Market Segmentation

The global plastic to fuel market is segmented based on technology, end-fuel, and region. Based on the technology segment, the market classifies as pyrolysis, depolymerization, and gasification. The end-fuel segment is further categorized into hydrogen, sulfur, crude oil, and others.

Market By Technology

• Pyrolysis
• Depolymerization
• Gasification

Among technology, the pyrolysis segment dominated the market with largest share in 2020. At present, pyrolysis technology is mostly used in waste plastic management instead of landfill or granulation recovery, because it can convert various types of waste plastics to fuel oil. This not only effectively manages waste plastic but also provides a significant economic benefit. Thus, with such a benefit, the waste plastic pyrolysis oil project grows in popularity and favor among customers from all walks of life.

Market By End-Fuel

• Sulfur
• Hydrogen
• Crude Oil
• Others

By end-fuel, crude oil contributed to the major market share in 2020. The widespread use of crude oil derived from plastic in automobiles, power generators, ships, boilers, and construction vehicles and equipment propels the market growth in the coming years. For instance,a team of researchers from Illinois Sustainable Technology Center in collaboration with the U.S. Department of Agriculture successfully converted plastic bags into fuel in 2016. They used high-density polyethylene bags to create plastic crude oil (PCO) in the process.

Plastic-to-Fuel Market Regional Overview

Multiple plastic to fuel conversion facilities in Europe fuels the regional growth

In 2020, the European region acquired the maximum share owing to the presence of a majority of the fuel conversion facilities offering high recycling and energy recovery rate from plastic wastes. EU countries such as Germany, Austria, and Switzerland have high plastic recycling rate that drives the companies to develop efficient plastic to fuel conversion technologies. Favorable government support and stringent regulations for clean energy in the region are also some driving factors of the European plastic to fuel market. For instance, EU waste legislation mandates countries to recycle plastic wastes by about 55% by 2025.

However, the Asia-Pacific region is also having a robust plastic to fuel market trend and stood for the second-largest market in 2020. China, India, and Japan are the major countries contributing to the significant share of the APAC plastic to fuel market. The rising urbanization & industrialization along with the favorable government regulations are likely to gain significant impetus for the APAC market during the forecast period from 2021 to 2028.

Plastic-to-Fuel Market Competitive Landscape

This section of the report pinpoints various key vendors of the market. Some of the prominent vendors offered in the report include Agilyx Corporation, Alterra Energy, Klean Industries,, Plastic2Oil, Inc., CBS Technologies, Neste, RES Polyflow, Green Envirotec Holdings LLC, and others.

The companies operating in the market are facing stiff competition and thus they get involved in new business strategies to compete in the market. For instance, on November 19, 2020 –Nexus and Shell announced that they have signed a supply agreement to scale up to commercial production of chemicals from plastic waste. The agreement spans four years and 60,000 tonnes of pyrolysis liquid made from plastic waste would be converted into chemical products.