Global Waste Derived Fuels Market To Grow At CAGR Of Around 3.5% Through 2031 – The Courier
The demand for waste-derived fuel is observed in a wide range of specific WtE (Waste-to-Energy) facilities, where the production of electricity and thermal energy for commercial purposes is achieved using waste-derived fuels. with low calorific value. The demand for waste-derived fuel is mainly observed in European countries, making the region almost 60% of the global market share. The main players present in this region are involved in the development of efficient production methods and processes to meet the growing demand of various end-use industries.
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In 2020, the market for waste-derived fuels saw a 1.5% contraction. However, the industry is expected to get back on track by the second quarter of 2021, and things look brighter for years to come.
According to the Fact.MR report, the waste-derived fuels market is estimated at US $ 2.2 billion in 2021 and is expected to increase at a CAGR of approximately 3.5% during the forecast period 2021-2031.
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Main takeaways from market research
- The global market is expected to grow 1.4 times in value by the end of 2031
- Europe is expected to be a dominant region and this regional market is expected to grow at a CAGR of over 3% through 2031.
- Considering the fuel types, the low grade (
- The cement kiln, under application of waste derived fuel, is capturing a greater market share and is expected to grow at a CAGR of nearly 4% over the next ten years.
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- The UK market is expected to gain 217 BPS and grow at a CAGR of almost 4% through 2031.
“Waste derived fuel is predicted to reduce dependence on crude oil in the long run,” says a Fact.MR analyst.
Key market players use the organic approach to take advantage of the opportunities offered by investing in the research and development of new technologies. The future goals of economies around the world are to develop alternatives to non-renewable sources and to use waste to produce chemicals.
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Market players in the European region are focused on strengthening their position due to favorable legislation and the availability of technological vigor. Some actors incline their interests to adopt strategies such as the creation of joint ventures and collaboration to increase their capacity for income generation and their involvement in the global value chain.
Read more Trend reports and the like from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/25/2006256/0/en/Billion-dollar-Bentonite-Market-Witnesses-Promising-Growth-Sodium-Bentonite-Reckons-over- 50-Demand-Fact-MR.html
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