The global plastic-to-fuel market has been thriving at a phenomenal pace in recent years as the demand for alternative fuel soars amidst climate change crises. According to Fairfield Market Research, the global plastic-to-fuel (PTF) market was valued at US$900.3 Mn in 2020 and is anticipated to be worth US$1,884.3 Mn in 2026, registering a CAGR of 13.8% during the forecast period. The intensifying recycling initiatives are expected to drive the market as plastic-to-fuel technologies are based on the recovery of clean energy from plastic waste.
Globally, more than 375 million metric tons of plastic were produced. Around 8% of the oil produced in the world is utilized to manufacture plastic. More than 90% of plastic are still not recycled and are dumped, landfilled, or simply drained in the ocean. Thereby, only 10% of waste plastics have been collected and recycled. Non-recyclable plastics usually land up in landfill facilities. Thus, plastic-to-fuel technologies can recover energy from non-recyclable plastics and thus, minimize excess landfilling on non-recyclable plastics in landfill sites. Along with marketable products such as diesel, gasoline, etc., plastics-to-fuel technologies offer the opportunity to reduce greenhouse gas emissions by up to 60%-70% over new forms of crude oil extraction.
Europe is the world leader in terms of active plastic-to-fuel facilities. In 2020, Europe accounted for the major share of the global market and has plans to add more than 12 new PTF facilities in U.K. in the next few years. The current COVID-19 pandemic has impacted the global plastic-to-fuel market in terms of delays in funding and procurement of raw material i.e. plastic waste. The sudden halt in operation, delay in plant maintenance, and unavailability of raw material resulted in the temporary shut-down of several facilities across the globe.
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