VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--Future Market Insights released its latest report titled, “Plastic-to-Fuel Market: U.S. Industry Analysis & Forecast, 2015 - 2020.” According to the report, the U.S. plastic-to-fuel market was valued at US$42.78 million in 2015 and is expected to reach US$98.26 million by 2020, registering a CAGR of 6.79% through 2016 to 2020.
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By the type of business model, the processor sales segment dominated the U.S. plastic-to-fuel market and held approximately 70% of revenue share in 2015 and is anticipated to reach US$60 million by 2020, exhibiting a strong CAGR of 7.46% during the forecast period of 2016 to 2020.
By end product type, crude oil segment is foreseen to lead the market growing at a healthy CAGR of 7.81% during the forecast period of 2016 to 2020. This can be mainly attributed to the large number of end user industries of crude oil.
On the basis of technology, Pyrolysis is the most widely used technology to convert plastic into fuel. However companies operating in the market often have patents for conversion process through slight modifications in the processors technology. Other technologies for plastic-to-fuel include gasification and depolymerisation, although these are not commercially used in the U.S.
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FMI estimates that depleting natural hydrocarbon resources and a universal need for alternative fuel will drive the market for conversion technologies. Manufacturers also state that fuel produced by waste plastics emits less sulfur as compared to conventional fuels which can provide an impetus to this business. Rising tipping cost of landfills and easy availability of raw material due to increasing use of plastic in United States is also anticipated to drive the market.
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Key Players in the Plastic-to-Fuel Market
Key players in the United States plastic-to-fuel market include Plastic2Oil, Vadxx Energy, Agilyx Corporation and Green Envirotec Holdings LLC (GETH). Companies are focusing on expanding their production capacities and building strong relationships with raw material suppliers to get the quality and quantity of feedstock required to produce the oil.
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