The global waste-derived pyrolysis oil industry is experiencing a significant surge in demand, driven by the rising adoption of power generation systems utilizing turbines and diesel engines at an industrial level. This trend is propelled by factors such as urbanization, increasing per capita disposable income, and the expansion of power generation in large-scale industries and power plants worldwide. The recovery of refined pyrolysis oil within the power generation sector is being accelerated, highlighting its pivotal role in meeting the growing energy needs of industrial operations and facilitating sustainable development initiatives on a global scale.
The global waste-derived pyrolysis oil market is poised for substantial growth, with projections nearing US$ 500 million by 2029. Expected to expand at a moderate Compound Annual Growth Rate (CAGR) throughout the forecast period from 2022 to 2029, this market reflects a rising interest in sustainable waste management solutions and the utilization of alternative energy sources. As industries and governments increasingly prioritize environmental sustainability, waste-derived pyrolysis oil presents a promising avenue for both economic and ecological advancement.
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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.
“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.”
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.
Waste-Derived Pyrolysis Oil Market Top Players
- Fortum OyJ
- Enerkem
- Ensyn Corporation
- Twence B.V.
- Agilyx Corporation
- Green Fuel Nordic Corporation
- Vadxx Energy LLC
- Quantafuel AS
- RESYNERGI
- nexus FUELS, LLC
- JBI Inc. (Plastic2Oil®)
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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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