Portland, OR, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pyrolysis oil market garnered $318.5 million in 2021, and is estimated to generate $480.9 million by 2031, manifesting a CAGR of 4.3% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $318.5 million |
| Market Size in 2031 | $480.9 million |
| CAGR | 4.3% |
| No. of Pages in Report | 546 |
| Segments covered | feedstock, process, fuel, and region |
| Drivers | Rise in energy costs and an increase in petroleum product prices in several nations Surge in demand for plastic and rubber Increase in plastic consumption, especially in manufacturing sectors like food and beverage Rise in the number of infrastructure development projects taking place around the globe |
| Opportunities | The rise in the need for environment-friendly fuel |
| Restraints | The COVID-19 pandemic |
Covid-19 Scenario:
- Due to the global lockdown and limitations implemented by governments across nations during the COVID-19 pandemic, industrial activity was severely hampered in 2020 and 2021, which constrained the expansion of the global pyrolysis oil market.
- Due to a lack of raw material supply, restricted working hours/labor strength, and constrained financial resources, the chemical industry, and the heat and power generation sector were immobilized. This put a stop to the use of pyrolysis oil, a sustainable but unconventional fuel that has difficulties with storage and transportation in these industries.
- However, since the epidemic was retracted in mid-2021, the industries have been on the road to recovery. The reviving oil and gas, chemical, and power sectors, along with rising downstream demand brought on by the removal of limitations and the expanding sustainability movement, have rekindled market participants' interest in pyrolysis oil.
The research provides detailed segmentation of the global pyrolysis oil market based on feedstock, process, fuel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on feedstock, the plastic segment held the highest share in 2021, accounting for more than two-fifths of the global pyrolysis oil market, and is expected to continue its leadership status during the forecast period. However, the rubber segment is expected to register the highest CAGR of 4.6% from 2022 to 2031.
Based on process, the slow pyrolysis segment accounted for the highest share in 2021, contributing to more than half of the global pyrolysis oil market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the fast pyrolysis segment is expected to manifest the highest CAGR of 4.5% from 2022 to 2031.
Based on end use, the heat and power segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global pyrolysis oil market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the automotive fuel segment is expected to manifest the highest CAGR of 4.6% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global pyrolysis oil market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 4.7% during the forecast period.
Leading market players of the global pyrolysis oil market analyzed in the research include Bioenergy AE Cote-Nord, New Hope Energy, Green Fuel Nordic Oy, Agilyx, OMV Aktiengesellschaft, Plastic Advanced Recycling Corp., Quantafuel ASA, Alterra Energy, Ensyn, Niutech.
The report provides a detailed analysis of these key players of the global pyrolysis oil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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