The global pyrolysis oil market forecast at $459.3 million by 2031

Wilmington, DE – The global pyrolysis oil market was valued at US$ 302.1 Mn in 2020. It is estimated to expand at a CAGR of 4% from 2021 to 2031. The global pyrolysis oil market is expected to reach the value of US$ 459.3 Mn by the end of 2031 according to Transparency Market Research.

The global pyrolysis oil market is significantly driven by factors such as increasing demand for energy-efficient & green fuel alternatives, rising environmental concerns, stringent regulatory framework, and surging applications of pyrolysis oil in agriculture and automotive industries. The growing efforts of developing countries to increase the usage of pyrolysis oil as an alternative fuel is contributing to market growth. There is a significant presence of manufacturers operating in the global pyrolysis oil market. These players are increasing their investments, in terms of capital, stressing more on research & development activities, along with improved product quality to meet consumer requirements. Manufacturers companies operating in the global pyrolysis oil are accelerating their product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain a competitive edge.

The global pyrolysis oil market has been severely affected during the pandemic due to halted businesses, forced lockdown, and disruption in supply chain across the globe. The pandemic has weakened all manufacturing, storage, and transportation of pyrolysis oil. With rapid increase in vaccination drives, manufacturers are recovering from the losses by adopting new trends and technologies in the global pyrolysis oil market.

Stakeholders of the global pyrolysis oil market are focusing on providing environment-friendly and energy-efficient solutions to fulfill the rising demand from various end-use industries such as agricultural, automotive, etc. Manufacturers are taking efforts to recover from losses due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the global pyrolysis oil market by expanding their production capacity.

There is an increasing awareness about the harmful effects caused due to fossil fuel combustion. Many research & development activities are being carried out in developing countries to find alternatives for conventional fossil fuels. Since the past few years, the energy sector is rapidly expanding, and stakeholders are looking for a sustainable and energy-efficient solutions due to rising environmental concerns and rapid depletion of fossil fuel reserves. The global pyrolysis oil market is driven by rising demand for pyrolysis oil. Pyrolysis oil can be widely used as multipurpose agricultural diesel engines.

In addition, rise in energy expenditure, stringent regulations on fuel emission, and increase in prices of petroleum products in many countries are contributing to the global market growth. The increase in the number of infrastructure development activities in the world, along with rapid industrialization is driving the demand for pyrolysis oil during the forecast period.

Rising focus on renewable energy sources is a key factor driving the demand for pyrolysis oil during the forecast period. Growing issues related to climate change and increasing demand for protecting environment are responsible for the rising demand for pyrolysis oil. Consumers across the globe are aware about the pyrolysis oil used as an alternative fuel for compression ignition (CI) engine. Technological advancements in extracting pyrolysis oil from various techniques such as microwave pyrolysis and electrical pyrolysis are gaining popularity all over the world. The increasing demand for low emissive engine oil is driving the global market during the forecast period.

Researchers are increasingly focusing on the invention of alternative fuels that are energy-efficient due to rising prices of conventional petroleum fuels. In addition, market players are making use of renewable energy sources in order to reduce the use of fossil fuels due to rising awareness of clean energy.

Pyrolysis oil can be obtained from extracting waste wood, waste plastics, agricultural residues, and waste rubbers by pyrolysis plant. Due to their high calorific value, it can be widely used as industrial fuel to substitute furnace oil or industrial diesel. The rising demand for sustainable and feasible energy sources is driving the pyrolysis oil market across the globe. Pyrolysis oil can be made from the decomposition of organic materials at elevated temperatures in the absence of oxygen into oil and other constituents. In order to reduce the dependency on only one energy source and utilize various renewable energy sources, market players are focusing on alternative fuel resources. Rising energy consumption due to rapid industrialization and increasing energy security concerns in developing economies boost the expansion of the global pyrolysis oil market