In 2022, Future Market Insights (FMI) projects a notable year-over-year surge of 4.4% in the demand for waste-derived pyrolysis oil, with an anticipated market value reaching approximately US$ 330.8 Million by year-end. The global sector is poised for sustained growth, forecasting a robust 4.7% expansion throughout the forecast period spanning 2022 to 2029. This upward trajectory underscores the increasing significance of waste-derived pyrolysis oil in the global market, reflecting a growing emphasis on sustainable and innovative solutions within the energy sector.
Increasing demand from several end-use industries has resulted in fluctuating oil prices in recent years. Oscillating oil prices have forced end users to look for alternative means to fulfil their fuel needs. Pyrolysis oil production utilizes different types of waste to produce oil, which can be used as diesel, gasoline, and automotive fuel, among others.
Waste-derived pyrolysis oil contributes towards waste reduction, is an excellent fuel and energy source, and can be used to extract other petroleum products. As a result, the global waste-derived pyrolysis oil market is projected to reach a value close to US$ 500 Million in a decade, expanding at a moderate CAGR during the forecast period of 2022-2029.
Click Here to Request Your Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-11058
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.
Key Companies Profiled
- Fortum OyJ
- Enerkem
- Ensyn Corporation
- Twence B.V.
- Agilyx Corporation
- Green Fuel Nordic Corporation
- Vadxx Energy LLC
- Quantafuel AS
- RESYNERGI
- nexus FUELS, LLC
Ask for Report Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-11058
Waste-Derived Pyrolysis Oil Market Taxonomy
Fuel Type
- Unrefined
- Refined
Pyrolysis Process
- Fast
- Flash
- Others
End Use
- Heat & Power
- Automotive Fuel
- Bio Refineries
- Food Flavouring
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
