Driving Sustainability and Carbon Reduction: Europe's Rubber Derived Unrefined Pyrolysis Oil Market Set for Steady Growth

Rubber Derived Unrefined Pyrolysis Oil is a byproduct of the pyrolysis process applied to waste rubber materials. It contains a mix of hydrocarbons and requires further refinement for commercial use. While having potential as an energy source, its variable composition and impurities pose challenges for effective application in various industries.

The Europe rubber derived unrefined pyrolysis oil market is witnessing significant growth due to its potential as a renewable fuel and feedstock substitute. With increasing efforts to reduce carbon emissions and dependence on fossil fuels, the market for unrefined pyrolysis oil derived from rubber is expected to thrive, driven by favorable government policies and sustainability initiatives.

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Sales of rubber derived unrefined pyrolysis oil are projected to increase at a healthy CAGR of 5.5% and top a valuation of US$ 12,202.5 Th by 2032. The rubber derived unrefined pyrolysis oil market in Europe is estimated to be valued at around US$ 7,132.3 Th by the end of 2022, registering Y-o-Y growth of 5.1%. Demand for rubber derived unrefined pyrolysis oil is anticipated to witness a CAGR of 5.5% in Europe market, opines Future Market Insights (FMI). Increase in government initiatives to decrease the utilization of crude oil derived products to reduce the carbon footprint is expected to drive the market.

Further, rising investment in waste management system including converting waste like tires into hydrocarbon-based products are expected to fuel the demand for rubber derived unrefined pyrolysis oil.

Since waste tire are significantly accumulated in the landfills, key players are witnessing significant opportunities to convert the waste tires to oil through pyrolysis process. Hence, several market participants are making investment backed by government subsidies and incentives for production of oil from waste materials to minimize the waste.

"Growing investment by private and public firms to develop pyrolysis process for the conversion of waste products to usable fuel is expected to provide significant growth opportunity for the market of rubber derived unrefined pyrolysis oil," - FMI analyst.

Key Takeaways in Europe Rubber Derived Unrefined Pyrolysis Oil Market:

- The rubber derived unrefined pyrolysis oil market in Europe is forecast to reach a value of US$ 12,202.5 Th by the end of the forecast period.
- Germany, France and the U.K. to create about two-fifth of the overall revenue generated in the Europe market.
- Fast pyrolysis production process to create an incremental $ opportunity of US$ 2,846.1 Th in between the period of 2022 and 2032.
- Demand forrubber derived unrefined pyrolysis oil as automotive fuel is anticipated to grow with a growth rate of about 5.8% over the forecast period.

Competitive Landscape in Europe Rubber Derived Unrefined Pyrolysis Oil Market

Key players are investing a significant amount for technology development for the production of oil from various types of waste through pyrolysis process. Prominent manufacturers are entering into the business owing to significant opportunities in the market and are investing in capacity expansion, setting up of production facilities and are collaborating with small and medium size players to enter into the untapped markets.

Top Players are:

1. SABIC
2. Fortum Oyj
3. Twence B.V.
4. Green Fuel Nordic Corporation
5. Quantafuel AS
6. Kartepe Endüstriyel Geri Dönüsüm SAN. ve TIC. A.$.
7. Pyrum Innovations AG
8. Tasnee

For instance,

BASF had announced an investment plant of about 16 million euros in 2020, collaborating with Pyrum Innovations AG for setting up of production unit for pyrolysis oil manufacturing through tires.

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More insights into the rubber-derived unrefined pyrolysis oil market report

In its latest report, FMI offers an unbiased analysis of the Europe rubber derived unrefined pyrolysis oil market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on production process, end-use, and country.

Rubber Derived Unrefined Pyrolysis Oil Market Segmentation

By Production Process:

Slow Pyrolysis
Fast Pyrolysis
Flash Pyrolysis

By End Use:

Heat & Power

Boilers
Gas Turbine
Diesel Engines
Automotive Fuels

By Country:

Germany
France
UK
Italy
Rest of Europe

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About Future Market Insights, Inc. (FMI)

Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.