High levels of plastic consumption globally and strict government standards to reduce the use of plastics are driving the market revenue growth
NEW YORK CITY, NEW YORK, USA, August 2, 2022 /EINPresswire.com/ — The fuel plastic technology market The size is expected to reach USD 648.1 million in 2028 and register a CAGR of 13.5% over the forecast period, according to the latest report from Reports and Data. Rising concerns over extreme environmental damage caused by high levels of plastic consumption globally are driving the market revenue growth. Furthermore, increased awareness of converting plastic into fuel is expected to drive the market growth in the near future.
An insufficient recycling process is leading researchers to look for other methods of disposing of the plastic waste that accumulates. Approximately less than 5% of the plastics produced each year are recycled. Most plastics end up in the oceans, posing a threat to marine life. Waste that has already been dumped into the oceans would take at least 450 years to biodegrade. Adopting plastic technology as a fuel not only offers significant economic benefits, but also reduces the growing level of pollution. According to resources, plastic-to-fuel technology plants would create about 39,000 jobs in the United States alone. This factor is also driving the growth of the plastic for fuel technology market.
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Large Companies Agile Process Chemicals, Beston Machinery, Global Renewables, Klean Industries, MK Aromatics, Plastic Energy, Plastic2Oil, Vadxx Energy, RES Polyflow and Green Envirotech Holdings LLC.
Other key findings from the report suggest
Polystyrene is one of the most widely used plastics. It is found in take-out cups and egg cartons. It is also used in packaging materials that cushion goods during shipping. This type of plastic is used for fuel conversion and hence is expected to grow at a significant rate over the forecast period. However, polystyrene and polystyrene materials have become a matter of concern as sophisticated facilities are required to accelerate the degradation process.
Pyrolysis is seen as the sustainable control of plastic waste, as well as the production of liquid petroleum as an energy source, as well as solid coal and gas as value-added products. This process includes the thermal degeneration of large chain hydrocarbons or complex molecules into smaller chain hydrocarbons or smaller particles. Pyrolysis is widely seen as a promising technology for converting waste plastics into a wax/oil product, which can be used as a substantial substitute for fuel oil or as a feedstock by the petrochemical industry.
Crude oil has a variety of applications, including the use of gasoline to power cars, the use of oil to heat buildings and diesel fuels, the use of residual fuels in large ships, power stations and electricity Neste, for example, is studying the use of plastic waste as a raw material for fuels, chemicals and new plastics. Neste has launched an advancement project to use liquefied plastic waste as feedstock for its fossil fuel refinery.
The market in North America accounted for a major share of revenue in 2020. In the United States, the government has implemented strict policies to ensure energy security. The country is also showing a growing demand and consumption of plastics. For example, a Canadian company has found a method to convert ubiquitous plastic destined for landfills into diesel fuel and gasoline. This technology is already being used by the Sparta Group, the company behind a pilot project known as Phoenix, to power the company’s fleet of trucks.
Segments covered in the report:
Type Outlook (Revenue, USD Million; 2018-2028)
Technology Outlook (Revenue, USD Million; 2018-2028)
End Fuel Outlook (Revenue, USD Million; 2018-2028)
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Regional Outlook (Revenue, USD Million; 2018-2028)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
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