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Global Pyrolysis Oil Market- Type, Applications, Region, End use and Top Players to 2030
Global Pyrolysis Oil Market- Type, Applications, Region, End use and Top Players to 2030
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 forecasts in its report on the global pyrolysis oil market.

PyrolysisOil Market: Introduction

TransparencyMarket Research delivers key insights on the global pyrolysis oilmarket. In terms of revenue, the global pyrolysis oil market isestimated to expand at a CAGR of ~4% during theforecast period, owing to numerous factors regarding which TMR offers thoroughinsights and forecasts in its report on the global pyrolysis oil market.

The globalpyrolysis oil market is broadly affected by several factors, including growthin investment in the development of pyrolysis plants, rise in focus on limitingthe accumulation of scrap tire and plastic waste at landfill sites, andincrease in efforts on enhancing energy security.

Pyrolysis Oil Market: Dynamics

The globaldemand for plastic and rubber has increased significantly over the last decade,owing to vast applications of plastics and rubber in various sectors. Thepackaging industry held major share of around 40% of globalplastic production in 2019. It was followed by building & construction,textiles, and consumer products industries. Thus, the expansion of packaging,building & construction, textiles, and consumer products industries isexpected to boost the demand for pyrolysis oil across the globe in the nearfuture.

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Theconstant demand for plastics has raised concerns about the adverseenvironmental impact due to the continuous accumulation in landfills, asplastic waste degrades at a slow pace. Rapid globalization andindustrialization has led to a rise in domestic and municipal waste across theworld. For instance, municipal waste generated in the U.S. stood at morethan 260 milliontons in 2018; of this, more than 50% was disposed in the landfill.

Public andprivate firms have developed innovative processes such as pyrolysis oiltechnology that can reduce the accumulation of plastic rubber and biodegradablewaste by converting waste into hydrocarbon fraction. This helps lowerenvironment pollution.

Thus, risein need to minimize the accumulation of plastic waste in landfills and lowerthe associated carbon emission by converting plastic waste into value-addedproducts is anticipated to propel the global pyrolysis oil market.

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In terms offeedstock, the plastic segment dominated the global pyrolysis oil market in2019. The segment is anticipated to expand at a CAGR of 3.9%between 2020 and 2030. The growth of the segment can be ascribed to theincrease in investment in development of plastic waste to oil facilities. Therise in efforts to reduce the accumulation of plastic waste at landfill sitesis also a key factor propelling the plastic segment of the global pyrolysismarket.

In terms ofprocess, flash pyrolysis is estimated to be a highly lucrative segment of theglobal pyrolysis oil market during the forecast period. Flash pyrolysis offershigh yield of bio-oil with low resulting water content and conversionefficiencies of up to 70%.

Based onfuel, the diesel segment dominated the global pyrolysis oil market in 2019. Thegrowth of the segment can be ascribed to the rise in demand for petroleumfeedstock from fossil fuel driven systems in the manufacturing industry.

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Pyrolysis Oil Market: ProminentRegions

Thepyrolysis oil market in Asia Pacific is projected to expand significantlyduring the forecast period, owing to rise in investment in the construction ofpyrolysis oil production facilities in the region. China dominated thepyrolysis oil market in Asia Pacific in 2019.

Thepyrolysis oil market in Europe is likely to expand considerably during theforecast period. Introduction of strict regulations pertaining to wastemanagement and rise in focus on meeting the GHG emission target are majorfactors driving the pyrolysis oil in the region.

 

PyrolysisOil Market: Key Players

Majorplayers 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.

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