According to Future Market Insights, the 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 utilises 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 compound annual growth rate during the forecast period of 2019-2029, Future Market Insights have stated.
Future Market Insights outlines key takeaways from its '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 flavouring 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.
Future Market Insights has stated that "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 research and development, 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, according to Future Market Insights.
What does the future hold?
In the coming years, with the purchasing power of customers increasing in developing regions, the demand for waste-derived pyrolysis oil is also anticipated to rise. Demand for green technology, low carbon footprint, as well as cost-effective and energy-efficient materials from the heat & power generation industry is going to be a major driving force for the waste-derived pyrolysis oil market, Future Market Insights have stated. Introduction of new applications such as food aromas and plant protection is knocking on the opportunity door for the waste-derived pyrolysis oil market, which is anticipated to experience steady growth.
These insights are based on a report on the 'Waste-derived Pyrolysis Oil Market' by Future Market Insights.
Read the article online at: https://www.energyglobal.com/other-renewables/26022020/future-market-insights-discusses-its-waste-derived-pyrolysis-oil-market-report/