Report : Europe 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 15.7% CAGR, the Europe Plastic to Fuel Market is speculated to be worth US$ 1,593.50 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Europe plastic to fuel market was valued at US$ 662.58 million in 2022 and is expected to reach US$ 1,593.50 million by 2028, registering an annual growth rate of 15.7% from 2022 to 2028.Increasing energy requirement and growing awareness regarding greenhouse gas emission from fuel making sector are the critical factors attributed to the market expansion.
Electricity is at the heart of modern economies, and it accounts for an increasing proportion of energy services. As a result of increased family incomes, electrification of transportation and heat, and a rise in demand for digital linked gadgets and air conditioning, the energy demand is expected to rise even more. Based on the current stated policies Scenario, the global electricity consumption will grow at a rate of 2.1% per year until 2040, more than double the rate of primary energy demand. As a result, electricity's share of total final energy consumption will increase from 19% in 2018 to 24% in 2040. In emerging nations, the increase in energy consumption is projected to be particularly large. Government policies, market conditions, and available technology all work together in the Stated Policies Scenario to shift energy supply toward low-carbon sources, with their share growing from 36% (current share) to 52% in 2040. Furthermore, the rising electricity demand was one of the main reasons why global CO2 emissions from the power sector reached a new high in 2018. However, the commercial availability of a diverse range of low-emission generation technologies places electricity at the forefront of efforts to combat climate change and pollution, which is increasing the demand for alternate solutions, thereby resulting in PTF market expansion.
On the contrary, concerns regarding usage of non-renewable energy sources hurdles the growth of Europe plastic to fuel market.
- Based on technology, the Europe plastic to fuel market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis segment held 66.7% market share in 2022, amassing US$ 442.06 million. It is projected to garner US$ 1,064.02 million by 2028 to expand at 15.8% CAGR during 2022–2028.
- Based on end product, the Europe plastic to fuel market is segmented into crude oil, hydrogen, and others. The crude oil segment held 57.2% market share in 2022, amassing US$ 379.30 million. It is projected to garner US$ 861.99 million by 2028 to expand at 14.7% CAGR during 2022–2028.
- Based on country, the Europe plastic to fuel market has been categorized into France, Germany, Italy, UK, Russia, and rest of Europe. Our regional analysis states that UK captured 32.9% market share in 2022. It was assessed at US$ 217.72 million in 2022 and is likely to hit US$ 519.16 million by 2028, exhibiting a CAGR of 15.6% during the forecast period.
Key players profiles in the Europe plastic to fuel market report are Agilyx; Klean Industries Inc; Plastic2Oil, Inc; Cassandra Oil AB; Plastic Advanced Recycling Corg; and OMV Aktiengesellschaft among others.
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