According to the research report titled ‘Global Plastic to Fuel Market 2022-2028’, available with MarketStudyReport, global plastic to fuel market was worth USD 874 million in 2021 and is anticipated to increase with 13.4% CAGR over the analysis timeframe to reach a valuation of USD 2108 million by 2028.

The expansion of global plastic to fuel market is fueled by soaring demand for waste-to-energy generation due to rising environmental concerns, and favorable regulatory scenario with government support in the form of tax breaks and financial incentives.

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For the unversed, plastic wastes can be transformed into target fuels by controlled breaking of chemical bond. Pyrolysis is one of the widely used methods for transforming plastic waste into fuel. Governments in several locations have turned to plastic to generate energy due to rising home and industrial garbage.

Furthermore, growing R&D activities to reduce the cost of installing plastic fuel generation plants is expected to drive market expansion in the coming years. Technological developments in energy generation to increase the efficiency of waste-derived energy is slated to augment industry outlook during the analysis timeframe.

However, ever-increasing environmental concerns over the usage of non-renewable energy sources is expected to stifle market expansion.

Based on technology terrain, the market is divided into depolymerization, gasification, and pyrolysis. Among these, the pyrolysis segment accounted for a major revenue share in 2021.

In terms of end fuel, worldwide plastic to fuel industry is branched into hydrogen, crude oil, and others. Out of which, crude oil segment held significant industry share in 2021.

Geographically, the latest market developments are examined in Europe, Asia Pacific, North America, and the rest of the world. Profitable opportunities are found, and techniques are given to help stakeholders increase their profits.

Speaking of competitive landscape, Nexus Fuels LLC, Resynergi, Inc., Plastic2Oil, Inc., Alterra Energy, Plastic Advanced Recycling Corporation, Neste Oyj, Green Envirotech Holdings Corp., Cassandra Oil AB, Klean Industries, Inc., Brightmark Energy LLC, Beston Group Co., Ltd., Bradam Group LLC, and Agilyx AS are the prominent players in global plastic to fuel marketplace.