Increase in Demand for Energy-efficient and Eco-friendly Fuel Alternatives to Aid Market Growth
Over the past couple of decades, the energy sector is increasingly moving toward sustainable and efficient path due to mounting environmental concerns and rapid depletion of fossil fuel reserves. Due to research and development activities, a number of alternative fuels has garnered immense popularity in recent years due to which, the demand for pyrolysis oil is on the rise. In addition, the increasing demand for pyrolysis oil, particularly for multipurpose agricultural diesel engines, has led to fuel the growth of the global pyrolysis oil market during the forecast period.
The promising outcome from R&D activities is likely to shape the growth of the global pyrolysis oil market during the assessment period. Significant rise in energy expenditure, stringent emission regulations, and fluctuating cost of petroleum products in several regions of the world are likely to play an imperative role in boosting the overall prospects of the global pyrolysis oil market during the assessment period. Tire pyrolysis oil has emerged as an ideal alternative fuel for diesel engines due to which, the demand for pyrolysis oil has witnessed a steady growth in recent years– a trend that is projected to continue during the forecast period.
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Growing Popularity as Alternative Fuel Source for Diesel Engines to Bolster Market Growth
In the wake of climate change and increasing demand for environmental protection, disposal of hazardous waste diesel engine oil (WEO) has emerged as a key challenge due to which, recycling of pyrolysis oil using various pyrolysis techniques have gained considerable momentum. The increasing demand for pyrolysis oil extracted using various techniques, including microwave pyrolysis and electrical pyrolysis as an alternative fuel for compression ignition (CI) engine is a major factor that is likely to boost the growth of the global pyrolysis oil market during the assessment period. The low emission levels of pyrolysis oil in comparison with conventional fuel alternatives are anticipated to drive the demand for pyrolysis oil during the forecast period. As the demand and price of the conventional petro fuels is on the rise, researchers are increasingly focusing on the discovery of alternative fuels to cater to the future demand for petro fuels. Furthermore, increasing emphasis on utilizing renewable energy sources is another factor that is projected to contribute to the growth of the global pyrolysis oil market. Increasing consumer confidence and market acceptance of alternative fuels, including pyrolysis oil, are projected to fuel market growth.
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Demand to Remain Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a strong impact on the overall growth of the global pyrolysis oil market in 2024. The challenge in terms of storage and transportation of pyrolysis oil is projected to pose as a major threat to the overall growth of the market for pyrolysis oil during the COVID-19 pandemic. Restrictions on transportation, cross-border trade, and ongoing trade war between the U.S. and China are some of the other factors likely to hinder the growth of the global pyrolysis oil market during the ongoing COVID-19 crisis. Market players are expected to focus on expanding their production capacity in the post COVID-19 era to cater to the demand for pyrolysis oil from various end-use sectors, including agriculture and automotive.
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Pyrolysis Oil Market: Overview
- According to Transparency Market Research’s latest research report on the global pyrolysis oil market for the historical period 2019 and the forecast period of 2024 to 2030, increase in focus on reducing dependence on utilization of fossil fuel resources is a key factor expected to boost the global pyrolysis oil market during the forecast period. Pyrolysis technology is used to transform non-recycled plastic, tire, and biomass into pyrolysis oil that can be used as a substitute for petroleum products.
- In terms of revenue, the global pyrolysis oil market is estimated to surpass US$ 460 Mn by 2030, expanding at a CAGR of ~4% throughout the forecast period. In terms of feedstock, biomass is anticipated to be a highly lucrative segment of the global pyrolysis oil market during the forecast period.
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Overdependence on Fossil Fuel: Key Driver of Pyrolysis Oil Market
- Rise in efforts to maintain the sustainability of fossil fuels is driving the global pyrolysis oil market
- Global consumption of crude oil has increased significantly over the last few years. According to the BP Statistical Review of World Energy 2024, global crude oil consumption stood at 100.9 million barrels daily in 2019, which is 1.1% higher than that in 2018.
- Rise in infrastructure development activities leads to significant increase in demand for crude oil all across the world. This boosts the need for import of fossil fuels due to the mismatch between demand and supply of fossil fuels.
- Several efforts have been made by researchers in terms of development of sustainable technology for the production of crude oil in order to decrease the mismatch between demand and supply
- Pyrolysis technology is able to transform non-recycled plastic, tire, and biomass into pyrolysis oil and fuel, which can be used as feedstock in olefin crackers or as transportation fuel. This is driving the adoption of pyrolysis technology across the globe. In turn, this is boosting the global pyrolysis oil market.
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