Increasing Investments to Enhance PTF Technologies Boost the Growth in Plastic to Fuel (PTF) Market
While the plastics can be recycled to a certain extent, the disposal of non-recycled or un-recyclable plastic products remains a huge concern. One of the novel and innovative solution for safe usage of this non-recycled plastic products is deriving fuel out of them. This process is made possible through usage of the products offered by the players in the global plastic to fuel (PTF) market. Usage of the solutions and equipment offered by these players in the global plastic to fuel (PTF) market provide an attractive opportunity to diminish the emissions of greenhouse gasses by over 60 to 70 % as compared to crude oil extraction methods.
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Hence, the solutions in the global plastic to fuel (PTF) market are considered to be essential and unique solution to recover clean energy from discarded plastic products, for which recycling can cost a great fortune. Attracted by the economic as well as environmental benefits, many nations and economies around the world are relying on technologies and solutions offered in the global plastic to fuel (PTF) market. The growing interest has also translated into increased funding and investments aimed towards acquiring, designing, and developing various novel techniques and technologies for plastic to fuel conversion.
The improper management systems when it comes to collection and disposal of plastic waste as well as weak collection programs and methods have restricted the development of the global plastic to fuel (PTF) market in recent past. Furthermore, the growing usage of PPE kits, disposable gloves and masks, over the period of pandemic has resulted in accumulation of massive volumes of plastic waste. However, the collection initiatives were disrupted by the pandemic. This, along with reduced price of crude oil over the pandemic period, hampered the growth in the global plastic to fuel (PTF) market.
Players in Plastic to Fuel (PTF) market Focused on Enhancing Production Facilities
The leading manufacturers and players operational within the landscape of the global plastic to fuel (PTF) market are Cynar PLC, Brightmark, NEEDA Green Energy, MK Aromatics, Klean Industries, Inc., Resynergi, Global Renewable, Peel L & P Holdings (UK) Limited, Alterra Energy, Rudra Environmental Solutions, Plastic2Oil, Agilyx, Johnson Matthey, and Nexus, among others. Manufacturers and players functional within the global plastic to fuel (PTF) market are focused on expansion and enhancements in their production facilities to boost their plant productivity. Some of the key types of technologies used by the players in the global plastic to fuel (PTF) market for the process of conversion include pyrolysis for fuel as well as de-polymerization for chemical feedstock.
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Several leading players in the global plastic to fuel (PTF) market are also developing new facilities across various geographical regions to both – increase the volume of production as well as to establish their footprints in the various geographical regions in global plastic to fuel (PTF) market. For instance, 11 new facilities are planned across the United Kingdom by Peel L & P Holdings (UK) Limited. Upon completion of this project, the company will hold exclusive rights to powerhouse energy technology in over 70 facilities in the United Kingdom.
Europe Lead the Plastic to Fuel (PTF) Market
In terms of geographical regions, Europe dominates the global plastic to fuel (PTF) market. This trend can be attributed to the increasing number of landfill bans on plastic waste, as observed in a number of developed European economies. 10 nations in the European Union had abolished dumping of plastic waste in landfills, thereby motivating the growth of the global plastic to fuel (PTF) market. Elsewhere, various programs undertaken by the government of the United States for plastic waste collection and sorting can translate into wonderful opportunities in the North America plastic to fuel (PTF) market for developing new and innovative technologies for conversion.
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Another region that displays significant opportunities for development of the global plastic to fuel (PTF) market in near future is Asia Pacific. Improper management of plastic waste is one of the most aggressive problem faced by many Asian economies and emergence and integration of these solutions in the global plastic to fuel (PTF) market may pave the way for better plastic waste disposal methods in coming years.
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