Plastics-To-Fuel (PTF) Market Size, By Source (Municipal Solid Waste (MSW), Industrial), By Depolymerization (Thermal Degradation [Pyrolysis, Gasification, Hydrogenation], Catalytic Degradation), By Fuel Type (Solid, Liquid, Gaseous), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Plastics-to-fuels market is projected to expand exponentially over the coming years owing to the depleting natural resources, increase in use of plastic, and increasing need for recycling facilities. Plastics deliver several benefits which make the modern life possible for people. They are helpful in keeping foods fresh for a longer time, for keeping innumerable medical supplied safe and sterile, insulating households so that consumers use less energy, and for reducing the car weight for utilization of less amount of fuel.
However, while some plastics are recycled, most of them are not, and ending up being buried in landfills or being littered, entering marine ecosystems, causing harmful environmental degradation. to overcome this challenge, new set of technologies are further helping convert non-recycled plastics into a range of fuels, industrial feedstocks, and crude oil. These technologies are known as plastics to fuel. This new technology is scalable and effectively be customized in order to meet the requirements of numerous geographies and economies, having no requirement for machines.
The plastics-to-fuels market is bifurcated in terms of source, depolymerization, fuel type, and regional landscape.
Based on source, the PTF market is classified into industrial, MSW (municipal solid waste), and others including medical waste, e-waste among others. Municipal solid waste segment is projected to grow at a rate of 2.7% over the projected timeframe. Increasing landfilling issues across Asia Pacific and Latin America will drive need for sourcing MSW for converting plastics-to-fuels. As per estimates, approximately, 90% of the population in Latin America will live in urban areas by the year 2050. Factors such as economic crisis across the globe along with rapid urbanization has further resulted in a waste management crisis.
In terms of depolymerization, the overall plastics-to-fuels market is segmented into catalytic degradation, hydrogenation, gasification, pyrolysis, and thermal degradation. Gasification segment will be holding considerable share of over 4% in the global market over projected time period. The quality of feedstock materials and production cost of the depolymerization will be key factors responsible in depicting growth of gasification in PTF market.
With respect to fuel type, the PTF market is categorized into gaseous, liquid, and solid. Liquid fuels will dominate the overall PTF market over the forecast timeframe. This can be attributed to its higher output than other fuel type.
From a regional frame of reference, Latin America will be accounting for a lower share of the global plastics-to-fuels market. Logistical issues and higher dependency on fuel products from the U.S. are some of the key reasons behind low penetration of PTF market in the region. However, the amount of waste generated each year and increasing need for recycling facilities in the region will pave way for the PTF technologies by the end of forecast time period.
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