February 26, 2024
U.S. Plastic-to-Fuel Market

The Growing Waste Management Concerns Are Driving The U.S. Plastic-To-Fuel Market

The U.S. plastic-to-fuel market is driven by the growing waste management concerns in the country. Plastic-to-fuel is a waste conversion technology that converts non-recyclable plastic waste into valuable fuels and waxes. The process involves collecting mixed plastic waste, sorting and shredding it, and then converting it into synthetic crude oil or refined fuel products using advanced pyrolysis. The end products include gasoline, diesel, and waxes that can be used for various applications. With plastic waste piling up in landfills and with recycling proving ineffective for mixed plastic waste streams, plastic-to-fuel technologies provide an environmentally-friendly solution for plastic waste management. The derived fuels can also substitute fossil fuels to some extent and help reduce dependence on crude oil.

The global U.S. Plastic-to-Fuel Market is estimated to be valued at US$ 128.21 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends driving the U.S. plastic-to-fuel market is the rising implementation of advanced pyrolysis technologies. Earlier 1st generation pyrolysis plants had low energy efficiencies and produced low-quality fuels. However, newer advanced 2nd and 3rd generation pyrolysis plants are now available that use optimized thermal cracking processes to break down plastic waste into higher-quality synthetic fuels like syncrude, diesel, and naphtha. These advanced systems offer higher energy recovery rates of up to 95%, reduced carbon emissions, and ability to process mixed plastic waste streams. As advanced pyrolysis proves more commercially viable than traditional recycling or incineration, more plastic-to-fuel plants are expected to adopt these technologies to increase fuel yields. This growing implementation of advanced pyrolysis is expected to support the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The U.S. plastic-to-fuel market is driven by rising focus on sustainability. However, high initial capital requirements and regulations pose challenges for new entrants.

Bargaining power of buyers: The large number of buyers and established key players in the market limits buyer power.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers.

Threat of new substitutes: New technologies for plastic waste management can emerge as substitutes.

Competitive rivalry: The market features numerous regional and global players competing on technology and capacity.

Key Takeaways

The Global U.S. Plastic-To-Fuel Market Size is expected to witness high growth. The market size was valued at US$ 128.21 Bn in 2023 and is forecast to reach over by 2030, growing at a CAGR of 13% during the forecast period.

Regional analysis

The North America region dominates the market currently due to favorable government initiatives and presence of leading players. Stringent environmental regulations have prompted installations of advanced plastic recycling facilities in the US and Canada.

Key players

Key players operating in the U.S. plastic-to-fuel market are TAKARA BIO Inc., PHARMICELL Co., Ltd., MEDIPOST Co., Holostem Terapie Avanzate S.r.l, Bio-Rad Laboratories, Anterogen Co., Ltd., Osiris Therapeutics, Inc (Smith & Nephew PLC), Minaris Regenerative Medicine (Hitachi Chemical Co., Ltd.), Nikon CeLL Innovation Co. Ltd. (Nikon Corporation), Medinet Co. Ltd., Cell and Gene Therapy Catapult, Bio Elpida, Miltenyi Biotec, Pluristem Therapeutics Inc., Thermo Fischer Scientific, Merck Group, Corning Incorporated, Stem Cell Technologies, Lonza Group, Becton, Dickinson and Company, Sartorius, and Cellular Dynamics (Fujifilm Holdings Corporation, among others.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it