Pyrolysis Oil Market is Likely to Grow a CAGR of 10.20% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Pyrolysis Oil Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Pyrolysis Oil Market generated revenue of around USD 426.94 million in 2020 and is anticipated to grow at a CAGR of over 10.20% during the forecast period from 2021 to 2027 to reach around USD 955.92 million in 2027. While, cumulative growth opportunity presented by the global Pyrolysis Oil is around USD 5.24 billion during 2021 to 2027.

Global Pyrolysis Oil Market, 2020 – 2027 (USD Million)

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Unlike conventional crude oil, Pyrolysis Oil is a synthetic oil obtained via pyrolysis treatment of various waste products. Pyrolysis Oil is currently being researched for its potential as an alternative fuel. Since, pyrolysis is sustainable technology that offers effective and efficient waste management while reducing landfill and carbon emission in atmosphere. Huge availability of waste products that can be treated using pyrolysis technology is major growth driving factors for the global Pyrolysis Oil market. World is producing over 1,500 million tires every year while, pyrolysis treatment is processing over 5 million tons of used tires per annum. This signific the dimensions of the Pyrolysis Oil industry.

Tire Waste to Grow at Rapid Pace

Waste Plastic, Waste Tire, Waste Rubber and Oil Sludge are some of the most commonly used raw materials in Pyrolysis Oil industry. Among all, waste tires segment is expected to exhibit rapid growth over the forecast period. Similarly, growing plastic waste is another important challenge for world as its half life time quite high. Hence, pyrolysis is an efficient technology employed in the management of plastic waste.

High Cost of Pyrolysis Plant

High cost of pyrolysis plant is likely to hamper the growth of industry. Pyrolysis plant can cost anywhere between USD 75 K to USD 100 K. Moreover, pyrolysis still under researched industry and there is huge potential for advancement in technology and lowering down the cost as traditional petroleum fuel is available considerably low cost in the market.

Increasing Demand as an Alternative for Petroleum

Fuels, Chemicals, Heat and Power are major application markets for the global Pyrolysis Oil market. Among all, fuel and power sector are likely to grow at a rapid pace over the forecast period. While chemical and heat applications are expected to be quite sluggish in its demand for Pyrolysis Oil. Fast Pyrolysis and Flash Pyrolysis are two key types of processes currently used for pyrolysis treatment.

Major players operating in the global Pyrolysis Oil market include but not limited to Divya International, Recor, Trident Fuels Pty Ltd, Ecomation Oy, Biogreen (ETIA Group), BTG Biomass Technology Group, Chevron Phillips Chemical Company, Kingtiger (Shanghai) Environmental Technology Co. Ltd, Klean Fuels (Klean Industries Inc.) and Pyro-Oil Nig. Ltd. Major players are located in North America and Europe. Increasingly stringent regulations and access to advanced technology to the end-users in the region is major driving force behind strong demand for Pyrolysis Oil in the region.

Market Segmentation

Global Pyrolysis Oil Market by Raw Materials, 2015 – 2027

  • Waste Plastic
  • Waste Tire
  • Waste Rubber
  • Oil Sludge
  • Other

Global Pyrolysis Oil Market by Application, 2015 – 2027

  • Fuels
  • Chemicals
  • Heat
  • Power
  • Others

Global Pyrolysis Oil Market by Process, 2015 – 2027

  • Fast Pyrolysis
  • Flash Pyrolysis

Global Pyrolysis Oil Market by Company, 2015 – 2027

  • Divya International
  • Recor
  • Trident Fuels Pty Ltd
  • Ecomation Oy
  • Biogreen (ETIA Group)
  • BTG Biomass Technology Group
  • Chevron Phillips Chemical Company
  • Kingtiger (Shanghai) Environmental Technology Co. Ltd
  • Klean Fuels (Klean Industries Inc.)
  • Pyro-Oil Nig. Ltd
  • Others