Pyrolysis Oil Market: Industry Insights, and Current Trends Analysis

The market for pyrolysis oil is expected to register a CAGR of over 4% during the forecast period. 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 growth of the market.

– The growing application of pyrolysis oil in biorefineries is expected to offer various lucrative opportunities for the growth of the market.
– By application, the heat and power segment is expected to dominate the market owing to the increase in the usage in boilers, gas turbines, and diesel engines.
– North America region dominated the pyrolysis oil market across the globe with the most substantial consumption from countries like the United States and Canada.

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Key Market Trends

Increasing Demand from the Heat and Power Segment

– Pyrolysis oil is a synthetic fuel that is manufactured as a substitute for petroleum. It is also known as biocrude or bio-oil.
– The growing usage of pyrolysis oil to produce heat by direct combustion in a boiler or furnace is projected to increase the demand for pyrolysis oil and stimulate its market during the forecast period.
– 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.
– Additionally, 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.
– The industrial boilers market is expected to witness a CAGR of above 5% during the forecast period. Due to this, the demand for pyrolysis oil is expected to increase, which will stimulate its market during the forecast period.
– The market for pyrolysis oil is likely to grow rapidly over the forecast period due to all the factors mentioned above.

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Christophe Rude

Christophe Rude

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