Plastic to fuel market is expected to grow at a considerable rate during the forecast period 2019-2025. The plastic to fuel is a method to convert plastic into fuel in the presence of oxygen and the products are utilized in various applications such as automotive, industrial, food & beverages, agriculture, and others. Additionally, the successive ignition of these waste resulting fuels is the better alternative for presently using fossil fuels. The global plastic to fuel market is influenced by various factors such as the increasing demand for crude oil coupled with the depletion of natural resources, and rising use of plastics coupled with the need for recycling plastics. Moreover, the urgent need for alternative sources of energy is further contributing to the growth of the plastic to fuel market during the forecast period.
The global plastic to fuel market is segmented on the basis of technology and end product. Based on the technology the global plastic to fuel market is further classified into pyrolysis, gasification, depolymerization. The pyrolysis technology segment is estimated to have a significant market share due to simple and cost-effective technology for processing various plastic feedstocks. Depolymerization technology has significant market growth in the plastic to fuel market. On the basis of the end product, the global plastic to energy market is segmented into crude oil, hydrogen, and others such as sulfur. The crude oil segment is estimated to have a significant share in the global plastic to fuel market due to the high demand for crude oil in the automotive and manufacturing industries.
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Moreover, the global plastic to fuel market is further classified on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. North America has a significant market share in the global plastic to fuel market due to strong government policies for recycling of plastics. Asia-Pacific is estimated to have significant market growth owing to the rising demand for petroleum products such as petrol and diesel. Moreover, increasing investment and initiatives programs for the recycling of plastics waste contributing to the growth of the market. Further, Europe has a considerable market share in the global plastic to fuel market due to the high demand for crude oil by the automobile sector in this region.
Plastic to Fuel Market Segmentation
By Technology
· Pyrolysis
· Gasification
· Depolymerization
By End product
· Crude Oil
· Hydrogen
· Others (Sulphur)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
