North America Plastic to Fuel Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Technology (Pyrolysis, Gasification, and Depolymerization) and End Product (Crude Oil, Hydrogen, and Others)

North America Plastic to Fuel Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Technology (Pyrolysis, Gasification, and Depolymerization) and End Product (Crude Oil, Hydrogen, and Others)

The plastic to fuel market in North America is expected to grow from US$ 884.40 million in 2022 to US$ 1,827.67 million by 2028. It is estimated to grow at a CAGR of 12.9% from 2022 to 2028.

Introduction of Go Green Process

Plastic to fuel initiatives is starting to gain traction in the energy industry, as more people become aware of the widespread environmental damage caused by single-use plastics and people's insufficient recycling habits. This is prompting researchers to look for new ways to dispose of the growing plastic output. An increase in government subsidies for green technology development and attempts to encourage such technologies through increased financing are projected to provide significant market growth possibilities. Furthermore, the government's tightening of energy-security regulations is pressuring businesses to invest in environmentally friendly research. Plastics-to-fuel is a promising option for not just reducing pollution but also bringing major economic benefits to regions. According to the American Chemistry Council, plastic-to-fuel plants in the US alone would generate over 39,000 employment and nearly US$ 9 billion in economic output, indicating that the worldwide market potential for this business is enormous.

Market Overview

The US, Canada, and Mexico are the key contributors to the plastic to fuel market in the North America. According to the data published by the US Environmental Protection Agency (EPA) and American Chemistry Council, the US generated 35.7 million tons of plastic waste in 2018 which accounted for 12.2% of the country’s total municipal solid waste. The association also stated that only 8.7% (around 3 million tons) was recycled and 5.6 million tons of waste was combusted for energy recovery. However, the rest of the plastic waste was dumped in landfills, leaving an adverse impact on the environment. Additionally, Canada also produces huge plastic waste every year impacting the ocean and the coastlines across the country. According to the Canadian government, the country uses almost 15 billion plastic bags annually and approximately 57 million straws every day. The rising government initiatives across North America to recycle plastic waste and reduce its impact on the environment are influencing the growth of the North America plastic to fuel market across the region. For instance, in May 2021, The US Department of Energy (DoE) announced the investment of US$ 14.5 million on research and development activities to reduce plastic wastes such as plastic bags, wraps, and films. The rising initiatives by major players to build plastic pyrolysis plants across the region are expected to contribute to the growth of the North America plastic to fuel market. For instance, Braven Environmental, LLC is planning to open a plant in central Virginia which is expected to recycle 65,000 tons of plastic annually to produce 50 million liters of a diesel-like hydrocarbon blend. Similarly, ENCINA is finalizing designs on opening its first plant in the US which is expected to recycle 160,000 metric tons of plastic waste annually to produce 90,000 tons BTX. Thus, the rising investments by companies across the region are expected to contribute to the growth of the market over the forecast period.

North America Plastic to Fuel Market Segmentation

The North America plastic to fuel market is segmented into technology, end product, and country.

Based on technology, the market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis segment registered the largest market share in 2022.

Based on end product, the market is segmented into crude oil, hydrogen, and others. The crude oil segment held a largest market share in 2022.

Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.

Agilyx; Klean Industries Inc; nexus FUELS, LLC; Plastic2Oil, Inc; Cassandra Oil AB; Bradam Group, LLC; RESYNERGI; Plastic Advanced Recycling Corp.; and OMV Aktiengesellschaft are the leading companies operating in the plastic to fuel market in the region.

Reasons to Buy

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