Press release
Pyrolysis Oil Market Insights and Emerging Trends by 2031
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐ง๐ญ๐ซ๐จ๐๐ฎ๐๐ญ๐ข๐จ๐งTransparency Market Research delivers key insights on the global pyrolysis oil market. In terms of revenue, the global pyrolysis oil market is estimated to expand at a CAGR of 4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global pyrolysis oil market.
๐๐๐ญ ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ๐ฌ -https://www.transparencymarketresearch.com/pyrolysis-oil-market.html
The global pyrolysis oil market has been positively impacted by rise in the production of plastics, coatings, lubricants & solvents, and pharmaceuticals across the globe.
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
The global consumption of crude oil has increased significantly in the past few years. As per the BP Statistical Review of World Energy 2021, global crude oil consumption stood at 91.3 million barrels, daily, in 2020. Of this, Asia Pacific accounted for 37.5% of the total global crude oil consumption. Strong growth of economies and rise in population have led to an increase in the consumption of crude oil. Rise in infrastructure development activities significantly propels the demand for crude oil all across the world.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=38711
The increase in crude oil consumption has raised the need for fossil fuel import due to mismatch between demand and supply. For instance, in 2020, oil production in Asia Pacific stood at 7.4 million barrels per day, while oil consumption stood at 34.22 million barrels per day. This has created demand for import of fossil fuel.
Several efforts have been made by researchers in terms of development of sustainable technology for production of crude oil in order to reduce the mismatch between demand and supply.
The ability of the pyrolysis technology to transform non-recycled plastic, tires, and biomass into oil and fuel, which can be used as feedstock in olefin crackers or as transportation fuel, is making its adoption viable across regions. This, in turn, is boosting the market.
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ ๐ข๐จ๐ง๐ฌ
In terms of value, Asia Pacific dominated the global pyrolysis oil market in 2020. It has emerged as a highly lucrative region of the global pyrolysis oil market in the past few decades. China held a major share of the pyrolysis oil market in Asia Pacific in 2020. The expansion of the market in the country can be ascribed to continuous urbanization and industrialization. According to a report by the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, China is expected to witness an urbanization ratio of 70% by 2035. Thus, demand for energy is expected to rise in the near future, which in turn would lead to higher demand for pyrolysis oil in China during the forecast period.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=38711
Europe was another lucrative region of the global pyrolysis oil market in 2020. Supportive government policies toward business sustainability programs, intense volatility in crude oil prices, and usage of eco-friendly products are major factors boosting the demand for pyrolysis oil in the region. Furthermore, increase in focus on enhancing the utilization of renewable energy sources is anticipated to propel the pyrolysis oil market in Europe during the forecast period.
North America also accounts for key share of the global pyrolysis oil market. This trend is expected to continue during the forecast period, due to increase in demand for pyrolysis oil in several applications such as building & construction, automobile, and other industries for heat and power generation. The U.S. is expected to dominate the North America pyrolysis oil market during the forecast period due to increase in investment in the pyrolysis oil industry.
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
Key players operating in the global pyrolysis oil market are Agilyx, Inc., Alterra Energy, Plastic2Oil Inc. , Nexus Fuels, Plastic Advanced Recycling Corporation, Brightmark LLC., OMV Aktiengesellschaft , Niutech, Agile Process Chemicals LLP, Klean Industries Inc., BTG Biomass Technology Group, Trident Fuels (Pty) Ltd, Pyro-Oil Nig. Ltd., and Setra.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=38711
๐๐ฅ๐จ๐๐๐ฅ ๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ, ๐๐ฒ ๐ ๐๐๐๐ฌ๐ญ๐จ๐๐ค
Plastic
LDPE (Low Density Polyethylene)
HDPE (High Density Polyethylene)
Polypropylene (PP)
Others
Rubber
Biomass
Lignocellulosic
Bagasse
Others
๐๐ฒ๐ซ๐จ๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ, ๐๐ฒ ๐๐ซ๐จ๐๐๐ฌ๐ฌ
Fast Pyrolysis
Flash Pyrolysis
๐๐๐จ๐ฎ๐ญ ๐๐ฌ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ
Rohit Bhisey
Transparency Market Research Inc.
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