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.
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.
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.).
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06373306/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Activist investor Carl Icahn agitated to stop the deal last year. Now the pipeline network has been unloaded to a new owner.
Tesla's (NASDAQ: TSLA) stock price is falling for several reasons, including rising competition. In response, Tesla could make this major announcement in 2023. If you're interested in Tesla stock, you don't want to miss this video.
The law firm led by famed litigator David Boies appears to have engaged in some unusual litigation tactics on behalf of FTX crypto exchange users who accuse NFL quarterback Tom Brady, supermodel Gisele Bundchen, comedian Larry David and other celebrities of inducing them to open FTX accounts. This tale ventures deep into the weeds of federal court filing procedures, but the upshot is that Boies’ firm, Boies Schiller Flexner, and co-counsel from The Moskowitz Law Firm filed three different but obviously related FTX lawsuits in the same federal court in Miami without asking the court to consolidate the cases before just one judge.
Politico, which first reported on AbbVie's exit, said the drugmaker was also leaving the industry group Biotechnology Innovation Organization as well as Business Roundtable, citing a person with knowledge of the matter. Reuters reported in August the pharmaceutical industry spent at least $142.6 million on lobbying Congress and federal agencies in the first half of 2022, more than any industry. President Joe Biden's signature Inflation Reduction Act will allow the government to choose 10 drugs to negotiate from among the 50 costliest ones for Medicare, the government healthcare program for people aged 65 and older or disabled, starting in 2026.
A weeklong shutdown has reduced flows of Canadian crude, adding to costs for Gulf Coast refiners and weighing on U.S. oil reserves.
The new building is being planned alongside Lockheed Martin's existing 784,000-square-foot main facility, which is part of the company's Space unit that builds satellites and spacecraft.
For years, financial experts have suggested a target retirement savings goal of $1 million. But when you consider things like inflation, the rising cost of healthcare and longer life expectancies, that amount of money may not go as far as … Continue reading → The post How to Retire With $2 Million appeared first on SmartAsset Blog.
The past year was sobering for investors who poured money into Tesla Inc and rival electric vehicle startups that hoped to emulate Tesla CEO Elon Musk's success. Rivian Automotive Inc, which had a higher market value than Ford Motor Co shortly after it went public in 2021, lost more than 70% of its value over the past year. Electric van maker Arrival warned it could run out of cash in less than a year.
Only weeks after US president Joe Biden and the Chinese president Xi Jinping met in person to improve ties between the world’s two biggest economies, China filed a dispute with the World Trade Organization, further escalating the conflict between the two countries that intensified when the US introduced sanctions on chips exports earlier this year. According to Bloomberg, Japan and the Netherlands will be joining the US in efforts to tighten chip exports to China, with even semiconductor giants
The cable and internet giant plans a price hike for many customers, but that's only part of why you should be mad.
In today's video, Jose Najarro and Nick Rossolillo discuss recent news affecting Taiwan Semiconductor Manufacturing (NYSE: TSM) and some companies that can benefit from this $40 billion investment. Check out the short video to learn more, consider subscribing, and click the special offer link below.
In the 24 hours through Tuesday, investors withdrew assets from the exchange at the fastest rate in months.
(Bloomberg) — Southwest Gas Holdings Inc. agreed to sell a pipeline business for $1.5 billion including debt and spin off its construction business in the wake of a bitter battle with billionaire activist investor Carl Icahn. Most Read from BloombergTrump Hawks Superhero NFT Trading Cards as Crypto Universe ImplodesIs Putin Finally Getting Smart About His Ukraine Disaster?Elon Musk’s Tesla Share Sales Approach the $40 Billion MarkUS Stocks Drop for a Second Day; Oil Snaps Rally: Markets WrapWil
Warren Buffett's Berkshire Hathaway backed BYD Co, Ltd (OTC: BYDDF) (OTC: BYDDY) looked to launch a new "professional and personal" electric car brand in 2023. The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023, Reuters reports citing Brian Luo, the company's branding assistant general manager. Also Read: Warren Buffett's Berkshire Trims Stake In BYD EV Company To Below 15% BYD capitalized on a range of incentives for electric cars offered
Some federal regulators and shippers are raising concerns about Union Pacific's decision to temporarily limit some businesses' shipments by using embargoes.
If you worked and paid into Social Security all your life, you should be entitled to a monthly benefit once you retire. Simply create an account on the Social Security Administration's website and access your most recent earnings statement. It should give you a summary of your recent wages, as well as an estimate of what your monthly Social Security benefit looks like.
Apart from ExxonMobil (XOM) and Chevron ((VX), Cenovus Energy (CVE), Transocean (RIG) and Petrobras (PBR) hogged attention during the week.
The hundreds of Russian drones hovering ominously over the Ukrainian battlefield owe their existence to an elastic, sanctions-evading supply chain that often runs through a shabby office above a Hong Kong marketplace, and sometimes through a yellow stucco home in suburban Florida. The "Sea Eagle" Orlan 10 UAV is a deceptive, relatively low-tech and cheap killer that has directed many of the up to 20,000 artillery shells that Russia has fired daily on Ukrainian positions in 2022, killing up to 100 soldiers per day, according to Ukrainian commanders. An investigation by Reuters and iStories, a Russian media outlet, in collaboration with the Royal United Services Institute, a defence think tank in London, has uncovered a logistical trail that spans the globe and ends at the Orlan's production line, the Special Technology Centre in St. Petersburg, Russia.
A trade group representing some of the biggest consumers of energy — manufacturers — are urging the governors of Pennsylvania and other states along the Eastern Seaboard to prioritize the building of more gas pipelines and to delay the closing of coal-fired power plants. Industrial Energy Consumers of America, IECA, wrote letters this week to Pennsylvania Gov. Tom Wolf, West Virginia Gov. Jim Justice and the others from New York through South Carolina telling them that a lack of natural gas pipelines is threatening economic development.
When Former Apple Senior VP of Global Marketing and Silicon Valley Pioneer Satjiv Chahil sat down with Yahoo Finance’s Editor-in-Chief Andy Serwer, they discuss his time at Apple and what he learnt from the late Steve Jobs.