The US plastic-to-fuel industry is expected to grow from its current value of US$ 112.5 million to US$ 221.3 million by the end of 2032. From 2022 to 2032, the projection period, the market is expected to expand at a CAGR of about 7%.
Two of the main drivers of the US Plastic-to-fuel Market growth are the increasing use of plastic and the global demand for alternative energy technologies as a result of depleting natural resources. The rise in the production of waste plastic is driving the need for composting plastic technology, which reduces landfill trash and converts this waste into combustible fuel that complies with environmental regulations.
The industry is seeing an increase in participants due to the plentiful availability of raw materials and their low cost, or more frequently, complete lack of any cost. This is due to the fact that pre-processing has associated costs, and low pre-processing costs are required to maximise profit margin incurred through the use of a machine that converts plastic to gasoline.
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The strong need for an alternative fuel due to depleting natural hydrocarbon resources across the globe is also a strong driver for the U.S. plastic-to-fuel market growth. Furthermore, increasing tipping costs of landfills, coupled with a need for solid plastic waste recycling technology, are key factors leading to growth in the market.
However, the high initial setup cost of waste processing facilities, in addition to technological complexities occurring due to the delicate relationship between the type of waste plastic processed, technology, and the output can pose key challenges for growth.
Revenue Generated through Sale of Processor: Key Segment in the U.S. Plastic-to-Fuel Market
The U.S. plastic-to-fuel market is segmented based on revenue generation models followed by key market players. Revenue generation models include revenue earned through the sale of processors, revenue earned by the sale of fuel produced using conversion technology, and revenues grossed through royalties.
Amongst other segments, revenue generated through the sale of the processors is estimated to account for approximately 70% of the total plastic-to-fuel market in the U.S. However, revenues earned through royalties are anticipated to witness a CAGR of 7.81% during the forecast period, despite being expected to account for a negligible share in revenue in 2020.
Revenue generated through the sale of fuels is estimated to account for less than 40% of the total market in 2020. This model is likely to exhibit a lower CAGR as compared to other segments, which can be attributed to several technical difficulties faced during the plastic-to-fuel conversion process.
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Competitive Landscape
Key players in the plastic-to-fuel business in the U.S. are Plastic2Oil, Vadaxx Energy, Agilyx Corporation and RES Polyflow. The companies active in the market are undergoing expansion plans within and outside the countries. However, one of the key players in the market recently announced the closure of one of the plastic-to-oil production facilities.
Key market players target landfills, municipalities and major industrial plastic waste generators to ensure constant feedstock availability. Companies are raising capital through equity investors to implement these conversion technologies.
U.S. Plastic-to-fuel Market Segmentation by Revenue Generating Model
The U.S. plastic-to-fuel market has been segmented into three revenue generating models, wherein the market revenues can be generated through the sale of processors, the sale of fuels and royalties earned by companies with proprietary technologies. The revenue generated through the sale of processors accounted for the leading share in 2020.
U.S. Plastic-to-fuel Market: Government Grants
As far as the government grants for recycling technologies is concerned, Pyrolysis, which is widely used to convert waste plastic into fuel is not eligible for recycling grants offered by state governments.
This is because the technology is not categorized under recycling technology and is called conversion technology. However, it can still fetch government grants for green job creation and credit incentives for starting a unit in a rural area.
Key Segments Covered The report analyses the U.S. Plastic-to-fuel market based on the following segments:
· Revenue Generation Model
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- Fuel
- Processors
- Royalties
· End Products
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- Crude Oil
- Diesel
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