Global Pyrolysis Oil Market (2020 to 2025) – Growth, Trends, and Forecasts – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The "Pyrolysis Oil Market – Growth, Trends, and Forecasts (2020 – 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for pyrolysis oil is expected to register a CAGR of over 4% during the forecast period.
Major factors driving the market are increasing demand for pyrolysis oil for generating heat and power and the rising demand from the fuel segment. On the flip side, problems associated with the storage and transportation of pyrolysis oil and unfavorable conditions arising due to the COVID-19 outbreak are the significant restraints expected to hinder the growth of the market.
- Biogreen (ETIA Group)
- BTG Biomass Technology Group
- Chevron Phillips Chemical Company
- Divya International
- Ecomation Oy
- Kingtiger (Shanghai) Environmental Technology Co. Ltd
- Klean Fuels (Klean Industries Inc.)
- Pyro-Oil Nig. Ltd
- Trident Fuels Pty Ltd
Key Market Trends
Increasing Demand from the Heat and Power Segment
Pyrolysis oil is a synthetic fuel that is manufactured as a substitute for petroleum. It is also known as biocrude or bio-oil.
- The growing usage of pyrolysis oil to produce heat by direct combustion in a boiler or furnace is projected to increase the demand for pyrolysis oil and stimulate its market during the forecast period.
- The application of pyrolysis oil in the boiler is expected to grow during the forecast period as the usage of pyrolysis oil can reduce carbon emissions by 90%. As a result, it can replace natural gas and heavy and light fuel oils, thus increasing the demand for pyrolysis oil.
- Additionally, the usage of pyrolysis oil in gas turbines and diesel engines to generate heat and power is likely to provide lucrative opportunities for the growth of the pyrolysis oil market during the forecast period.
- The industrial boilers market is expected to witness a CAGR of above 5% during the forecast period. Due to this, the demand for pyrolysis oil is expected to increase, which will stimulate its market during the forecast period.
- The market for pyrolysis oil is likely to grow rapidly over the forecast period due to all the factors mentioned above.
North America to Dominate the Market
North America is expected to dominate the market for pyrolysis oil during the forecast period. In countries like the United States and Canada, due to the growth of the industrial diesel engines and industrial boilers industry, the demand for pyrolysis oil is increasing.
- Pyrolysis oil contains different levels of oxygen. Pyrolysis oil is non-corrosive and non-volatile due to oxygen. It tends to polymerize when exposed to air and offers thermal stability. As a result of these superior properties, pyrolysis oil can be used as an alternative for fossil fuel, which is likely to increase the demand for pyrolysis oil in the region.
- Additionally, pyrolysis oil, when co-fired in power plants, can replace natural gas, heavy oil, and coal. This factor is further anticipated to boost the pyrolysis oil market in the region.
- Furthermore, pyrolysis oil contains a large number of different components that are used to derive new products. Pyrolysis oil can be fractionated into product streams like pyrolytic lignin, pyrolytic sugars, and watery phase containing smaller organic compounds. Hence, the demand for pyrolysis oil is expected to increase in the region.
- The United States combined heat and power market is expected to register a CAGR of above 7% during the forecast period, which is likely to increase the demand for pyrolysis oil and stimulate its market during the forecast period.
- Some of the major companies operating in the North American region are Klean Fuels (Klean Industries Inc.) and Chevron Phillips Chemical Company.
- The factors mentioned above, coupled with government support, are contributing to the increasing demand for pyrolysis oil during the forecast period.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Generating Heat and Power
4.1.2 Rising Demand from Fuels Segment
4.2.1 Problems Associated to Storage and Transportation of Pyrolysis Oil
4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Raw Material
5.1.1 Waste Plastic
5.1.2 Waste Tire
5.1.3 Waste Rubber
5.1.4 Oil Sludge
5.3.2 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application in Biorefineries
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/1r19av
Laura Wood, Senior Press Manager
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