Pyrolysis Oil Market: Introduction
Transparency Market Research delivers key insights on the global pyrolysis oil market. In terms of revenue, the global pyrolysis oil market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global pyrolysis oil market.
The global pyrolysis oil market is broadly affected by several factors, including growth in investment in the development of pyrolysis plants, rise in focus on limiting the accumulation of scrap tire and plastic waste at landfill sites, and increase in efforts on enhancing energy security.
Pyrolysis Oil Market: Dynamics
The global demand for plastic and rubber has increased significantly over the last decade, owing to vast applications of plastics and rubber in various sectors. The packaging industry held major share of around 40% of global plastic production in 2019. It was followed by building & construction, textiles, and consumer products industries. Thus, the expansion of packaging, building & construction, textiles, and consumer products industries is expected to boost the demand for pyrolysis oil across the globe in the near future.
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The constant demand for plastics has raised concerns about the adverse environmental impact due to the continuous accumulation in landfills, as plastic waste degrades at a slow pace. Rapid globalization and industrialization has led to a rise in domestic and municipal waste across the world. For instance, municipal waste generated in the U.S. stood at more than 260 million tons in 2018; of this, more than 50% was disposed in the landfill.
Public and private firms have developed innovative processes such as pyrolysis oil technology that can reduce the accumulation of plastic rubber and biodegradable waste by converting waste into hydrocarbon fraction. This helps lower environment pollution.
Thus, rise in need to minimize the accumulation of plastic waste in landfills and lower the associated carbon emission by converting plastic waste into value-added products is anticipated to propel the global pyrolysis oil market.
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In terms of feedstock, the plastic segment dominated the global pyrolysis oil market in 2019. The segment is anticipated to expand at a CAGR of 3.9% between 2024 and 2030. The growth of the segment can be ascribed to the increase in investment in development of plastic waste to oil facilities. The rise in efforts to reduce the accumulation of plastic waste at landfill sites is also a key factor propelling the plastic segment of the global pyrolysis market.
In terms of process, flash pyrolysis is estimated to be a highly lucrative segment of the global pyrolysis oil market during the forecast period. Flash pyrolysis offers high yield of bio-oil with low resulting water content and conversion efficiencies of up to 70%.
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Based on fuel, the diesel segment dominated the global pyrolysis oil market in 2019. The growth of the segment can be ascribed to the rise in demand for petroleum feedstock from fossil fuel driven systems in the manufacturing industry.
Pyrolysis Oil Market: Prominent Regions
The pyrolysis oil market in Asia Pacific is projected to expand significantly during the forecast period, owing to rise in investment in the construction of pyrolysis oil production facilities in the region. China dominated the pyrolysis oil market in Asia Pacific in 2019.
The pyrolysis oil market in Europe is likely to expand considerably during the forecast period. Introduction of strict regulations pertaining to waste management and rise in focus on meeting the GHG emission target are major factors driving the pyrolysis oil in the region.
Pyrolysis Oil Market: Key Players
Major players operating in the global pyrolysis oil market are Agilyx, Inc., Alterra Energy, Plastic2Oil Inc., Nexus Fuels, Plastic Advanced Recycling Corporation, Brightmark LLC., OMV Aktiengesellschaft, Niutech, Agile Process Chemicals LLP., Klean Industries Inc., BTG Biomass Technology Group, Trident Fuels (Pty) Ltd., Pyro-Oil Nig. Ltd., and Setra.
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