Pune, India – Global demand for rubber derived unrefined pyrolysis oil market is anticipated to witness a CAGR of 5.5% in Europe market, opines Future Market Insights (FMI). Increase in government initiatives to decrease the utilization of crude oil derived products to reduce the carbon footprint is expected to drive the market.
Further, rising investment in waste management system including converting waste like tires into hydrocarbon based products are expected to fuel the demand for rubber derived unrefined pyrolysis oil.
Since waste tire are significantly accumulated in the landfills, key players are witnessing significant opportunities to convert the waste tires to oil through pyrolysis process. Hence, several market participants are making investment backed by government subsidies and incentives for production of oil from waste materials to minimize the waste.
“Growing investment by private and public firms to develop pyrolysis process for the conversion of waste products to usable fuel is expected to provide significant growth opportunity for the market of rubber derived unrefined pyrolysis oil,” says an FMI analyst.
The rubber derived unrefined pyrolysis oil market in Europe is forecast to reach a value of US$ 12,202.5 Th by the end of the forecast period.
Germany, France and the U.K. to create about two-fifth of the overall revenue generated in the Europe market.
Fast pyrolysis production process to create an incremental $ opportunity of US$ 2,846.1 Th in between the period of 2022 and 2032.
Demand for rubber derived unrefined pyrolysis oil as automotive fuel is anticipated to grow with a growth rate of about 8% over the forecast period.
SABIC, Fortum Oyj, Twence B.V., Green Fuel Nordic Corporation, Quantafuel AS, Kartepe Endüstriyel Geri Dönüşüm SAN. ve TİC. A.Ş., Pyrum Innovations AG, Tasnee and many others are the some of the manufacturers of rubber derived unrefined pyrolysis oil profiled in the full version of the report.
Key players are investing a significant amount for technology development for the production of oil from various types of waste through pyrolysis process. Prominent manufacturers are entering into the business owing to significant opportunities in the market and are investing in capacity expansion, setting up of production facilities and are collaborating with small and medium size players to enter into the untapped markets.