USD 322.36 million
Report ID:
SQMIG10C2014 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
61
|Figures:
75
Pyrolysis Oil Market size was valued at USD 334.71 Million in 2023 and is poised to grow from USD 348.3 Million in 2024 to USD 477.95 Million by 2032, growing at a CAGR of 4.06% during the forecast period (2025-2032).
The global pyrolysis oil market is projected to continue growing steadily. The demand for renewable sources of energy is one of the major drivers of the pyrolysis oil market. With the challenges the world is currently facing environmentally, coupled with the need to reduce GHG emissions, there is a growing quest for finding alternative fuels that bring cleaner, more sustainable energy. For instance, biofuel production is rising significantly across the globe, with the United States, Brazil, and Indonesia as the top three producer nations. Among various types of biofuels, a significant amount of attention is received by pyrolysis oil, also known as bio-oil. From 2019 to 2020, the production of biofuels witnessed a drop of around 6%. Nevertheless, the sector recorded a strong comeback, as manifested by an estimated 10.8% growth from 2020 to 2022.
Pyrolysis oil is a perfect alternative due to its manufacture from organic waste materials making it a contribution toward lessening the inflow of fossil fuels and creating a means for a circular economy. The industrial sectors take up a sizeable share in the global pyrolysis oil market. Industries related to power generation, chemicals, and transportation are thus coming forward to use pyrolysis oil as an alternate fuel instead of traditional fuels. On the other hand, demand from the agricultural sector is also growing due to the byproduct, biochar, which is used as a soil amendment. It is a charcoal-like product enriched with nutrients.
US Pyrolysis Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 322.36 million
Largest Segment
Waste Plastic-based Pyrolysis Oil
Fastest Growth
Waste Plastic-based Pyrolysis Oil
Growth Rate
4.6% CAGR
To get more reports on the above market click here to Buy The Report
Global Pyrolysis Oil Market is segmented by type, feedstock, raw material, method of upgrading, process technology, application and region. Based on type, the market is segmented into fast pyrolysis oil, slow pyrolysis oil and hydrotreated pyrolysis oil. Based on feedstock, the market is segmented into biomass, plastic and coal. Based on raw material, the market is segmented into waste plastic, waste rubber, wood, oil sludge and others. Based on method of upgrading, the market is segmented into hydrotreatment, distillation and steam reforming. Based on process technology, the market is segmented into fluidized bed reactor, rotary kiln reactor and ablative reactor. Based on application, the market is segmented into fuel, chemicals, power generation and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
It is expected that waste plastic-based pyrolysis oil segment dominated the market and is likely to grow at a CAGR of 4.7% during the projection period. Huge impetus gained by waste-based pyrolysis oil is due to growing concern for plastic waste management and impact caused by plastic disposal on the environment. If not altered, the current trend in plastic demand could result in an increase of global plastic waste from 260 million tons per year in 2016 to 460 million tons per year by 2030. The rising volume of plastic wastes makes the need for effective means of management very urgent. Of the total plastic waste, wastage with less than five years lifetime contributes around 65%, and among these, packaging contributes 40%, consumer goods 12%, and clothing and textiles occupy 11% in the total plastic wastes stream. This growing awareness and strict regulations relating to the management of plastic wastes have resulted in the exploitation of pyrolysis technology in converting waste plastics into valuable products like pyrolysis oil.
Contrarily, the tire-based pyrolysis oil is the fastest-growing type in the global pyrolysis oil market and is predictable to reach USD 138.67 Million in 2031 at a CAGR of 4.3%. One of the major factors driving the rapid growth of tire-based pyrolysis oil is the rising concern related to tire waste and the impact it has on the environment. According to SkyQuest Analysis, the annual amount of waste tires dumped into the environment will grow to 1.2 billion tires by 2030. This increasing generation of waste tires acts as a major driving factor for the tire-based pyrolysis oil market. As the amount of waste tires rises, there will be a corresponding growth in feedstock supply for pyrolysis, which is further used for the production of pyrolysis oil from tires. Further, environmental concerns and legislation related to tire disposal add to the demand for tire-based pyrolysis oil and thus continue to boost this segment.
Analysis by Application
The heat and power generation segment dominated the pyrolysis market, holding about USD 218.66 million of the overall market share in 2023. This segment is projected to expand with a CAGR of 4.3%. Pyrolysis technology finds major use in transfiguring various types of biomass feeds into heat and electricity. Established structure and ever-increasing emphasis on renewable sources of energy accelerate the dominance of Heat and Power Generation in the pyrolysis market. According to the International Energy Agency, at present, Heating is the largest consumer of energy worldwide. In 2021, Heat Use grew by 4% compared to 2020 due to the global economic resurrection. This is an absolutely wide-open opportunity for the pyrolysis oil market, particularly when this is about availability of an alternative to meet the growing demand for energy while bringing down dependence on traditional biomass and improving sustainability.
