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| U.S. Plastic-to-Fuel Market |
The global U.S. Plastic-to-Fuel Market is estimated to be valued at US$ 128.21 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic-to-fuel is a process that converts discarded plastic into fuels and
other useful products. It provides an alternative use for plastic waste and
reduces the load on landfills and incineration. The process involves collecting
and sorting plastic, shredding it, cleaning it, and using technologies like
pyrolysis or gasification to break the plastic down into synthetic gas, Diesel
and other fuels.
Market key trends:
One of the key trends in the U.S. Plastic-to-Fuel Market is growing investment
in blockchain technology. Blockchain helps build a transparent and distributed
digital ledger to track plastic waste from collection to conversion. It
supports creating a circular economy by encouraging more sustainable plastic
recycling practices. Companies are using blockchain to improve traceability,
prevent contamination, and streamline inter-company transactions. This is
expected to boost plastic waste conversion rates and drive higher adoption of
plastic-to-fuel technologies.
Segment Analysis
The U.S. plastic-to-fuel market is segmented based on technology into
pyrolysis, gasification, and catalytic decomposition. The pyrolysis segment
dominates the market and accounted for over 45% of the total share in 2023 due
to its ability to convert plastic waste directly into liquid fuels. The
technology uses thermal decomposition of plastic in absence of oxygen to
breakdown the complex hydrocarbon structure of plastics into simpler
hydrocarbon molecules of oil.
Key Takeaways
Market size
The global U.S.
Plastic-To-Fuel Market Growth is expected to witness high growth,
exhibiting a CAGR of 9.3% over the
forecast period, due to increasing adoption of renewable fuel sources and
growing plastic waste management concerns.
Regional analysis
The Western region dominates the U.S. plastic-to-fuel market with over 35%
share due to early adoption of advanced plastic recycling technologies and
stringent environmental regulations regarding plastic waste management in
states like California and Washington.
Key players
Key players operating in the U.S. plastic-to-fuel market are Plastic2Oil,
Agilyx Corporation, Vadxx Energy, and Green Envirotec Holdings. Plastic2Oil is
one of the leading players known for its proprietary technology to produce
ultra-low sulfur diesel and renewable naphtha from plastic waste.
For more insights, read- https://www.ukwebwire.com/u-s-plastic-to-fuel-market-trends-size-and-share-analysis/
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