Globally, the rapidly growing demand for energy is accompanied by a resounding call to adopt sustainable energy solutions. The world’s historical dependence on conventional energy sources has depleted its natural reservoir of fossil-fuel based resources. Moreover, hyper-utilization of such resources...
Globally, the rapidly growing demand for energy is accompanied by a resounding call to adopt sustainable energy solutions. The world’s historical dependence on conventional energy sources has depleted its natural reservoir of fossil-fuel based resources. Moreover, hyper-utilization of such resources continues to pose hazardous environment challenges. In this context, it becomes crucial to accelerate the adoption of sustainable, clean, and renewable sources of energy. A welcome move in this regard is research and development in innovative waste-to-energy projects. Considering this, pyrolysis oil, a highly promising bio-oil, has emerged as one of the foremost fuel alternative, creating headways for steady growth across the global pyrolysis oil market. Other growth drivers of the pyrolysis oil market are favorable policies in the renewable energy sector, stringent emission regulations, versatile applications of pyrolysis oil, robust industrialization, and increase in investments in waste-to-energy R&D.
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Pyrolysis Oil Emerges as a Potent Bio-Fuel Alternative
The consistent shift towards renewable energy sources augments the demand for pyrolysis oil. Another reason aiding mass-production of pyrolysis oil is the relatively fast construction time to set up pyrolysis power plants. Moreover, expansion of the pyrolysis oil market is poised to offer lucrative opportunities for economic and social upliftment: job creation, reduced pollution, efficient waste management, and improvement in public health. Seeing the profitable revenue outcomes within the pyrolysis oil market, industry leaders in the energy sector and climate-conscious governments are expected to collaborate, paving the way for strong partnerships and M&A across the global pyrolysis oil market. These factors, coupled with substantial investments in pyrolysis oil technologies, are poised to take the global pyrolysis oil market to sound maturity in the near future.
Favorable Chemical Composition of Pyrolysis Oil Drives Adoption in Heavy Industries
Pyrolysis technology creates products that are inherently multipurpose. This irreversible process produces pyrolysis oil and fuel from non-recycled biomass, plastic, and tires. Interestingly, by-products of the pyrolysis process have properties that are similar to other energy alternatives and pyrolysis oil is greener that other bio-fuel alternatives. Owing to this chemical composition, pyrolysis oil is used in many ways. Over the forecast period, the pyrolysis oil market is projected to expand due to extensive usage in agricultural diesel engines, heavy industries, machines needing moderate-quality oil, and automobiles having low-speed engines. Although, concerns around compatibility of pyrolysis oil with existing petroleum-based fuels and its overall stability are expected to pose challenges that can prevent the pyrolysis oil market to flourish rapidly. However, the bio-fuel community aims to tackle these challenges through rigorous R&D.
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North America Leads Across Global Pyrolysis Oil Market
North America is the most formidable contender in the global pyrolysis oil market over the assessment period. This can be attributed to the growth of industrial diesel engines and industrial boiler industry in the region: segments where demand for pyrolysis oil is the most pronounced. Intense R&D in conventional fuel alternatives and adoption of advanced technologies is also poised to drive pyrolysis oil market growth in North America. Emerging markets include Asia and Europe where growth is being driven by positive regulatory framework for renewable energy.
Prominent Market Leaders
Companies that are leading in the global pyrolysis oil market include Air Products, Chevron Phillips Chemical, Advanced Fuel Research, Niutech Environment Technology Corporation, BTG Bioliquids, Energy & Waste SL, H2 Energy Bio-Refinery, Honeywell UOP, Metso Outotec System, Anellotech, Inc., Charm Industrial, Klean Industries Inc, TechnipFMC, and ETIA.
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