North America Plastic to Fuel Know Factors Driving the Market to Record Growth

The Plastic to Fuel market in North America is expected to grow from US$ 884.40 million in 2022 to US$ 1,827.67 million by 2028. It is estimated to grow at a CAGR of 12.9% from 2022 to 2028.

Plastic to fuel initiatives is starting to gain traction in the energy industry, as more people become aware of the widespread environmental damage caused by single-use plastics and people's insufficient recycling habits. This is prompting researchers to look for new ways to dispose of the growing plastic output. An increase in government subsidies for green technology development and attempts to encourage such technologies through increased financing are projected to provide significant market growth possibilities.

Grab PDF To Know More @ https://www.businessmarketinsights.com/sample/TIPRE00025223?utm_source=OpenPR&utm_medium=10868

Furthermore, the government's tightening of energy-security regulations is pressuring businesses to invest in environmentally friendly research. Plastics-to-fuel is a promising option for not just reducing pollution but also bringing major economic benefits to regions. According to the American Chemistry Council, plastic-to-fuel plants in the US alone would generate over 39,000 employment and nearly US$ 9 billion in economic output, indicating that the worldwide market potential for this business is enormous.

MARKET INTRODUCTION

The US, Canada, and Mexico are the key contributors to the plastic to fuel market in the North America. According to the data published by the US Environmental Protection Agency (EPA) and American Chemistry Council, the US generated 35.7 million tons of plastic waste in 2018 which accounted for 12.2% of the country's total municipal solid waste.

The association also stated that only 8.7% (around 3 million tons) was recycled and 5.6 million tons of waste was combusted for energy recovery. However, the rest of the plastic waste was dumped in landfills, leaving an adverse impact on the environment. Additionally, Canada also produces huge plastic waste every year impacting the ocean and the coastlines across the country. According to the Canadian government, the country uses almost 15 billion plastic bags annually and approximately 57 million straws every day. The rising government initiatives across North America to recycle plastic waste and reduce its impact on the environment are influencing the growth of the North America plastic to fuel market across the region. For instance, in May 2021, The US Department of Energy (DoE) announced the investment of US$ 14.5 million on research and development activities to reduce plastic wastes such as plastic bags, wraps, and films. The rising initiatives by major players to build plastic pyrolysis plants across the region are expected to contribute to the growth of the North America plastic to fuel market. For instance, Braven Environmental, LLC is planning to open a plant in central Virginia which is expected to recycle 65,000 tons of plastic annually to produce 50 million liters of a diesel-like hydrocarbon blend. Similarly, ENCINA is finalizing designs on opening its first plant in the US which is expected to recycle 160,000 metric tons of plastic waste annually to produce 90,000 tons BTX. Thus, the rising investments by companies across the region are expected to contribute to the growth of the market over the forecast period.
List of Companies Profiled in the North America Plastic to Fuel Market Report are:
• Agilyx
• Klean Industries Inc
• nexus FUELS
• Plastic2Oil
• Cassandra Oil AB

Not Matching with Business Objective? Enquire for Customize Report @ https://www.businessmarketinsights.com/buy/single/TIPRE00025223?utm_source=OpenPR&utm_medium=10868

Key Segmentation:

The North America plastic to fuel market is segmented into technology, end product, and country.
Based on technology, the market is segmented into pyrolysis, gasification, and depolymerization. The pyrolysis segment registered the largest market share in 2022.
Based on end product, the market is segmented into crude oil, hydrogen, and others. The crude oil segment held a largest market share in 2022.
Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
Table of Contents

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Key Findings of the Research Study

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

Contact us:
If you have any questions about this report or would like further information, please contact us:
Contact person: Ankit Mathur
Email: sales@businessmarketinsights.com
Phone: +16467917070

About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

This release was published on openPR.