Pyrolysis Oil Market Size, Share, Growth Analysis, By Type(Wood-based Pyrolysis Oil, Waste Plastic-based Pyrolysis Oil), By Application(Heat and Power Generation, Chemical Feedstock), By Process(Fast Process, Flash Process and Slow Process), By Region - Industry Forecast 2024-2031

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.