According to projections, the US plastic-to-fuel market will be worth US$ 1,296.6 million in 2023 and US$ 1,926.9 million by 2033.
Due to the importance of a clean environment, there is an increasing need for energy produced from garbage. Governments in several places have started using plastic to make energy due to increased home and industrial waste. In the upcoming years, the market profits from favorable regulatory conditions mixed with government assistance in the form of tax advantages and financial incentives.
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The usage of non-renewable energy sources is raising environmental concerns, which is likely to restrain industry expansion. Fuel cells that run on hydrogen are free of pollutants. Thus, they have gained popularity over the past ten years and are often used to power cars and buses. These factors are anticipated to support hydrogen production from polymers during the course of the forecast period.
For instance, Oregon.gov attended clean fuel initiatives in 2022. By enabling gasoline providers to sell credits they have earned by exceeding the reduction objectives for that year, the clean fuel program promotes decreases in carbon intensity. The corporation reserves those extra credits to cover potential deficits in the future or to use for future sales if demand rises.
Key Takeaways
- During 2018 to 2022, the United States plastic-to-fuel business was expanding with a CAGR of 3.2%.
- The United States plastic-to-fuel business had a valuation of US$ 1,240.8 million in 2022.
- Recent years have seen some interesting developments in waste-to-energy technology, and the plastic-to-fuel market is positioned to profit from this development. These new technologies provide more effective and eco-friendly ways to turn garbage into electricity, making them an increasingly appealing choice for enterprises and communities.
- It is now exceedingly difficult for market participants to transform waste into fuel since it is less profitable than manufacturing traditional petrol.
- The technologies that convert plastic into fuel are opportunistic and show a bright future for plastic producers. Yet, the current situation of turning trash into energy is less lucrative than that of producing conventional gasoline.
- Based on technology, pyrolysis segment led the market with a share of 65.3% in 2022.
- Based on end users, the oil segment dominated the market with a share of 55.1% in 2022.
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Competitors Winning Strategies
- The Municipal Solid Waste (MSW) category significantly boosted the United States Plastic-to-Fuel market growth in December 2020, contributing around US$ 85 million to the total plastics-to-fuel market share.
- The Trump administration published a series of proposed regulations in 2021 promoting the use of vehicles fueled by plastic. Companies are required to use more recycled plastic in their goods under the proposed laws, and more alternative fuel vehicle manufacturers are eligible for tax incentives.
- Oil Refiner, SK Inc. is preparing to collaborate with Jeju Clean Energy in May 2021 to create upcycling technology for converting plastic waste into petrochemical raw materials.
Key Segments
By Revenue Generation Model:
- Fuel
- Processors
- Royalties
By Technology:
- Pyrolysis
- Depolymerization
- Gasification
By End Products:
- Crude Oil
- Sulphur
- Hydrogen
- Diesel
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
- Europe
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