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Plastic-to-fuel Market to Witness 6.97% Rise in Value Share During the Period 2020

Plastic-to-fuel Market to Witness 6.97% Rise in Value Share

The biggest drawback of plastic products is that they are unrecyclable and can only be disposed of thereby causing pollution. However, waste plastic to fuel conversion is on the rise. Waste plastic-to-fuel conversion minimizes the dumping of plastic waste and turns it into a useful product. It also produces clean fuel which is highly being used as a source of energy. The biggest benefit of plastic-to-fuel technology is it can convert non-recycled plastic into useful products. Offering an eco-friendly and cost-effective opportunity, governments across the world are trying to promote plastic-to-fuel technology and reduce dependency on crude oil.

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According to the report by Research Report Insights (RRI), the U.S. plastic-to-fuel market is anticipated to reach $98.26 million in 2020, registering 6.97% CAGR during 2016-2020. Leading players are using pyrolysis technology for converting waste plastic into fuel. However, companies are modifying processes, which have been patented as proprietary technology. Moreover, pyrolysis technology is not considered eligible for recycling grants by the government, as it is called as conversion and not recycling technology. Also, most of the major companies are planning to expand in coming years by joining hands with local municipalities and waste plastic feedstock providers.

U.S. Plastic-to-fuel market on the basis of following segments:

Revenue generation model
Fuel
Processors
Royalties
End Products
Crude Oil
Diesel

Innovate technologies to convert non-recycled plastic into petroleum-based products

New technologies are being used to convert non-recycled plastic into various petroleum products to produce energy and help reduce greenhouse gas emission. The new set of technologies to convert non-recycled plastic into fuels vary but the procedure is same. These technologies are especially being implemented where fuel prices are high. Hence more new technologies are being discovered. For instance, researchers have developed small-scale reactors that can convert waste plastic into diesel fuel.

This machine is flexible and can fit in a 20-foot shipping container, making it easy to transport to the plastic waste area. The small and medium-scale can convert between 100 to 10,000 pounds of plastic each day. That can create around 10 to 1,000 gallons of fuel per day. The reactor uses metallocene catalyst that can yield diesel fuel at low temperature, thereby reducing the cost of energy while running the machine.

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Plastic-to-fuel Technology Can Result in Eco-friendly and Cost-effective Energy

Companies are also entering into partnerships and mergers and acquisitions to introduce new and innovative technologies and to expand geographically. For example, PK Clean Technologies has entered into a partnership with Sustane Technologies to introduce plastic-to-synthetic diesel plant in Canada. The plant will be able to process 70,000 tons of solid waste and is said to produce around 832,142 gallons of synthetic diesel each year. It will use a continuous process that maintains a consistent temperature, providing energy-efficiency. Moreover, due to automation it also reduces labor costs.

Other companies are also coming up with new technologies and processes to convert waste plastic into fuels.

Pyrolysis technology reduces greenhouse gas emission by up to 14%

A research conducted by U.S. Department of Energy’s Argonne National Laboratory shows that pyrolysis plastic-to-fuel technology can save water and energy and can also reduce greenhouse gas emission. It can reduce up to 14% greenhouse gas emission, energy consumption can be reduced by 96% and 58% water consumption reduction.

Key players in plastic-to-fuel business in the U.S. are Plastic2Oil, Vadaxx Energy, Agilyx Corporation and RES Polyflow. The companies active in the market are undergoing expansion plans within and outside the countries. However, one of the key players in the market recently announced closure of one of the plastic-to-oil production facility

Report Analysis: https://www.researchsolutioninsights.com/report/analysis/230227-Plastic-to-fuel-Market

Research Solution Insights is a U.S. based market research and consulting company. We are the best destination for your research and analytical solutions; simply because our primary and secondary sources of information are adroit to give one stop solutions. Company provides syndicated research reports, customized research reports, and consulting services. We offer the comprehensive market research solution for all the industries by performing the in-depth study of industry trends, verticals globally. We believe in building an eternal bond with our customers through providing them inclusive research study both customized and syndicated based on their specific requirements.

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