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 2022-2029.
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.
How Increasing scope of Waste-Derived Pyrolysis Oil as conventional fuel to boost the Market?
The power generation and chemical industry has established stability regardless of the adversities in the market. Investments in energy, steam and power are increasing in the current scenario. While spending on power as source of energy is sizeable, crude oil pricing have increased further. Increasing demand for steam and power in large scale for process industries across the globe are expected to drive steady demand for unrefined and refined pyrolysis oil derived from waste.
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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.
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.
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Alternative Usage of Waste-Derived Pyrolysis Oil Compounds in Various Industrial Applications to boost the Market?
In accordance with the trend of sustainability, manufacturers are focusing on the utilization and upgradation of manufacturing techniques to enable the manufacture of environment-friendly form of energy. As a result, the business for natural and eco-friendly waste-derived pyrolysis oil is expected to remain highly attractive over the coming years.
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 2014–2021 and opportunity assessment for 2022–2029.
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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Waste-derived pyrolysis oil Market by Category
- Unrefined
- Refined
- Diesel
- Petrol/Gasoline
- Fuel oil
- Others
By Pyrolysis Process:
- Fast
- Flash
- Others
By Source:
- Plastic
- Rubber
- Biomass
By End Use:
- Heat & Power
- Automotive Fuel
- Bio Refineries
- Food Flavouring
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