The U.S. plastic to fuel market is estimated to be valued at US$ 117.3 Mn in 2022 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. plastic to fuel market involves the conversion of waste plastic into usable fuel. The increasing environmental concerns regarding plastic waste disposal and the need for sustainable energy sources are driving the growth of this market. The process of converting plastic waste to fuel offers a sustainable solution as it not only reduces plastic pollution but also provides an alternative source of energy. Plastic to fuel technology finds applications in various industries such as transportation, power generation, and heating.
Key Takeaways:
The U.S. plastic to fuel market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period (2023-2030). This growth can be attributed to the increasing focus on reducing plastic waste and finding alternative energy sources. The market size for 2022 is estimated to be US$ 117.3 million, indicating substantial potential for further expansion.
In terms of regional analysis, the U.S. is the fastest growing and dominating region in the plastic to fuel market. This can be attributed to the country's extensive use of plastics, coupled with stringent regulations and public awareness regarding plastic waste management and renewable energy sources.
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