Plastic To Fuel Technology Market By Type, By Technology, By End-User, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Plastic to Fuel Technology Market is valued to reach USD 2.24 billion by 2025, and is expected to witness a CAGR of 6.79% over forecast period 2020–2026. Increase in non-recyclable plastic wastes, rising need for an additional source of energy, lower emissions from the plastic to fuel plants as compared to natural gas furnaces are key drivers propelling the market.

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Companies are now switching to non-recyclable plastics for generation of fuels for industrial as well as commercial purpose. Plastic to fuel technology is a major part of recycle initiatives that helps in recover clean energy from non-recyclable plastics. The market witness an increase in interest and investments to minimize the waste generated and prevent the economy from having vast landfills. This also infers in generating fuel and other viable products that has resolved power issues in developed countries.

Commercial benefits of plastic to fuel technologies are versatility, viability and production of minimal greenhouse gas. Technically, the plastics to fuel techniques can convert non-recycled plastics into a wide range of useful outputs like petro-based products and other oils. The technologies represent environmental benefits that transforms waste into the huge source of alternative energy. In a recent study, plastic to fuel technologies reduce the greenhouse gas emissions by more than 60% owing to the new techniques used in crude oil extraction.

Plastic To Fuel Technology Market Trends, Drivers and Opportunities:

The plastic to fuel technology market is highly driven by growing cost of landfills and rise in environmental concerns. Growing dependency on oil as a fuel is highly evident as there are robust projects based on infrastructural development in various countries. Alternate need for fuel sources that are energy dependent are anticipated to be the major cause of plastics turning to fuel. In major instances, the cost of material tends to be low in order to produce fuel from plastics.