Pyrolysis Oil Market to Reach US$ 459.3 Mn by 2031: TMR Study
Transparency Market Research inc.
5 min read
WILMINGTON, DE / ACCESSWIRE / September 23, 2022 / Transparency Market Research Inc. - The global market for pyrolysis oil market is witnessing massive avenues from the need for cost-effective production of renewable energy sources particularly environmentally friendly fossil fuel alternatives. Products' demand for pyrolysis oil market is being fueled by initiatives by industry players to grow their R&D on promoting energy security of countries through production of renewable energy sources. The value of the market was pegged at US$ 302.1 Mn in 2020.
Transparency Market Research inc., Friday, September 23, 2022, Press release picture
Rise in pyrolysis of plastics and rubber has enabled conversion of plastic and biomass waste into energy as well as has led to production of bio-chemicals of commercial significance. Firms are spending on pyrolysis based biorefineries used in recycling post-consumer in order to capture substantial revenue streams. The method has emerged as an attractive strategy for solving waste landfilling problem from rubber and plastics, which is enriching growth prospects for pyrolysis oil market.
Rising Demand for Pyrolysis Oil-Derived Fuels in Automobile Propelling Revenue Streams: Growing adoption of alternative fuel for compression ignition (CI) engine is propelling the revenue streams in pyrolysis oil market. Rise in worldwide demand for environmentally friendly fuels will spur the adoption of products. The study found that pyrolysis has found massive adoption of oil. Rise in demand for environmentally friendly fuels will spur the application of products in Middle East & Africa and North America.
Need for Green Energy Alternatives Underpins Abundant Opportunities: Globally, there is a demand for green fuel alternatives to reduce the carbon footprint of various industries in a bid to combat climate change. Rise in use of renewable energy sources has created ample opportunities for players in pyrolysis oil market. Focus of governments on engendering energy security is another factor spurring the need for renewable energy sources, especially in developing economies, thus kindling the growth opportunities in pyrolysis oil market
Plastics And Rubber Form Popular Feedstocks: Consumption of plastics and rubbers have risen tremendously in several industrialized nations over the past few decades. This has made pyrolysis increasingly attractive for the recycling of these materials, thus catalyzing the growth of the pyrolysis oil market.
Rising utilization of pyrolysis oil in agriculture industry is a key driver of the pyrolysis oil market. Pyrolysis of numerous agriculture wastes has evoked interest of industry players for use in alternative fuel production.
Growing need for fossil fuel alternatives in automobile industry is expanding the prospects of the pyrolysis oil market. Rise in demand for such fuels for internal combustion spark-ignition engines in vehicles has boosted the demand prospects.
Pyrolysis Oil Market: Regional Growth Dynamics
Asia Pacific has recently emerged as a remarkably lucrative region in the global pyrolysis oil market. Rise in demand for green fuel alternatives and renewable compounds from pyrolysis are creating substantial lucrative avenues for players in the regional market. The revenue potential in the regional market is reinforced by the increasing emphasis of governments on energy security, especially in key oil importers such as China and India.
Pyrolysis Oil Market: Key Players
Some of the key players in pyrolysis oil market are Pyro-Oil Nig. Ltd., Trident Fuels (Pty) Ltd., Klean Industries Inc., Niutech, OMV Aktiengesellschaft, Brightmark LLC., Nexus Fuels, Plastic2Oil Inc., Alterra Energy, and Agilyx, Inc.
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