Report : North America 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 12.9% CAGR, the North America Plastic to Fuel Market is speculated to be worth US$ 1,827.67 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America plastic to fuel market was valued at US$ 884.40 million in 2022 and is expected to reach US$ 1,827.67 million by 2028, registering an annual growth rate of 12.9% from 2022 to 2028. Waste to fuel initiatives and introduction of go green process are the critical factors attributed to the market expansion.
With the rise of the human population, rapid economic expansion, ongoing urbanization, and changes in lifestyle, plastic waste production and consumption is rising at an alarming rate. Plastic waste has been a growing concern across the world in recent years. With a growing reliance on plastic, the practice of discarding plastic carelessly has become commonplace. Several waste-to-wealth methods have been created throughout the years to recycle and reuse plastic in novel ways. Converting plastic waste to fuel and making it useable for both residential and industrial needs is one of the current innovations. Plastic to fuel conversion has previously been successfully done in country such as, the US. Similarly, countries such as India and Canada are increasingly adopting the plastic to fuel process.
On the contrary, concerns regarding usage of non-renewable energy sources hurdles the growth of North America plastic to fuel market.
- Based on technology, the North America plastic to fuel market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis segment held 65.1% market share in 2022, amassing US$ 575.61 million. It is projected to garner US$ 1,193.60 million by 2028 to expand at 12.9% CAGR during 2022–2028.
- Based on end product, the North America plastic to fuel market is segmented into crude oil, hydrogen, and others. The crude oil segment held 61.9% market share in 2022, amassing US$ 547.54 million. It is projected to garner US$ 1,082.05 million by 2028 to expand at 12.0% CAGR during 2022–2028.
- Based on country, the North America plastic to fuel market has been categorized into US, Canada, and Mexico. Our regional analysis states that US captured 77.2% market share in 2022. It was assessed at US$ 683.19 million in 2022 and is likely to hit US$ 1,389.03 million by 2028, exhibiting a CAGR of 12.6% during the forecast period.
Key players profiles in the North America plastic to fuel market report are Agilyx; Klean Industries Inc; Nexus Fules; Plastic2Oil, Inc; Cassandra Oil AB; BRADAM GROUP; RESYNERGI; Plastic Advanced Recycling Corg; and OMV Aktiengesellschaft among others.
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