a well-known method for producing fuel from plastic. It is a thermal breakdown process that occurs in the absence of oxygen at temperature between 400 and 500C. Pyrolysis penetration in the plastics-to-fuel market is boosted by the rising demand for liquid fuel in the end-user sectors and the cost-effectiveness of pyrolysis over alternative thermal degradation technologies. In addition, there are various sellers of system and equipment components in the market, which reduces downtime and delays in operations. Companies are increasingly considering pyrolysis as a prominent solution for their PTF plants. Agilyx Inc., for example, uses pyrolysis technology in their IP-protected reactor where post-use plastic is broken down for processing. It allows the trash’s energy and raw materials to be repurposed, decreasing the environmental impact of incorrect rubbish disposal.

The COVID-19 outbreak spreading across the globe has critically impacted all industries globally. Any hindrance on industries directly affects the region’s economic development. The unprecedented rise in the number of COVID-19 confirmed cases across the countries and the subsequent lockdown to combat the spread of the virus in the first two quarters of 2020 has led to numerous businesses to come on a standby situation. In 2020, technological investments experienced a dip owing to the above-mentioned reasons. The sudden lockdown imposed in many countries across the world, due to the outbreak, has severely impacted the industrial plants leading to reduced activities. Therefore, the plastic to fuel market witnessed decline in the growth. However, the economy is anticipated to normalize in the coming years and plastic to fuel plants activity throughout the world began to normalize as well in the third quarter of 2021.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global plastic to fuel market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global plastic to fuel market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growing Awareness Regarding Green House Gas Emission from Fuel Making Sector
• Increasing Energy Requirement

Restraints

• Concerns Regarding Usage of Non-renewable Energy Sources

Opportunities

• Introduction of Go Green Process

Future Trends

• Waste to Fuel Initiatives

Companies Mentioned

• Agilyx, Inc
• Cassandra Oil Ab
• Klean Industries Inc.
• Nexus Fuels LLC
• Recycling Technologies Ltd.
• Agile Process Chemicals Llp
• Avantium N.V.
• MK Aromatics Ltd.
• Plastic2Oil, Inc.
• Plastic Advanced Recycling Corp.

For more information about this report visit https://www.researchandmarkets.com/r/qpgeve

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