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North America Plastics-To-Fuels (PTF) Market Forecast, By Depolymerization (Thermal Degradation [Pyrolysis, Gasification, Hydrogenation], Catalytic Degradation), By Source (Municipal Solid Waste (MSW), Industrial), By Fuel Type (Solid, Liquid, Gaseous), By Country, Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026

Published Date: October 2020 | Publisher: Graphical Research Report ID: GR1460 | Delivery : PDF

Industry Trends

North America Plastics-To-Fuels Market Size was over USD 134.9 million in 2019 and will grow at a CAGR of 2.5% up to 2026.
 

North America Plastics-To-Fuels Market

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Stringent regulatory requirements on plastic disposal in the U.S. and the growing crisis of landfill & openly discarded plastic wastes will drive the plastics-to-fuels demand over the projected period. State governments in the U.S. have taken few steps to control the usage of plastic products in the past, which has led consumers to utilize plastic-free products. In Austin, the number of plastic bags collected in the junkyards has been reported to reduce by 75% in 2013. Austin has further planned to become a zero-waste city by 2040, further encouraging the growth of renewable & biodegradable products in the U.S. Such trends will create a need for ecofriendly solutions to get rid of hard-to-recycle plastic wastes, further promoting the North America plastics-to-fuels market growth from 2020 to 2026.

Another key factor enabling industry development growth is the rising concerns over the environmental impact of traditional fuel sources in developed nations. Fossil fuel products, such as carbon, petroleum, natural gas, etc., account for a substantial amount of carbon emissions. Burning coal results in the generation of CO2 that accounts for around 40% of the total global emissions. In the U.S., petroleum products contribute approximately 50% in the generation of Greenhouse Gases (GHG) emission. The Environmental Protection Agency continuously tracks and monitors the emissions generated within power plants, further curbing GHG emissions in the country. Such regulatory norms related to emission are expected to positively affect the market demand by the end of the forecast period.

Although PTF technologies have the potential to develop, the challenges associated with product commercialization will be a key hindrance the industry growth by 2026. Profitability concerns of key manufacturers subjected to unavailability of funds and higher capital cost requirements will refrain new players to enter the ecosystem. However, technological advancements and well-established infrastructures in the cleantech sector in the U.S. will drive product demand during the study timeframe.

The North America plastics-to-fuels industry by source has been categorized into Municipal Solid Waste (MSW), industrial waste, and others. Other wastes comprise medical waste, e-waste, etc. Industrial waste will grow at 2.5% CAGR in the market from 2020 to 2026. In the U.S., waste disposed from the industrial sector accounted for 60% of the total waste disposal in the country. Additionally, the U.S. has an energy recovery rate of around 10%, which further increases dominance of industrial wastes in the plastics-to-fuels sector.

Thermal depolymerization will attain the highest growth rate in overall market by 2026. Easy operation, fuel type requirements, and economies of scale will play an important role in the selection of the PTF conversion process. Pyrolysis is a preferred option for manufacturers in North America due to its cost-effectiveness over other thermal degradation.

Based on fuel type, the market has been categorized into solid, liquid, and gaseous fuel. Liquid fuels will capture a major share in overall market due to rising demand from oil producers for high-quality and sustainable products.

The market will be generating over USD 135 million by 2026. The proliferation of recycling facilities along with efforts to promote energy recovery rate from wastes will be key driving factors behind the success of the regional market development. Stringent government policies to curb carbon emissions from the fuel sector are driving the need for plastics-to-fuels in North America. Major companies in the U.S. are investing in facilities that convert waste to energy, which will again enhance product demand in this region. Covanta, a global provider of waste to energy solutions, claims to convert over 20 million tons of wastes into energy to power over one million homes. These trends are expected to increase plastics-to-fuel consumption by 2026.

The key players the North America plastics-to-fuels industry are Nexus Fuels, Plastics2Oil, Inc., Klean Industries, Neste, etc. These players may utilize strategic initiatives including take-off agreements, capacity expansion, and partnership agreements to enhance their competitiveness in North America. Brightmark Energy established a plastics-to-oil facility in Ashley (U.S.). The facility has a designed capacity of converting 100-kilo tons of plastic wastes into ultra-low sulfur diesel fuel, naphtha blend stocks, and commercial-grade wax per year.
 

Frequently Asked Question(FAQ) :

The market size of North America Plastics-To-Fuels (PTF) was valued USD 134.9 million in 2019.
The industry share of North America Plastics-To-Fuels (PTF) is projected to witness more than 2.5% growth rate during 2020 to 2026.
The key players the North America plastics-to-fuels industry are Nexus Fuels, Plastics2Oil, Inc., Klean Industries, Neste, etc.

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North America Plastics-To-Fuels (PTF) Market Size & Trends 2026 - Analysis


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