The market for pyrolysis oil is expected to register a CAGR of over 4% during the forecast period. Due to COVID-19, the economies of several countries have been badly affected, and several industries’ growth and production have declined.
New York, Dec. 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Pyrolysis Oil Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06373306/?utm_source=GNW
Due to the lockdown restrictions, the manufacturing sector is the most affected worldwide, impacting the market.
Key Highlights
Major factors driving the market are increasing demand for pyrolysis oil for generating heat and power and the rising demand from the fuel segment.
On the flip side, problems associated with the storage and transportation of pyrolysis oil and unfavorable conditions arising due to the COVID-19 outbreak are the significant restraints expected to hinder the market’s growth.
By application, the heat and power segment is expected to dominate the market due to increased usage in boilers, gas turbines, and diesel engines.
The North American region dominated the pyrolysis oil market worldwide, with the most substantial consumption from countries like the United States and Canada.
Key Market Trends
Increasing Demand from the Heat and Power Segment
Pyrolysis oil is a synthetic fuel manufactured as a substitute for petroleum. It is also known as biocrude or bio-oil.
The usage of pyrolysis oil in gas turbines and diesel engines to generate heat and power is likely to provide lucrative opportunities for the growth of the pyrolysis oil market during the forecast period.
In the United States, five plants are producing renewable diesel, with a combined capacity of over 590 million gallons per year. Production is expected to grow in the near term, with 2 billion gallons of capacity at six plants currently under construction and expansion at three existing plants. This will increase the consumption of pyrolysis oil in the region.
The European Union (EU) had set the goal of ensuring that 20% of its gross final energy consumption came from renewable sources by 2020, increasing to 32% by 2030. The EU met its 2020 target, with renewable energy consumption increasing from 19.7% of gross final energy consumption in 2019 to 21.3% in 2020. The increase provided lucrative opportunities for pyrolysis oil in the region.
The application of pyrolysis oil in the boiler is expected to grow during the forecast period as the usage of pyrolysis oil can reduce carbon emissions by 90%. As a result, it can replace natural gas and heavy and light fuel oils, thus increasing the demand for pyrolysis oil.
The market for pyrolysis oil is likely to grow rapidly over the forecast period due to all the factors mentioned above.
North America to Dominate the Market
North America is expected to dominate the market for pyrolysis oil during the forecast period. In countries like the United States and Canada, due to the growth of the industrial diesel engines and industrial boilers industry, the demand for pyrolysis oil is increasing.
The United States was one of the leading biofuel producers globally in 2020. The production amounted to 1,347 petajoules, thereby increasing pyrolysis oil production. It can be used as an alternative to fossil fuel, which is likely to increase the demand for pyrolysis oil.
Pyrolysis oil contains a large number of different components used to derive new products. Pyrolysis oil can be fractionated into product streams like pyrolytic lignin, pyrolytic sugars, and watery phase containing smaller organic compounds. Hence, the demand for pyrolysis oil is expected to increase in the region.
The United States combined heat and power market is expected to register a CAGR of above 7% during the forecast period, which is likely to increase the demand for pyrolysis oil and stimulate its market during the forecast period.
The factors mentioned above and government support contribute to the increasing demand for pyrolysis oil during the forecast period.
Competitive Landscape
The pyrolysis oil market is consolidated, with the top players accounting for a major market share. Some of the major companies in the market include BTG Biomass Technology Group, Divya International, Chevron Phillips Chemical Company, Biogreen (ETIA Group), and Klean Fuels (Klean Industries Inc.).
Additional Benefits:
The market estimate (ME) sheet in Excel format
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Read the full report: https://www.reportlinker.com/p06373306/?utm_source=GNW
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