Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Pyrolysis Oil Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The pyrolysis oil market is expected to grow at a compound annual growth rate (CAGR) of 8.34% during 2024-2029
The major driving factors behind the pyrolysis oil market growth are the rising adoption of eco-friendly fuel for the circular economy, high demand from the heat and power generation sectors, and its multifaceted usage in industrial applications. Although the demand for pyrolysis oil is growing, technological manufacturing and application are still difficult, but growing innovation and advancements will make usage much simpler in the future.
With the view of keeping the circular economy, Clariant launched a portfolio for purifying pyrolysis oil in October 2022. Its new HDMax catalysts and Clarit adsorbents are designed to purify pyrolysis oil made from hard-to-recycle mixed plastic waste. It is designed to remove a wide range of contaminants that are continuously changing in the feed. It also offers operational assistance, from startup to process optimization, for the lifetime of the product.
Further, LyondellBasell had been selected to receive a €40 million grant from the European Union (EU) funding in December 2023. This grant was given to 41 projects selected in the EU Innovation Fund 'Third Call for Large Scale Projects', and the company's MoReTec plant was selected. The MoReTec technology by LyondellBasell can recycle polyolefin waste to produce pyrolysis oil and pyrolysis gas. Pyrolysis oil is a substitute for fossil-based materials used in polymer production. The plant would be located at the Wesseling, Germany site. This was one of the projects in which the European Union committed EUR 3.6 billion as part of clean-tech projects to support decarbonization and sustainability.
PYROLYSIS OIL MARKET DRIVERS:
Rising adoption of eco-friendly fuel
According to several research studies, the calorific value of pyrolysis oil is quite comparable to other forms of fuels like diesel and gasoline. This makes it a viable option for replacing other types of fossil fuels. Therefore, it can be a possible alternative fuel. Application of pyrolysis oil includes combustion in boilers, fuelling in engines and turbines, upgrading to transportation fuels, or other burning fuel replacements.
Industries could move towards a more sustainable and circular economy by substituting conventional oils with renewable oils. There has been a growing depletion of fossil fuels as a resource. Several traditional oil companies are moving towards the renewable oils sector.
High demand for the heat and power generation sectors
Growing industrialization around the world demands power for various purposes. The use of pyrolysis oil in the power generation is for combustion in boilers or furnaces and co-firing with other fuels. Hydrolysis oil's advantages are renewability, waste management, and carbon neutrality. Pyrolysis oil is derived from renewable waste sources, thus contributing to the sustainability of the production. The production of pyrolysis oil solves the world's largest waste management crisis. It also provides a carbon-neutral option for industries, as the amount of carbon produced is equivalent to what is absorbed during production.
Multiple industrial applications
Pyrolysis oil has multiple industrial uses. Major applications have been fuel for boiler heating and power plants. There has been a growing demand in the marine fuel market. Marine transportation needs huge amounts of low-carbon fuels for a sustainable future. Bio-oil like pyrolysis oil can be used to produce bitumen.
Further, bio-oil can be used to produce zinc oxide as a thermal source. The bio-oil is used in kiln burners for heating. Because it has a higher water and oxygen content, it can be used for bitumen production, for chemicals from its lignin derivative fraction, and as chemicals from its cellulose/hemicellulose derivative fraction.
The Asia Pacific region will dominate the pyrolysis oil market during the forecast period.
The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies, such as ASEAN countries, are from this region. In February 2024, APChemi launched the PUREMAXT Pyrolysis Oil Purification Plant in Mumbai, India. The company has a vision of upcycling single-use plastic waste.
This plant would have the TRL9 pyrolysis oil purification technology. It can produce 1.5 to 6 Kilo Tonnes per Annum (KTA) of high-quality purified pyrolysis oil, PUROIL. It enables the conversion of contaminated or mixed plastic waste into PUROIL. The company planned to upgrade the production capacity by 3 to 5 times by the end of 2025.
Further, China has shown rapid economic transformation in the last few years and has made the country evolve into a dynamic transformation of its power and manufacturing sector, with a substantial focus on energy generation. This led to Chinese companies using biofuels in their industrial growth among the fastest-growing markets worldwide. This growth would lead to its supply of biofuels all over the world.
Pyrolysis oil market restraints:
The pyrolysis oil manufacturing, storage, and transportation technology is difficult to recreate and build. The advanced sophistication of the technology needed is a barrier for new entrants and difficult to recreate by small players. Big players in the market have the advantage of market control as they can easily source the manufacturing process and market it.
Certain technical difficulties like incompatibility with different plastic types, low oil yield, and contamination issues led to the pyrolysis oil having to be heavily diluted with petroleum-based mixtures.
Market Dynamics
Market Drivers
- Rising adoption of eco-friendly fuel
- High demand for the heat and power generation sectors
- Multiple industrial applications
Market Restraints
- Technical problems associated with the usage and application of pyrolysis oil
Porter's Five Forces Analysis
Industry Value Chain Analysis
Competitive Environment and Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
Company Profiles
- Alterra Energy, LLC
- Ensyn
- Green Fuel Nordic Oy
- Mk Aromatics Limited
- New Energy Kft.
- New Hope Energy
- Nexus Circular
- Plastic Advanced Recycling Corp.
- Setra Group
- Quantafuel ASA
- Trident Fuels Pty Ltd.
- Twence
- Anand Oil Company
- AP Chemi
- Vow ASA
- Doing holdings co.,ltd
- Contec
- Neste
Scope of the Report
By Application
- Fuels
- Chemicals
- Others
By Raw Material
- Plastic
- Rubber
- Wood
- Biomass
- Oil Sludge
- Others Materials
By Process
- Fast Pyrolysis
- Flash Pyrolysis
- Slow Pyrolysis
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of the Middle East and Africa
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/rn88cw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
