Plastics-To-Fuel (PTF) Market 2021 | Know the Latest COVID19 Impact Analysis and Strategies, By 2026

Plastics-To-Fuel (PTF) Market 2021 | Know the Latest COVID19 Impact Analysis and Strategies, By 2026

Driven by the need for high-quality sustainable fuels, global plastics-to-fuel (PTF) market size is expected to witness a CAGR of over 2.6% through 2026, exceeding an annual valuation of US$590 million.

Exploring sustainable ways to dispose plastic waste has never been more important. With increasing awareness regarding the environmental damage caused by single-use plastics and improper recycling practices, researchers worldwide are seeking alternative plastic disposal methods. These trends have fueled developments in plastics-to-fuel (PTF) market conversion, an advanced technology used to concert plastic waste into piqued fuels.

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Numerous countries have undertaken initiatives to lower their carbon footprint substantially over the next few decades, which have created a strong need for pyrolysis oil in the fuel manufacturing business.

Plastic waste can be obtained from industries, municipal solid waste (MSW), and other sources such as agriculture waste, e-waste, and medical waste plastics-to-fuel (PTF) market share from other sources is projected to expand at a CAGR of 2.5% through 2026. Asia Pacific countries including Malaysia and Indonesia account for more than 60% of plastic waste generated from these sources. The lack of suitable waste management often results into large amount of landfilling and open dumping of waste. These factors are likely to augment the adoption of PTF technology.

Considering the type of depolymerization, plastics-to-fuel (PTF) market size from catalytic degradation segment is estimated to be worth US$50 million by 2026. The selection of depolymerization technology mainly depends on the required fuel type. Catalytic degradation is widely preferred as it the process efficiency by minimizing the energy consumption rate required for converting plastic waste to fuel.

In terms of the regional outlook, Asia Pacific is expected to capture more than 20% revenue share of PTF industry by 2026. Over the past several years, South Korea and Japan have experienced a notable uptick in energy recovery rate from plastic waste. South Korea has also planned to boost its plastic recycling rate from 34% to 70% by 2030. However, the country is still largely dependent on foreign imports for plastic to fuel conversion. Consequently, this has resulted in a considerable drop in demand as well as price of domestic plastic waste.

Processing of plastic waste contaminated with unwanted goods and materials is a major challenge for recycling companies due to higher collection and processing costs. In order to help address these challenges, respective governments have undertaken several initiatives to subsidize these companies and promote utilization of domestic plastic waste in recycling. In the near future, favorable government policies and initiatives and a well-established waste recovery and recycling industry will positively influence PTF trends.

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Meanwhile, North America is likely to account for more than 20% revenue share of global plastics-to-fuel (PTF) market by 2026. Regional developments in the industry can be largely attributed to increasing recycling rate and waste-to-energy (WtE) recovery rate in the U.S. As per reports, the country generated over 250 million tons of waste, of which nearly one-fourth was recycled and about 12% was used to generated sustainable energy. Regional players are actively investing in research and development to further enhance recycling and WtE recovery rates and unlock the full potential of PTF technology.

Outbreak of the global COVID-19 pandemic in 2020 and government restrictions on movement of people and goods have affected PTF industry outlook to some extent. However, gradual ease of restrictions in many regions increasing amount of solid waste generated due to a massive upsurge in online shopping is expected to augment the market share in the near future.

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