The 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 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. Plastic-to-Fuel market involves converting post-consumer plastic waste into useful fuels like transportation fuels through thermal and catalytic conversion processes. Plastic-to-fuel technology helps address the growing issues of plastic waste accumulation and energy security by converting non-recyclable plastics into liquid fuels. The process involves pyrolysis or gasification of mixed plastic waste to produce synthetic crude oil, feedstock, diesel, or other hydrocarbon products.
Market key trends:
One of the major trends driving the U.S. Plastic-to-Fuel market is the increasing plastic waste generation. As plastic production and consumption continues to grow rapidly in the country, plastic waste ending up in landfills has become a huge environmental concern. According to EPA, the U.S. annually generates over 38 million tons of plastic waste, out of which only 8.7% is recycled. The remaining plastic waste is either combusted or disposed in landfills. Plastic-to-fuel technology provides an alternative means for sustainably managing plastic waste by converting it into useful energy sources. This is expected to significantly reduce landfill and incineration volumes going forward.
Porter’s Analysis
Threat of new entrants: The high capital requirements and economies of scale place barriers on new companies entering the U.S. plastic-to-fuel market. Bargaining power of buyers: Buyers have moderate bargaining power due to limited number of suppliers in this emerging market. Bargaining power of suppliers: Major suppliers like oil companies have moderate bargaining power as there are substitutes available for plastic feedstock. Threat of new substitutes: Emerging technologies to convert waste plastic to other value-added products pose competition to plastic-to-fuel businesses. Competitive rivalry: Companies compete on innovation in plastic conversion technology and partnerships to gain market share.
SWOT Analysis
Strength: The U.S. market has strict regulations around plastic waste which opens opportunities for plastic-to-fuel companies. Weakness: Conversion technologies are currently inefficient and produce limited fuel yields. Opportunity: Growth in plastic waste coupled with energy security needs provide scope for scaling up plastic-to-fuel plants. Threats: Fluctuating oil prices and potential increase in recycled plastic exports impact investor sentiments in this industry.
Key Takeaways
The U.S. Plastic-To-Fuel Market Size is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing plastic waste and push for alternative fuel sources.
Regional analysis: The Western region dominates the U.S. plastic-to-fuel market currently due to early adoption of conversion technologies and presence of major industry players like Agilyx Corporation in the region. The Southern region is expected to be the fastest growing market, exhibiting a CAGR of over 11% during the forecast period due support from state governments and conversion of municipal plastic waste.
Key players operating in the U.S. plastic-to-fuel market are Plastic2Oil, Agilyx Corporation, Vadxx Energy, and Green Envirotec Holdings. Plastic2Oil is a leading company with multiple commercial-scale plastic conversion plants. Agilyx Corporation is based in Portland and specializes in converting polystyrene into styrene monomer.
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