by The U.S. plastic-to-fuel market consists of technologies and processes that converts mixed plastic waste into synthetic fuels like gasoline, diesel and waxes. Plastic-to-fuel technologies offer an environmentally viable solution to the growing problem of plastic pollution. The technologies help divert plastic waste from landfills and incineration by converting non-recyclable plastic into liquid fuels. The global U.S. plastic-to-fuel Market is estimated to be valued at US$ 147.7 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers of the U.S. plastic-to-fuel market is the increasing generation of plastic waste in the country. With rising plastic consumption, plastic waste generation in the U.S. has significantly increased over the years. However, traditional waste management options of landfilling and incineration are becoming insufficient to handle such huge amounts of plastic waste. This is creating opportunities for plastic-to-fuel technology providers as it offers an alternative approach for plastic waste utilization rather than disposal. Coverting waste plastic into synthetic fuels using plastic-to-fuel technologies help reduce dependency on landfills and incineration for plastic waste management.
SWOT Analysis
Strength: The U.S. Plastic-To-Fuel Market offers a sustainable solution to reduce plastic waste. It converts non-recyclable plastic into useful fuels and chemicals.
Weakness: The plastic-to-fuel conversion process requires high capital investments and established infrastructure which can be a challenge for new players.
Opportunity: Stringent government regulations regarding plastic waste management and incentives for alternative fuels production offer growth opportunities. Growing concerns over plastic pollution also boost market prospects.
Threats: Availability of cheaper conventional fuels and emerging alternative technologies for plastic waste management can threaten market growth. Established petroleum producers may also pose competition.
Key Takeaways
The U.S. Plastic-to-Fuel market is expected to witness high growth at a CAGR of 9.2% during the forecast period of 2024 to 2031. The market size is forecasted to reach US$ 147.7 Bn in 2024.
Regional analysis: The Western region dominates the U.S. Plastic-to-Fuel market currently owing to supportive regulatory policies and presence of key industry players. States like California and Washington are pioneer adopters of plastic-to-fuel technologies and have established large production facilities. The Northeast region is also emerging as a major market driven by landfill bans and initiatives to develop circular economy projects.
Key players operating in the U.S. Plastic-to-Fuel market are Eli Lilly & Company, Boehringer Ingelheim GmbH, Vistin Pharma AS, Janssen Pharmaceutica NV, Sanofi, Astellas Pharma Inc., AstraZeneca plc., Merck & Co., Inc., Novartis AG., Novo Nordisk A/S, Teva Pharmaceuticals Pvt Ltd., and Sun Pharmaceutical Industries Ltd. These established players have significant presence across plastic collection, preprocessing and conversion stages. New local entrants are also attracting investments for developing advanced pyrolysis and gasification technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
