Plastic-to-fuel is an emerging technology that converts non-recyclable plastic waste into valuable commodities like gasoline, diesel, and various petrochemical feedstocks. This process involves complex chemical recycling of plastic through thermal cracking and pyrolysis. The technology offers an eco-friendly way to deal with plastic waste while also producing useful fuels. The global U.S. Plastic-to-Fuel Market is estimated to be valued at US$ 147.7 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for U.S. Plastic-To-Fuel Market can be attributed to the rising penetration of the technology across different parts of the United States. Many state governments and municipalities are investing heavily in commercial plastic-to-fuel plants to locally manage plastic waste in an environmentally sustainable way. Additionally, major oil companies such as ExxonMobil, Shell, and British Petroleum are partnering with plastic recycling technology providers to build large plastic-to-fuel conversion units. Such initiatives are helping drive the adoption of plastic-to-fuel conversion processes and accelerating market growth over the forecast period.
Segment Analysis
The U.S. plastic-to-fuel market is dominated by the chemical recycling segment. Chemical recycling breaks down plastics into their basic chemical components through processes like pyrolysis and gasification. This allows the material to be utilized as fuels or remanufactured into new plastic products. It is gaining preference over mechanical recycling as it can process mixed plastic waste of different resin types together and provides higher yields.
Key Takeaways
The global U.S. plastic-to-fuel market is expected to witness high growth over the forecast period. Rising plastic waste levels and stringent environmental regulations are driving the demand for sustainable waste management solutions in the country.
Regional analysis: The Western region currently dominates the U.S. plastic-to-fuel market owing to presence of major end-use and plastic manufacturing industries in states like California. The region is estimated to maintain its lead, growing at a CAGR of over 10% during the forecast period due to favorable recycling guidelines and initiatives to reduce plastic pollution levels in states.
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.
Get More Insights On This Topic: https://www.ukwebwire.com/u-s-plastic-to-fuel-market-size-share-analysis-2023-2030/
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