December 9, 2023

Pyrolysis Oil Market Share: Competitive Landscape Assessment

With the world’s energy demand on the rise and approximately 85% of it still being met through conventional fossil fuels, the global sustainability drive is emphasizing the need for renewable alternatives. Governments worldwide are actively supporting the shift towards cleaner energy sources. In this context, waste-to-energy projects are gaining momentum, and bio-oils like pyrolysis oil are emerging as key players in the global biofuels landscape. The global pyrolysis oil market is expected to see substantial growth in the foreseeable future.

Pyrolysis Oil Market Offers a Promise of Bio-oil Alternative

As the world grapples with increasing waste volumes, stakeholders are exploring innovative ways to manage and reduce solid waste, including plastics, tires, and composite materials. Gasification and pyrolysis are gaining renewed attention as technologies to reduce waste while producing energy. Lignocellulosic biomass is being considered as a sustainable option to replace non-renewable resources, significantly reducing CO2 emissions. Fast pyrolysis, in particular, offers a promising route to convert various wastes into valuable products, including solid, liquid, and gaseous fuels, attracting substantial investments in the global pyrolysis oil market.

Pyrolysis Oil Market Provides Sustainable Way to Convert Waste to Energy

Pyrolysis can handle a wide range of materials, and the resulting bio-oil has a significantly lower environmental footprint compared to other substitutes, with 70-90% lower greenhouse gas emissions and emissions similar to natural gas. This high-energy blend of hydrocarbons finds application as an industrial fuel, replacing furnace oil or industrial diesel, and holds potential for use in heavy industries such as glass factories, cement plants, and power plants, among others. Additionally, pyrolysis oil can be a source of valuable chemicals, further enhancing its utility. However, some equipment modifications may be necessary for its use in smaller generators and combustion engines, and it can also be blended with other fuels like biodiesel.

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Pyrolysis Oil Market Sees Uptick in Adoption with Growing Need to Reduce Dependence on Conventional Energy Alternatives

Fast pyrolysis has garnered attention for its ability to produce high yields of liquid bio-oil through a simple and cost-effective process. The construction of pyrolysis power plants has the potential to reduce a country’s dependence on imported energy resources, reduce greenhouse gas emissions, and minimize waste going to landfills. Furthermore, it generates employment opportunities and contributes to public health benefits by improving waste management.

Challenges Prevail in front of Bio-Oil Producers

Bio-oil, while promising, presents challenges due to its inherent characteristics. It is less stable compared to conventional fuels, has high oxygen content, high viscosity, low pH, and lower heating value. These characteristics require additional treatment to ensure stability and compatibility with existing petroleum-based fuels.

Pyrolysis Oil Market Rapidly Gains Spotlight with Option of Alternate Fuel for Future

The value of pyrolysis-generated oil is expected to increase significantly in the coming years as its role as a circular commodity becomes more recognized. It competes favorably with fuel oil in many markets, with emerging markets for biomass pyrolysis products in Asia, Europe, Canada, and California. The adoption of pyrolysis technology, however, may depend on market size and growth rates.

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2026)

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This press release first seen on Brilad