Steered by heightening demand for fossil fuel alternatives, waste-derived pyrolysis oil market will exhibit a steady CAGR of 4.5% over the forecast period (2019-2029). The market is set to witness approximately 1.6X value expansion between 2019 and 2029. Climate change will continue to propel the market growth, projects the new FMI study.
"Waste-derived pyrolysis oil market is still in its nascent stage. However, it is gaining notable momentum on the back of challenges imposed by aggravating climatic conditions. Moreover, fluctuating prices of conventional fossil fuels are compelling manufacturers to develop better alternatives," concludes the FMI report.
Key Takeaways of Waste-derived Pyrolysis Oil Market Study
- Biomass-derived pyrolysis oil continues to capture the leading share in overall market stack.
- Pyrolysis oil extracted from rubber will gain impetus through the forecast period.
- Fast pyrolysis process will sustain its prominence through 2029 as a preferred method by manufacturers.
- Refined grade continues to be in prodigious demand as opposed to its unrefined counterpart.
- Europe and East Asia collectively represent the epicenter of global market growth.
Waste-derived Pyrolysis Oil Market - Top Growth Drivers
- Escalating efforts to curb carbon emissions is the growth engine of waste-derived pyrolysis oil market.
- Oil & gas industry is at the forefront, generating substantial demand for waste-derived pyrolysis oil.
- Owing to strong government incentives and presence of established manufacturers, waste-derived pyrolysis oil market is burgeoning in North America.
- Use of waste-derived pyrolysis oil as jet engine fuel and aviation biofuel for motors and generators offers a new growth horizon in aviation industry.
Waste-derived Pyrolysis Oil Market - Key Restraints
- Relatively high price point and limited reusability is stagnating the demand for plastic-derived pyrolysis oil.
- Achieving sustained competitive advantage is a strenuous endeavor for market leaders due to fairly consolidated competitive landscape.
Competitive Landscape
The competitive landscape of global waste-derived pyrolysis oil market is moderately consolidated in nature. Leading manufacturers profiled in this report include, but are not limited to, Ensyn, Dow Inc., Honeywell UOP, BASF SE, ConocoPhillips, Enerkem, and Agilyx, Inc. Prominent players possess the resources to conduct extensive R&D activities and broaden their production capacity. Moreover, they continue to opt for inorganic growth strategies such as joint ventures and collaborations along with organic growth strategies such as product development. The upcoming decade will witness the rise of new players in global waste-derived pyrolysis oil market amidst fluctuating oil prices and establishment of inexpensive pyrolysis units.
Press Release Source: https://www.accesswire.com/577152/Sales-of-Waste-derived-Pyrolysis-Oil-to-Soar-Steadily-Through-2029-Biomass-derived-Variant-Highly-Preferred-Reports-Future-Market-Insights
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