A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the U.S. plastic-to-fuel market. Presenting exclusive insights into the market from 2015 to 202, the report projects that the market will witness significant growth during the forecast period. The increasing use of plastic and depletion of natural resources are collectively asserting pressure on market players to look for alternate fuel technology. Moreover, plastic to fuel plants emits relatively lower levels of gases than natural gas furnaces, thus serving as a significant growth driver during the forecast period. Additionally, the skyrocketing cost of landfills and increasing environmental concerns are also expected to augment the demand for plastic-to-fuel technologies.
Stringent Emission Norms Propelling Demand for Plastic-to-Fuel Technology in U.S.
Currently, there are multiple technologies such as polymerization, pyrolysis, gasification, etc. that convert plastic to fuel. The plastic-to-fuel market is primarily driven by the high use of plastics, which is subsequently increasing the need for recycling plastic waste. With stringent emission norms in place across the U.S., players in various end uses are looking for alternative energy sources to reduce the usage of plastic and other natural resources. Besides, the low cost of raw materials coupled with increasing availability is further propelling the demand for fuel technology. On this premise, the U.S. is also expected to emerge as a key exporting player in the market, backed by high demand for imports from India, Australis, Japan, China, and Germany.
Environment-friendly Nature of Technology Enabling Applications in Numerous End-use Industries
Owing to its environment-friendly nature, plastic to fuel technologies are finding applications in a wide range of end-use segments, including automotive, industrial, petrochemical, food & beverage, and cosmetics. The demand is primarily channeled towards polypropylene and polyethylene, which account for more than half of the market value as they are converted to gasoline, diesel, LPG, and aromatics. Bolstered by the time-saving conversion process, the technologies are anticipated to find applications in automotive and household segments as well. The high cost of petroleum products is also favoring the market growth, as end-use players are gradually replacing conventional technologies with plastic-to-fuel technologies. On the other hand, the high cost associated with the setup of processing plants is likely to restrain market growth. However, high demand in the U.S. is expected to create lucrative revenue opportunities through the forecast period.