Energy from Waste! United States Plastic-to-Fuel Market Shaping a Greener Nation. According to Future Market Insights, Rising energy demand from waste, particularly plastic, is driven by environmental urgency. Governments offer regulations and incentives, fueling a promising market landscape.
NEWARK, Del, Oct. 25, 2023 (GLOBE NEWSWIRE) — According to forecasts, the United States plastic-to-fuel market is expected to be US$ 1,296.6 million in 2023 and US$ 1,926.9 million by 2033.
Due to the importance of a clean environment, there is an increasing need for energy produced from garbage. Governments in several places have started using plastic to make energy due to increased home and industrial waste. In the upcoming years, the market will profit from favorable regulatory conditions and government assistance through tax advantages and financial incentives.
The usage of non-renewable energy sources is raising environmental concerns, which is likely to restrain industry expansion. Fuel cells that run on hydrogen are free of pollutants. Thus, they have gained popularity over the past ten years and are often used to power cars and buses. These factors are anticipated to support hydrogen production from polymers during the forecast period.
For instance, Oregon.gov attended clean fuel initiatives in 2022. By enabling gasoline providers to sell credits they have earned by exceeding the reduction objectives for that year, the clean fuel program promotes decreases in carbon intensity. The corporation reserves those extra credits to cover potential deficits in the future or to use for future sales if demand rises.
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- During 2018 to 2022, the United States plastic-to-fuel business was expanding with a CAGR of 3.2%.
- The United States plastic-to-fuel business had a valuation of US$ 1,240.8 million in 2022.
- Recent years have seen some interesting developments in waste-to-energy technology, and the plastic-to-fuel market is positioned to profit from this development. These new technologies provide more effective and eco-friendly ways to turn garbage into electricity, making them an increasingly appealing choice for enterprises and communities.
- It is now exceedingly difficult for market participants to transform waste into fuel since it is less profitable than manufacturing traditional petrol.
- The technologies that convert plastic into fuel are opportunistic and show a bright future for plastic producers. Yet, the current situation of turning trash into energy is less lucrative than that of producing conventional gasoline.
- Based on technology, the pyrolysis segment led the market with a share of 65.3% in 2022.
- Based on end users, the oil segment dominated the market with a share of 55.1% in 2022.
“The United States has made significant strides in plastic-to-fuel technology, addressing environmental concerns and promoting sustainability. This innovative approach transforms plastic waste into valuable energy resources, reducing the burden of plastic pollution and contributing to a more sustainable and cleaner energy future,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Competitors Winning Strategies
- The Municipal Solid Waste (MSW) category significantly boosted the United States Plastic-to-Fuel market growth in December 2020, contributing around US$ 85 million to the total plastics-to-fuel market share.
- The Trump administration published a series of proposed regulations in 2021 promoting the use of vehicles fueled by plastic. Companies must use more recycled plastic in their goods under the proposed laws, and more alternative fuel vehicle manufacturers are eligible for tax incentives.
- Oil Refiner, SK Inc. is preparing to collaborate with Jeju Clean Energy in May 2021 to create upcycling technology for converting plastic waste into petrochemical raw materials.
Key Players in the United States Plastic-to-Fuel Industry:
- Agilyx Corporation
- Vadxx Energy
- Green Envirotec Holdings LLC
- RES poly flow
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By Revenue Generation Model:
By End Products:
- Crude Oil
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally published at https://www.einpresswire.com/article/664061155/united-states-plastic-to-fuel-market-anticipated-to-surpass-us-1-926-9-million-by-2033-with-a-steady-cagr-of-4-5-future-market-insights-inc