Plastic-to-fuel Market Awaits a Strong Growth
According to UK-based firm Fairfield Consultancy Services OPC Pvt Ltd, growing inclination toward sustainability, raising awareness of environmental conservation, and increasing public knowledge of the recovery of marketable fuel from millions of tons of plastic waste collectively create growth prospects for the plastic-to-fuel (PTF) market.
Soaring adoption of plastic-to-fuel technologies to complement the existing plastic recycling initiatives is expected to contribute to market growth, Fairfield Market Research found out in a market intelligence study. “The potential ability of PTF technology to allow considerable reduction in greenhouse gas (GHG) emissions will continue to solidify their position against several new crude oil extraction forms. That, according to the report, will account for an upsurge in plastic-to-fuel market.” Registering the valuation of more than 900 million US-Dollar in 2020, the global plastic-to-fuel market was all set to surpass the billion-dollar revenue toward 2026 end.
“The report highlights the fact that the entire plastic management sector has been facing the wrath of Covid-19 pandemic. PTF market was also under a heavy setback, majorly due to a highly disrupted raw material supply network. However, adoption of plastic-to-fuel technologies is regaining its momentum and is expected to see robust growth of over 13 percent by 2026.” Pyrolysis would continue to be the most sought-after technology, the market research provider referred to its report. Fairfield Market Research stated that despite the effort around the clean energy recovery from plastic waste over the past decade, it has hardly been economical. A greater number of companies today were displaying their interest in the transformation of non-recycled, used plastic waste into fuel and petroleum-based products “as it provides a viable, effective way of clean energy recovery from massive plastic waste volumes. Plastic-to-fuel technologies are thus gaining ground, thereby pushing investments in the PTF sector.”
www.fairfieldmarketresearch.com/report/plastics-to-fuel-ptf-market/request-sample
(Published in GLOBAL RECYCLING Magazine 1/2022, Page 8, Photo: PublicDomainPictures /pixabay.com)
