Report Code: A08122 | Pages: NA | Mar 2023 | 1009 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Plastic To Fuel Market
Request Now !The population in different countries across the globe is increasing rapidly, which has led to increased usage of vehicles. As the fuel required for vehicles is a non-renewable source of energy, it is available in limited amount. In addition, high use of fuel is expected to deplete such sources in near future. Therefore, many companies have started looking for alternative sources of fuel that can also reduce the pollution level. Moreover, as plastic does not decompose easily, it is considered as one of the major sources of pollution. Therefore, companies have started using waste plastic to produce fuel for vehicles and machines.
COVID-19 scenario analysis:
Considering the need to find an alternative to non-renewable energy sources, such as petrol and diesel, companies in the energy sector are trying to find new solutions. One solution that has been highly adopted by the companies to produce fuel is by making the use of waste plastic. There is large amount of plastic that is thrown away during different commercial and non-commercial applications that do not decompose properly. It becomes the main source of pollution on land as well as water.Â
In gasification process, waste plastic is heated with steam or air to produce industrial gas mixture, which is known as syngas or synthesis gas. This syngas or synthesis gas can be further used to produce fuel such as petrol or diesel. Synthesis gas can also be used in boilers to generate electricity. In pyrolysis process, heating of waste plastic is carried out without oxygen. With the help of heating, the mixture of oil, which is almost the same as crude oil, is produced. This oil can be refined for use as fuel in transportation vehicles.
Many countries across the globe carry out R&D activities to develop fuel by using waste plastic. For example, in August 2018, Indian Institute of Petroleum (IIP) and Council of Scientific and Industrial Research started a demonstration plant, which is built specifically to convert the waste plastic to diesel. The fuel developed in this plant can be used in machines and vehicles.Â
Moreover, with limited amount of non-renewable energy sources remaining, it has become necessary to find an alternate source of fuel to cope up with increased use of fuel across various industries such as automotive, manufacturing, and chemical. This is the key driving factor for the growth of the plastic to fuel market. Furthermore, industrialization in many countries across the globe is rising at a rapid pace and fuel is very important for machines used in the industries. Therefore, to achieve sustainability, high demand for plastic to fuel method is expected during the forecast period.Â
Many companies or different research organization are coming together to develop new products or technologies. In September 2018, the University of California collaborated with the Shanghai Institute of Organic Chemistry. The objective of this collaboration is to find the plastic recycling method through which plastic could be converted to some petroleum product or fuel. Â Â
The process required for the conversion of waste plastic to usable fuel is very time consuming. The methods used for the conversion are also costly. Therefore, this could hamper the growth of the plastic to fuel market.
Key benefits of the report:
Plastic to Fuel Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights
Aspects | Details |
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By Type of Plastic |
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By Process |
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By End-User Industry |
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By Region |
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Key Market Players | Vadaxx Energy, Plastic2Oil, RES Polyflow, Green Envirotec Holdings LLC, Agilyx Corporation, JBI Inc., Envion, Shangqiu Sihai Machinery Equipment Manufacturing Co., Ltd., Beston (Henan) Machinery Co., Ltd., Zhangzhou Qiyu Renewable Energy Technology Co., Ltd., Rudra Environmental Solutions, CSIR-IIP |
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