Increasing demand from several end-use industries has resulted in fluctuating oil prices in recent years. Oscillating oil prices have forced end users to look for alternative means to fulfil their fuel needs. Pyrolysis oil production utilizes different types of waste to produce oil, which can be used as diesel, gasoline, and automotive fuel, among others.
Waste-derived pyrolysis oil contributes towards waste reduction, is an excellent fuel and energy source, and can be used to extract other petroleum products. As a result, the global waste-derived pyrolysis oil market is projected to reach a value close to US$ 500 Mn in a decade, expanding at a moderate CAGR during the forecast period of 2019-2029.
Key Takeaways of Waste-derived Pyrolysis Oil Market Study
- The fast pyrolysis process is practiced on a larger scale by multiple manufacturers; hence, it is expected to sustain its prominence over the forecast period.
- Biomass, as a source, is easier to crack, and is also a very popular raw material in regions such as Europe, East Asia, and South Asia.
- The waste-derived pyrolysis oil market is still in its nascent stage; however, it holds a lot of promise. End uses such as heat & power for energy production through boilers, turbines, and engines are expected to hold higher market share over the forecast period.
- Waste-derived pyrolysis oil also has prominent application in food aromas, plant protectors, or growth enhancers in the food flavoring segment.
- East Asia, Europe, and North America are expected to be prominent regional markets over the forecast period, owing to the presence of a large number of tier II & III players in East Asia, and tier I players in Europe and North America.
“Global players such as BASF SE, Honeywell UOP, Dow Inc., and ConocoPhillips, among others, have invested strategically in the waste-derived pyrolysis oil market in the recent past, which suggests that major manufactures are keeping tabs in the market as it holds a lot of potential in the coming future.”
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Market Landscape Moving Towards Fragmentation
The waste-derived pyrolysis oil market is fairly consolidated, as a few players have the capability of extensive R&D as well as production capacity. Key tier I manufacturers such as Agilyx, Inc., Enerkem, and Ensyn are opting for growth strategies such as collaborations, joint ventures, and other inorganic growth strategies, along with product development. However, the high emergence of new players is expected in the coming years, owing to the inexpensive set-up of pyrolysis units as well as yearly incrementing oil prices.
What Does the Future Hold?
In the coming years, with the purchasing power of customers increasing in developing regions, the demand for waste-derived pyrolysis oil is also anticipated to rise. Demand for green technology, low carbon footprint, as well as cost-effective and energy-efficient materials from the heat & power generation industry is going to be a major driving force for the waste-derived pyrolysis oil market. Introduction of new applications such as food aromas and plant protection is knocking on the opportunity door for the waste-derived pyrolysis oil market, which is anticipated to experience steady growth.
Want to Know More?
Future Market Insights has published a market research report on the waste-derived pyrolysis oil market that contains global industry analysis of 2014–2018 and opportunity assessment for 2019–2029. The report provides insightful analysis of the waste-derived pyrolysis oil market through five different segments – fuel type, pyrolysis process, source, end use, and region. The waste-derived pyrolysis oil market report also talks about the demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, and a detailed overview of the parent market.
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FREQUENTLY ASKED QUESTIONS ABOUT WASTE-DERIVED PYROLYSIS OIL MARKET
How will waste-derived pyrolysis oil be relevant in the future?
Major dependence on non-renewable energy resources has resulted in their depletion over the due course of time. Hence, more emphasis on alternative energy and renewable energy sources is being exerted by global organizations. Waste-derived pyrolysis oil offers dual benefits – alternative energy source and waste management. The market holds immense potential; however, it is in its nascent stage.
Will the waste-derived pyrolysis oil market witness new entrants?
Definitely. The waste-derived pyrolysis oil market is anticipated to witness more tier II & tier III entrants. Cost-effective manufacturing set-up, and abundance of waste sources such as plastic, tyres, and biomass, are expected to be major factors aiding the entry of new players.
Which end-use area holds potential growth opportunities for waste-derived pyrolysis oil market players?
While the heat & power segment continues to influence growth strategies, new end uses in the field of automotive fuel as well as bio refineries are anticipated to deliver multiple growth opportunities over the coming years.
What is the degree of competition in the waste-derived pyrolysis oil market?
The market portrays a competitive nature with the presence of a large number of regional and local players. However, no market player has established real dominance across the global market, even though the process is being practiced since a few decades.