Report : Asia-Pacific 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)
At 18.9% CAGR, the Asia Pacific Plastic to Fuel Market is speculated to be worth US$ 4,387.33 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific plastic to fuel market was valued at US$ 1,554.95 million in 2022 and is expected to reach US$ 4,387.33 million by 2028, registering an annual growth rate of 18.9% from 2022 to 2028. Growing awareness regarding greenhouse gas emission from fuel making sector and increasing energy requirement are the critical factors attributed to the market expansion.
In 2016, the world created an estimated 2.01 billion tons of municipal waste. The amount of municipal waste is expected to reach 3.4 billion tons by 2050. Food and green waste account for 44% of worldwide garbage, while dry recyclables such as paper, cardboard, plastic, glass, and metal account for 38%. Due to economic development, population expansion, and the degree of urbanization, it is predicted that the quantity of waste created may continue to rise. However, at least 33% of garbage is thrown in the open and is not managed in an environmentally friendly manner. Approximately 93% of garbage is burnt or deposited on road easements, open areas, or rivers, particularly in low-income nations. Nonrecyclable polymers such as polystyrene, polyethylene terephthalate (PET), and polyvinyl chloride (PVC) are currently the major sources of concern. More than 90% of plastic is not recycled and is discarded, landfilled, or simply poured into the ocean instead. Only 9–10% of waste plastic has been collected and recycled, implying that only 9–10% of waste plastic has been collected and recycled. This opens up a huge market potential for the plastic-to-fuel industry, since recycling these waste plastics will produce nonrecyclable waste plastics that can be used in PFT in the not-too-distant future. As a result, the demand for plastic to fuel facilities is projected to rise as nonrecyclable plastics are recovered from recycling facilities and new/landfill sources. Waste to energy (WTE), in particular, has a role to play in achieving the transformation to a sustainable energy ecosystem as a renewable energy source to reduce greenhouse gas (GHG) emissions, a clean demand response option, an eco-industrial park design consideration, and sometimes the only option for end-of-life waste treatment.
On the contrary, concerns regarding usage of non-renewable energy sources hurdles the growth of Asia Pacific plastic to fuel market.
- Based on technology, the Asia Pacific plastic to fuel market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis segment held 65.1%market share in 2022, amassing US$ 1,012.82 million. It is projected to garner US$ 2,868.72 million by 2028 to expand at 18.9% CAGR during 2022–2028.
- Based on end product, the Asia Pacific plastic to fuel market is segmented into crude oil, hydrogen, and others. The crude oil segment held 61.3% market share in 2022, amassing US$ 953.69 million. It is projected to garner US$ 2,556.80 million by 2028 to expand at 17.9% CAGR during 2022–2028.
- Based on country, the Asia Pacific plastic to fuel market has been categorized into Australia, China, India, Japan, South Korea, and rest of Asia Pacific. Our regional analysis states that China captured 45.2% market share in 2022. It was assessed at US$ 702.27 million in 2022 and is likely to hit US$ 1,849.26 million by 2028, exhibiting a CAGR of 17.5% during the forecast period.
Key players profiles in the Asia Pacific plastic to fuel market report are Agilyx; Klean Industries Inc; Plastic2Oil, Inc; Cassandra Oil AB; MK Aromatics Limited; and OMV Aktiengesellschaft among others.
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