by The U.S. plastic-to-fuel market involves converting non-recyclable plastic waste into liquid fuels like gasoline, diesel and jet fuel. The process offers a sustainable way of managing plastic waste while also producing alternative fuels to meet the country’s growing energy needs. Plastic-to-fuel technology breaks down plastic through pyrolysis or gasification at high temperatures in oxygen-free conditions to produce synthetic gas and liquid fuel without burning. The gas and liquid are further refined through standard oil refining techniques to produce drop-in fuels compatible with existing infrastructure. The global U.S. plastic-to-fuel market is estimated to be valued at US$ 128.21 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends fueling the growth of the U.S. plastic-to-fuel market is the increased adoption of sustainable alternatives to manage plastic waste. Landfills in the country are filling up rapidly due to growing plastic use and single-use consumption patterns. At the same time, incineration releases toxic chemicals into the air. Plastic-to-fuel technology provides a viable solution by converting non-recyclable plastic into energy. It has gained traction as a method that supports both waste management and energy security goals. States and municipalities are proactively supporting plastic-to-fuel plants through policies and incentives in light of severe waste management challenges posed by plastic. This growing policy support and focus on sustainability is expected to further propel the plastic-to-fuel market in the region over the forecast period.
SWOT Analysis
Strength: The U.S. plastic-to-fuel market has strong support from the government in the form of funding and initiatives to encourage adoption of renewable fuels.
Weakness: High capital expenditure requirement for setting up plastic-to-fuel plants. Collection and sorting of plastic waste is also a challeng
Opportunity: Increasing plastic waste generation combined with landfill bans provides significant opportunity to process plastic waste into liquid fuels.
Threats: Fluctuations in crude oil prices can impact the price competitiveness of plastic-to-fuel against conventional petroleum fuels.
Key Takeaways
The Global U.S. Plastic-To-Fuel Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 128.21 Bn growing at a CAGR of 13%.
Regional analysis:
North America currently dominates the global plastic-to-fuel market owing to extensive R&D efforts and funding for plastic waste management technologies. The U.S. accounts for the largest share in North America due to regulatory push for adoption of advanced waste treatment technologies.
Key players:
Key players operating in the U.S. plastic-to-fuel market are TAKARA BIO Inc., PHARMICELL Co., Ltd., MEDIPOST Co., Holostem Terapie Avanzate S.r.l, Bio-Rad Laboratories, Anterogen Co., Ltd., Osiris Therapeutics, Inc (Smith & Nephew PLC), Minaris Regenerative Medicine (Hitachi Chemical Co., Ltd.), Nikon CeLL Innovation Co. Ltd. (Nikon Corporation), Medinet Co. Ltd., Cell and Gene Therapy Catapult, Bio Elpida, Miltenyi Biotec, Pluristem Therapeutics Inc., Thermo Fischer Scientific, Merck Group, Corning Incorporated, Stem Cell Technologies, Lonza Group, Becton, Dickinson and Company, Sartorius, and Cellular Dynamics (Fujifilm Holdings Corporation, among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
