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The global pyrolysis market is expected to grow at a compound annual growth rate (CAGR) of 4% during the forecast period between 2021 and 2031. The global market valuation is expected to reach US$459.3Mn at the end of the forecast period.

Pyrolysis oil is a product obtained from the pyrolysis process post the cooling of the residual product. Also known as biocrude oil, pyrolysis oil is a synthetic fuel that has emerged as a suitable alternative for furnace oil owing to its high calorific value.

Rising demand for feasible and sustainable sources of energy has emerged as the key growth driver for the global pyrolysis market.

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Also, increasing need to reduce the accumulation of plastic waste in landfills as well as decrease carbon emissions by turning plastic waste into utility products has fueled the pyrolysis oil demand and contributed to global market growth. The ability of pyrolysis oil to be converted into different product streams such as pyrolytic sugars and pyrolytic lignin has played a key role in increasing product demand in various industries for different purposes and assisted in global market growth.

Increased Product Deployment for Heating and Power Generating Purpose Propels Pyrolysis Oil Demand

Pyrolysis oil has witnessed high demand for heating and power generation purposes in gas turbines, boilers, and diesel engines which has helped in the growth of the overall pyrolysis market.

Government initiatives and measures, promoting the benefits of deploying pyrolysis oil for different industrial purposes could stimulate the growth in the pyrolysis market.

Rapid industrialization witnessed in developing economies has also emerged as a revenue-generating factor for well-established players in the global pyrolysis market.

COVID-19 Pandemic Negatively Impacts Growth in Global Pyrolysis Market

The future for the global pyrolysis market seemed optimistic, but the outbreak of the COVID-19 pandemic dented the growth in the global market.

With rising cases globally, governments were forced to impose strict lockdowns and social distancing regulations in a bid to contain the spread of the virus. As a result, manufacturing units across various end-use industries were forced to function with reduced labor or shut down permanently. This reduced the demand for pyrolysis oil and lowered the overall market growth.

However, with most population sections double vaccinated and approval given to the use of a third dose it is anticipated that different production units will start operations soon which could lead to increased pyrolysis oil demand and propel overall market growth.

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North America Emerges as Leading Revenue-generator for Overall Pyrolysis Oil Market

In terms of region, North America has emerged as the dominant region in the global pyrolysis market because of the presence of developed industrial diesel engine and boiler industries in countries such as US and Canada. The region is anticipated to remain the largest revenue-generator for the overall market during the forecast period, too.

R&D undertakings to produce improved quality of pyrolysis oil products could be deployed for multiple purposes across end-use industries could emerge as a key, revenue-generating strategy for well-established market players, in future.

Development of Improved Quality of Products Could Assist Fuel Pyrolysis Oil Demand

Well-established market players could establish R&D centers in countries where key resources such as land and labor can be availed at reduced prices. These establishments would function exclusively to produce improved quality of pyrolysis oil products.

Competition in the global pyrolysis market is intense, due to the presence of several well-established market players. Some of the leading players include Alterra Energy, Nexus Fuels, Brightmark LLC, Niutch, and Setra.

Prominent market players are expected to sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.

Pyrolysis Oil Market: Competition Landscape

Key players operating in the global pyrolysis oil market are

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Increase in Focus on Enhancing Energy Security to Augment Pyrolysis Oil Market

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