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:
Plastic-to-fuel is a process that converts discarded plastic into fuels and other useful products. It provides an alternative use for plastic waste and reduces the load on landfills and incineration. The process involves collecting and sorting plastic, shredding it, cleaning it, and using technologies like pyrolysis or gasification to break the plastic down into synthetic gas, Diesel and other fuels.
Market key trends:
One of the key trends in the U.S. Plastic-to-Fuel Market is growing investment in blockchain technology. Blockchain helps build a transparent and distributed digital ledger to track plastic waste from collection to conversion. It supports creating a circular economy by encouraging more sustainable plastic recycling practices. Companies are using blockchain to improve traceability, prevent contamination, and streamline inter-company transactions. This is expected to boost plastic waste conversion rates and drive higher adoption of plastic-to-fuel technologies.
Segment Analysis
The U.S. plastic-to-fuel market is segmented based on technology into pyrolysis, gasification, and catalytic decomposition. The pyrolysis segment dominates the market and accounted for over 45% of the total share in 2023 due to its ability to convert plastic waste directly into liquid fuels. The technology uses thermal decomposition of plastic in absence of oxygen to breakdown the complex hydrocarbon structure of plastics into simpler hydrocarbon molecules of oil.
Key Takeaways
Market size
The global U.S. Plastic-To-Fuel Market Growth is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period, due to increasing adoption of renewable fuel sources and growing plastic waste management concerns.
Regional analysis
The Western region dominates the U.S. plastic-to-fuel market with over 35% share due to early adoption of advanced plastic recycling technologies and stringent environmental regulations regarding plastic waste management in states like California and Washington.
Key players
Key players operating in the U.S. plastic-to-fuel market are Plastic2Oil, Agilyx Corporation, Vadxx Energy, and Green Envirotec Holdings. Plastic2Oil is one of the leading players known for its proprietary technology to produce ultra-low sulfur diesel and renewable naphtha from plastic waste.
For more insights, read- https://www.ukwebwire.com/u-s-plastic-to-fuel-market-trends-size-and-share-analysis/
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