by The global U.S. Plastic-to-Fuel Market is estimated to be valued at US$ 128.21 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. plastic-to-fuel market involves the conversion of plastic waste into fuels like diesel, gasoline and others. Plastic wastes are difficult to dispose when collected in huge amounts. Plastic-to-fuel conversion helps convert plastic into liquid fuels through processes like pyrolysis, gasification and depolymerization. The converted fuels can be further used in automobiles, generators and other applications. This conversion process aids in reducing plastic waste and generating alternative energy sources using plastic as feedstock.
Market key trends:
One of the key trends in the U.S. plastic-to-fuel market is increasing utilization of advanced pyrolysis technology. Advanced pyrolysis utilizes thermal cracking process to break down plastic waste in absence of oxygen at elevated temperature. This yields higher production of synthetic crude oil and also reduces emissions. Several companies are focusing on developing advanced pyrolysis systems for efficient plastic-to-fuel conversion. Moreover, growing focus on circular economy is another major trend. Recovering value from plastic wastes through conversion to fuels supports circular economic model of sustained resource utilization. This is encouraging more industries and governments to invest in plastic-to-fuel plants.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the U.S. Plastic-to-Fuel Market as it requires high initial investments for plant and machinery.
Bargaining power of buyers: The bargaining power of buyers is low due to the presence of many established players and lack of substitutes of plastic-to-fuel.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials such as plastic waste are abundantly available.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for converting plastic waste into fuels.
Competitive rivalry: High as the market is dominated by few global players.
Key Takeaways
The global U.S. Plastic-To-Fuel Market Growth is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing need for alternative fuels and high dependency on fossil fuels for energy needs. The market size for 2023 is US$ 128.21 Bn.
Regional analysis: The western region dominates the U.S. Plastic-to-Fuel Market with over 30% share due to growing demand for alternate fuels and high collection and recycling rates of plastic waste. States like California and Washington are emerging as major markets.
Key players: Key players operating in the U.S. Plastic-to-Fuel Market are Plastic2Oil, Agilyx Corporation, Vadxx Energy, and Green Envirotec Holdings. Plastic2Oil leads the market with its patented thermal conversion technology to convert mixed plastic waste into high-quality synthetic fuels and chemicals.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
