The global waste to diesel market is expected to reach USD 942.78 million by 2025, according to a new report by Grand View Research, Inc. Increasing technologies for the conversion of waste owing to stringent environmental regulations has been a major factor driving industry growth. Also, growing demand for biodiesel in industrial machinery sector has led to rising demand for market growth.
Growing consumption of diesel as a fuel from the U.S., China, Japan, India, and Mexico owing to the significantrise in the automotive industry in these countries is projected to propel the market over the forecast period. Increasing waste processing plants in various regions including Europe and North America and the rising technological advancements in regions, such as Asia-Pacific is anticipated to drive the market over the forecast period.
Rising R&D activities carried out by companies such as, Klean Industries, Covanta Energy Corporation, and Alphakat GmbH to expand the production capacity their facilitiesin the waste to diesel conversion is projected to propel the market over the next eight years. In June 2017, Stat kraft, a producer of renewable energy, developed a process, which uses hydrothermal liquefaction technology using high temperatures and pressures to generate biofuel from wood chippings and other solid organic waste.
Further key findings from the report suggest:
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