- Waste plastic-to-fuel conversion minimizes the dumping of plastic waste and turns it into a useful product.
- Governments across the world are trying to promote plastic-to-fuel technology and reduce dependency on crude oil.
- Leading players are using pyrolysis technology for converting waste plastic into fuel.
The biggest drawback of plastic products is that many are unrecyclable and can only be disposed of, thereby causing pollution. However, waste plastic to fuel conversion is on the rise. Waste plastic-to-fuel conversion minimizes the dumping of plastic waste and turns it into a useful product.
It also produces clean fuel which is then used as a source of energy. The biggest benefit of plastic-to-fuel technology is it can convert non-recycled plastic into useful products. Offering an eco-friendly and cost-effective opportunity. Governments across the world are trying to promote plastic-to-fuel technology and reduce dependency on crude oil.
Leading players are using pyrolysis technology for converting waste plastic into fuel. However, companies must modify the process, which has been patented as proprietary technology. Moreover, pyrolysis technology is not considered eligible for recycling grants by the government, as it is considered “conversion”, not “recycling” technology. Most of the major companies are planning to expand in coming years by joining hands with local municipalities and waste plastic feedstock providers.
The report analyzes the following segments: Revenue generation model (Fuel, Processors, Royalties) and End Products (Crude Oil, Diesel).
Innovative technologies to convert non-recycled plastic into petroleum-based products
New technologies are being used to convert non-recycled plastic into various petroleum products to produce energy and help reduce greenhouse gas emissions. The new set of technologies to convert non-recycled plastic into fuels vary but the procedure is same. These technologies are especially being implemented where fuel prices are high. Hence more new technologies are being discovered. For instance, researchers have developed small-scale reactors that can convert waste plastic into diesel fuel.
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This machine is flexible and can fit in a 20-foot shipping container, making it easy to transport to the plastic waste area. The small and medium-scale can convert between 100 to 10,000 pounds of plastic each day. That can create around 10 to 1,000 gallons of fuel per day. The reactor uses metallocene catalyst that can yield diesel fuel at low temperature, thereby reducing the cost of energy while running the machine.
Plastic-to-fuel Technology Can Result in Eco-friendly and Cost-effective Energy
Companies are also entering into partnerships and mergers and acquisitions to introduce new and innovative technologies and to expand geographically. For example, PK Clean Technologies has entered into a partnership with Sustane Technologies to introduce plastic-to-synthetic diesel plant in Canada. The plant will be able to process 70,000 tons of solid waste and is said to produce around 832,142 gallons of synthetic diesel each year. It will use a continuous process that maintains a consistent temperature, providing energy-efficiency. Moreover, due to automation it also reduces labor costs. Other companies are also coming up with new technologies and processes to convert waste plastic into fuels.
Research conducted by U.S. Department of Energy’s Argonne National Laboratory shows that pyrolysis plastic-to-fuel technology can save water and energy and can also reduce greenhouse gas emission. It can reduce up to 14% greenhouse gas emission, energy consumption can reducewater consumption.
Key players in plastic-to-fuel business in the U.S. are Plastic2Oil, Vadaxx Energy, Agilyx Corporation and RES Polyflow. The companies active in the market are undergoing expansion plans within and outside the USA. However, one of the key players in the market recently announced closure of one of their plastic-to-oil production facilities.