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 forecast in its report on the global pyrolysis oil market.
The global pyrolysis oil market has been positively impacted by rise in the production of plastics, coatings, lubricants & solvents, and pharmaceuticals across the globe.
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Pyrolysis Oil Market: Dynamics
The global consumption of crude oil has increased significantly in the past few years. As per the BP Statistical Review of World Energy 2021, global crude oil consumption stood at 91.3 million barrels, daily, in 2020. Of this, Asia Pacific accounted for 37.5% of the total global crude oil consumption. Strong growth of economies and rise in population have led to an increase in the consumption of crude oil. Rise in infrastructure development activities significantly propels the demand for crude oil all across the world.
The increase in crude oil consumption has raised the need for fossil fuel import due to mismatch between demand and supply. For instance, in 2020, oil production in Asia Pacific stood at 7.4 million barrels per day, while oil consumption stood at 34.22 million barrels per day. This has created demand for import of fossil fuel.
Several efforts have been made by researchers in terms of development of sustainable technology for production of crude oil in order to reduce the mismatch between demand and supply.
The ability of the pyrolysis technology to transform non-recycled plastic, tires, and biomass into oil and fuel, which can be used as feedstock in olefin crackers or as transportation fuel, is making its adoption viable across regions. This, in turn, is boosting the market.
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Pyrolysis Oil Market: Prominent Regions
In terms of value, Asia Pacific dominated the global pyrolysis oil market in 2020. It has emerged as a highly lucrative region of the global pyrolysis oil market in the past few decades. China held a major share of the pyrolysis oil market in Asia Pacific in 2020. The expansion of the market in the country can be ascribed to continuous urbanization and industrialization. According to a report by the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, China is expected to witness an urbanization ratio of 70% by 2035. Thus, demand for energy is expected to rise in the near future, which in turn would lead to higher demand for pyrolysis oil in China during the forecast period.
Europe was another lucrative region of the global pyrolysis oil market in 2020. Supportive government policies toward business sustainability programs, intense volatility in crude oil prices, and usage of eco-friendly products are major factors boosting the demand for pyrolysis oil in the region. Furthermore, increase in focus on enhancing the utilization of renewable energy sources is anticipated to propel the pyrolysis oil market in Europe during the forecast period.
North America also accounts for key share of the global pyrolysis oil market. This trend is expected to continue during the forecast period, due to increase in demand for pyrolysis oil in several applications such as building & construction, automobile, and other industries for heat and power generation. The U.S. is expected to dominate the North America pyrolysis oil market during the forecast period due to increase in investment in the pyrolysis oil industry.
Pyrolysis Oil Market: Key Players
Key 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.