New York, July 18, 2019 (GLOBE NEWSWIRE) -- The increase in non-recyclable plastic wastes and rising concern for environmental pollution is driving the market for plastic to fuel technology.
The global plastic to fuel technology market is forecast to reach USD 2.33 Billion by 2026, according to a new report by Reports and Data. Plastic to fuel technology is gaining traction in the energy industry with increasing awareness of the market. The high level of plastic consumption across the globe is a cause of concern as the damage to the environment is extreme. The insufficient recycling process is leading researchers to look for alternate disposal method for the mounting plastic wastes.
Approximately less than 5% of the plastics produced every year is recycled. The majority of the plastics are disposed into oceans, posing a threat to marine life. The waste that has already been disposed of in the ocean would take a minimum of 450 years to biodegrade. Adopting plastic to fuel procedure not only curbs the growing level of pollution but also provide significant economic benefits to the region. In the U.S. alone, the plastic to fuel technology plant would create an estimated job of 39,000, thus creating ample opportunity for growth in the market.
The major product of Plastics-to-fuel, when refined properly is diesel. This diesel has a very low content of sulfur. This diesel can fuel boats, generators, machinery, and vehicles. They can reduce the negative impact on the environment due to low sulfur content and simultaneously reducing recycled materials along the way.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global plastic to fuel technology market on the basis of Type, Technology, End-Fuel, and Region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Technology Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
End-Fuel Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
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