Plastic To Fuel Market growing at a CAGR of 23.6% from 2024 to 2030

The global plastic to fuel market size was estimated at USD 531.1 million in 2023 and is projected to reach USD 2,693.6 million by 2030, growing at a CAGR of 23.6% from 2024 to 2030. The growing demand for the generation of energy from waste has triggered the growth of this market. 

Key Market Trends & Insights

• In terms of region, Asia Pacific was the largest revenue generating market in 2023.
• Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
• In terms of segment, pyrolysis accounted for a revenue of USD 429.3 million in 2023.
• Depolymerization is the most lucrative technology segment, registering the fastest growth during the forecast period.

Market Size & Forecast

• 2023 Market Size: USD 531.1 Million
• 2030 Projected Market Size: USD 2,693.6 Million
• CAGR (2024-2030): 23.6%
• Asia Pacific: Largest market in 2023

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Increasing household and industrial waste has caused governments in different regions to generate energy from plastic. A favorable regulatory scenario combined with government support in the form of tax benefits and financial incentives is likely to have a positive impact on the market growth in the coming years. However, the increasing environmental concerns about the use of non-renewable energy sources may hinder growth to some extent.

Over 70% to 80% of the plastic waste in the U.S. is disposed of in landfills. The country’s recycling rate is very low compared to other countries, such as Germany, France, the UK, China, and Italy. However, the rising adoption of recycled material in numerous industries is likely to drive the demand for recycling plastic waste. Hence, it is expected to increase plastic to fuel projects by market players across the globe. The U.S. was one of the largest exporters of plastic waste to China until introducing the National Sword policy in China to ban the import of plastic waste.

As a result of this ban, the country is facing a plastic waste recycling crisis. To overcome this crisis, the U.S. Plastics Industry Association drafted the RECOVER Act. USD 500 million will be allocated to states and municipalities as a federal grant to boost the investments for the improvement of the recycling programs and infrastructure including increasing material collection and upgrading the plants that process recyclables.

Market Concentration & Characteristics

The market is fragmented, with the top five companies holding a market share of less than 20%. Thus, increasing plastics manufacturing with growing concerns pertaining to plastic pollution and mismanaged plastic waste is expected to offer new avenues for the plastic to fuel industry players, thereby driving the overall market growth.

On account of the recycling crisis in the U.S. on account of China’s ban on importing plastic waste from the U.S., the U.S. Plastics Industry Association drafted the RECOVER Act. This, in turn, is likely to increase the demand for recycling infrastructure, thereby benefitting the overall plastic-to-fuel market over the forecast period.

Plastic To Fuel Market Report Scope