Rising fuel prices, growing concerns over ocean plastic and landfill problem to drive the Plastic to Fuel Market, set to surpass 1.7 Bn USD by 2028

As per research conducted by Acumen Research and Consulting, the global Plastic to Fuel market was valued at 233.5 Mn USD in 2020 and is set to grow at a massive CAGR of 28.8% during the forecast period ranging between 2021 – 2028, and is expected to reach 1746 Mn USD. 

As per reports, plastic production is set to increase by 3.8% YoY until 2030, and only a tiny amount of it is recycled, the rest ends up in landfills and oceans. People have become increasingly aware of the threat to our planet due to #climatechange, #airpollution, land #pollution etc. Countries are finding new ways to deal with these problems, one of the biggest problems of our times is non degradable #plasticwaste. There is an efficient way, this problem can be solved, turning plastic into fuel. 

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Dynamics and opportunities of this market; 

This market will be driven by massive investments and incentives into research and development for this technology. Growing concerns over danger to wildlife and marine life due to improper waste management and disposal. Developed countries' governments have been providing incentives, assistance and also provided regulatory reforms for this market. 

High initial investment is needed to set up plants. Poor and middle income countries may lack the awareness, funds and infrastructure for these kinds of mega projects. 

Regional summary 

European countries like Austria, Germany, Switzerland etc. have high plastic recycling rate. EU has set out a target of recycling about 55% plastic waste by 2025. Asia Pacific region especially countries like China, Japan and India have also been investing heavily in this technology. 

Major players 

CBS Technologies, Vadxx, Agilyx Corporation, Nexus Fuel, Klean Industries, Plastic2Oil, POLCYL, Inc., Neste, RES Polyflow, Green Envirotec Holdings LLC 

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