Transport fuel is the fastest-growing application and is projected to reach USD 125.39 million by 2031 from an initial base of USD 78.57 million in 2021, at a CAGR of 3.8%. This application addresses the need for sustainable alternatives to traditional fossil fuels since it also offers an opportunity to decrease greenhouse gas emissions and enhance the energy security. With the current increasing emphasis on reducing carbon footprint and implementation of renewable fuel standards and policies, the growth in pyrolysis production simply to transportation fuel is rapid. Biofuels provided about 6% of the total energy used in the U.S. transportation sector.
To get detailed analysis on other segments, Request For Free Sample Report
North America dominates with 39.36% of the global market share in the pyrolysis oil market, and several factors are contributing to this. The infrastructure, technology, and green developmental initiative are well set in the region. The US and Canada have been pioneering in adopting pyrolysis technology for waste materials conversion into valuable products such as pyrolysis oil. The US presents a fairly stable CAGR of 4.48%, hence one can say that the market is quite potent, once again; Canada charts glorious growth with a CAGR of 3.73% from 2024 to 2031. Other than the existence of strict regulation on environmental grounds and respective government support for renewable sources of energy, demand for pyrolysis oil in North America has further been driven.
The pyrolysis oil market is growing at the fastest growth rate in the Middle East and Africa. The overall market of US$1.64 million in 2021 is expected to soar to US$2.92 million by 2031. It will grow at a CAGR of 7.6%. South Africa will grow at a CAGR of 7.8%. On the other hand, Rest of MEA is projected to have appreciable growth at a CAGR of 7.5%. Huge quantities of plastic and rubber wastes, among others, are found in the MEA region, which can be used as feedstock for pyrolysis processes, thereby readily supporting the growth in the pyrolysis oil market. Added to this, several growth segments in this region contribute significantly to the regional development owing to increased focus on diversification of energy sources, leading to reduced dependence on conventional sources of fuel. The overall picture represented by the MEA pyrolysis oil market is very promising, with steady expansion seen across a number of different regional segments toward a further future of sustainability.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Pyrolysis Oil Market Drivers
Growing Environmental Concerns
Renewable Energy Policies and Incentives
Restraints
Limited Infrastructure and Distribution Networks
Technical Complexity is a Major Challenge
Request Free Customization of this report to help us to meet your business objectives.
The Pyrolysis Oil Market is fragmented with many small and medium-sized enterprises operating in the industry. A combination of technological innovation, government regulations, and environmental concerns will further shape the competitive landscape of the global pyrolysis market. Companies in the market are tending to develop and deploy efficient pyrolysis technologies for the effective conversion of qualitative end products from a wide range of waste materials. These technologies maximize resource recovery while minimizing the environmental impacts of residue disposition. Product innovation is another key strategy being adopted by major key market players. The adoption of product innovation as a strategic imperative portrays the willingness of the industry to do better in terms of environmental challenges, efficiency, and increasing requirements within eco-friendly solutions.
Pyrolysis Oil Market Top Player’s Company Profiles
Pyrolysis Oil Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the our analysis, it is expected to grow at a considerable rate, considering the forecast period. Some of the major factors driving the growth of the pyrolysis oil market are the growing interest in the sustainable sources of energy and the increasing demand for renewable fuels. Pyrolysis oil offers several advantages, including reduced carbon emissions, lessening dependence on fossil fuel, and potential application across industries such as power generation, transportation, and chemicals. Careful selection of feedstock and new process discovery can help in enhancing the whole economics related to pyrolysis oil production; companies are increasingly patenting advanced pyrolysis technologies. These developments are predicted to eventually boost the market growth and enhance the technological advancements in this industry. The high initial capital investment required for setting up pyrolysis oil production facilities acts as a barrier to entry into the market for small-scale players. The quality and consistency also depend on the feedstock used and the pyrolysis process. In this context, the guarantee of a constant quality for the products remains one of the major problems, together with compliance with existing legislation, facing the stakeholders connected with the industry.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 322.36 million |
Market size value in 2031 | USD 483.2 million |
Growth Rate | 4.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Pyrolysis Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pyrolysis Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pyrolysis Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pyrolysis Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG10C2014
sales@skyquestt.com
USA +1 351-333-4748