U.S. Plastic-to-Fuel Market Set to Witness High Growth Owing to Increasing Plastic Waste
The U.S. plastic-to-fuel market involves converting non-recycled plastics into liquid fuels such as gasoline, diesel, and jet fuel using thermal cracking or pyrolysis technology. Plastics such as polyethylene terephthalate (PET) bottles and polypropylene containers that cannot be mechanically recycled are processed in plastic-to-fuel facilities. The fuels produced can be used to power vehicles, generators or for other applications. 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 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The key driver for the high growth of the U.S. plastic-to-fuel market is the increasing plastic waste generation due to rising plastic consumption. It is estimated that around 35 million tons of plastic waste is generated in the United States each year. However, the U.S. recycling rate for plastics is only around 8-9% due to limitations of traditional mechanical recycling processes. Plastic-to-fuel technology provides an effective solution to tackle the plastic waste problem by converting non-recycled plastics into useful fuels. Moreover, plastic-to-fuel plants also help reduce dependence on fossil fuels by providing supplemental fuels from recovered plastics. For example, Anthropic's plastic-to-fuel technology can process around 110 million pounds of plastic waste annually to produce over 15 million gallons of renewable gasoline, diesel and jet fuels.
SWOT Analysis
Strength: The U.S. plastic-to-fuel market has witnessed strong growth in recent years driven by increasing awareness about environmental protection. This has led several companies to invest in R&D to develop innovative technologies for converting non-recyclable plastic waste to fuels.
Weakness: High capital investments required for setting up plastic-to-fuel plants pose a major challenge for small and mid-sized companies. Dependence on plastic waste collection also makes the supply of raw materials uncertain at times.
Opportunity: Growing restrictions on plastic usage and landfill of plastic waste provide a huge opportunity for companies in this market. Favorable government policies and incentives for conversion of waste to energy also encourage investments. Emerging technologies like pyrolysis and gasification could further reduce costs.
Threats: Fluctuations in oil prices can impact the demand for plastic-to-fuel. Availability of cheaper alternatives like incineration poses competition. Strict emission norms may increase compliance costs.
Key Takeaways
The Global U.S. Plastic-to-Fuel Market Growth is expected to witness high over the forecast period.
Regional analysis: North America accounts for over 35% share of the U.S. plastic-to-fuel market led by the U.S. Strict implementation of bans on single-use plastic and landfill of waste plastic has propelled regional market growth. Investments in pyrolysis and gasification technologies have made the U.S. a pioneer in plastic-to-fuel conversion.
Key players: Key players operating in the U.S. plastic-to-fuel market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. These companies have been focusing on developing advanced systems to produce alternative fuels from non-recyclable plastic waste.
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