U.S. Plastic-to-Fuel Market Set to Witness High Growth Owing to...

U.S. Plastic-to-Fuel Market Set to Witness High Growth Owing to Increasing Plastic Waste

Posted 2024-01-11 09:48:28

The global U.S. plastic-to-fuel market is estimated to be valued at US$ 128.21 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The U.S. plastic-to-fuel market has witnessed strong growth in recent years driven by increasing awareness about environmental protection. This has led several companies to invest in R&D to develop innovative technologies for converting non-recyclable plastic waste to fuels.

Weakness: High capital investments required for setting up plastic-to-fuel plants pose a major challenge for small and mid-sized companies. Dependence on plastic waste collection also makes the supply of raw materials uncertain at times.

Opportunity: Growing restrictions on plastic usage and landfill of plastic waste provide a huge opportunity for companies in this market. Favorable government policies and incentives for conversion of waste to energy also encourage investments. Emerging technologies like pyrolysis and gasification could further reduce costs.

Threats: Fluctuations in oil prices can impact the demand for plastic-to-fuel. Availability of cheaper alternatives like incineration poses competition. Strict emission norms may increase compliance costs.

Key Takeaways

The Global U.S. Plastic-to-Fuel Market Growth is expected to witness high over the forecast period.

Regional analysis: North America accounts for over 35% share of the U.S. plastic-to-fuel market led by the U.S. Strict implementation of bans on single-use plastic and landfill of waste plastic has propelled regional market growth. Investments in pyrolysis and gasification technologies have made the U.S. a pioneer in plastic-to-fuel conversion.

Key players: Key players operating in the U.S. plastic-to-fuel market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. These companies have been focusing on developing advanced systems to produce alternative fuels from non-recyclable plastic waste.

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