The waste-derived pyrolysis oils market is expected to experience a massive increase in its revenues during the period 2020 to 2030; One of the major growth factors in the market is climate change. Growing demand from several end-use industries has resulted in fluctuations in oil prices in recent years. Oscillating oil prices have forced end users to look for alternative ways to meet their fuel needs. The production of pyrolysis oil uses different types of waste to produce oil, which can be used as diesel, gasoline, and automotive fuel, among others. Waste derived pyrolysis oil helps reduce waste, is an excellent fuel and energy source, and can be used to extract other petroleum products. As a result, the global waste-derived pyrolysis oils market is expected to reach a value close to US $ 500 million within a decade, growing at a moderate CAGR during the forecast period 2019-2029.
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Key Points from Waste Derived Pyrolysis Oil Market Research
- The rapid pyrolysis process is practiced on a larger scale by multiple manufacturers; therefore, it is expected to maintain its importance during the forecast period.
- Biomass, as a source, is easier to crack and is also a highly valued feedstock in regions such as Europe, East Asia and South Asia.
- The market for pyrolysis oils derived from waste is still in its infancy; however, it is very promising. End uses such as heat and electricity for power generation through boilers, turbines and engines are expected to hold a higher market share during the forecast period.
- Waste derived pyrolysis oil also has significant application in food flavorings, plant protectors or growth promoters in the food flavoring segment.
- East Asia, Europe and North America are expected to be prominent regional markets during the forecast period, owing to the presence of a large number of Tier II players and III in East Asia and level I players in Europe and North America.
“Global players such as BASF SE, Honeywell UOP, Dow Inc. and ConocoPhillips, among others, have recently invested strategically in the waste-derived pyrolysis oils market, which suggests that the major manufacturers are monitoring the market as it owns a lot of potential in the future to come.
The market landscape is evolving towards fragmentation
The waste-derived pyrolysis oils market is fairly consolidated, as a few players have the capacity for extensive R&D as well as production capacity. Leading 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, as well as product development. However, a strong emergence of new players is expected in the coming years, due to the inexpensive installation of pyrolysis units as well as the annual increase in oil prices.
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What does the future hold?
In the coming years, as the purchasing power of customers in developing regions increases, the demand for waste-derived pyrolysis oil is also expected to increase. The demand for green technologies, low carbon footprint, as well as cost effective and energy efficient materials from the heat and power generation industry will be a major driver for the waste derived pyrolysis oils market. The introduction of new applications such as food flavoring and plant protection is knocking on the door of opportunities for the waste-derived pyrolysis oils market, which is expected to experience steady growth.
PYROLYSTIC OIL MARKET TAXONOMY DETERMINED BY WASTE
- Gasoline / gasoline
- Heat and electricity
- Gas turbines
- Diesel engines
- Automotive fuel
- Bio Refineries
- Food flavor
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
Want to know more?
Future Market Insights has published a market research report on Waste Derived Pyrolysis Oils Market that contains 2014-2018 Global Industry Analysis and 2019-2029 Opportunity Assessment. The report provides an in-depth analysis of the Waste Derived Pyrolysis Oils market across 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 various types across industry verticals, a comprehensive list of service providers in the market, various projects in the world and a detailed overview of the parent market.
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The Chemicals and Materials division of FMI offers distinct and precise analyzes of the chemicals and materials industry. The chemicals and materials market coverage ranges from commodities, bulk, specialties and petrochemicals to advanced materials, composites and nanotechnology. The team also emphasizes “green alternatives”, recycling and renewable technology developments, and commercial assessment of supply and demand. Our research studies are widely referenced by chemical manufacturers, research institutes, channel partners and government development agencies – “The Way Ahead”.
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