The global Pyrolysis Oil Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Raw Material (Waste Plastic, Waste Rubber, Wood, Oil Sludge, Others), By Application (Fuels, Chemicals).
Pyrolysis oil, also known as bio-oil or bio-crude, is a valuable liquid product derived from the thermal decomposition of biomass in the absence of oxygen. In 2024, the market for pyrolysis oil is experiencing rapid growth, driven by increasing demand for renewable fuels, chemicals, and bio-based products. Pyrolysis oil serves as a versatile feedstock for biofuel production, with applications ranging from transportation fuels to heating oils and specialty chemicals. Further, pyrolysis oil can be upgraded through refining processes to improve its quality and compatibility with existing infrastructure, expanding its potential market opportunities. As governments implement policies to promote bioenergy and reduce reliance on fossil fuels, investments in pyrolysis technology and bio-refining infrastructure are expected to accelerate, driving further innovation and market growth in the pyrolysis oil sector. With its potential to mitigate climate change and support sustainable development goals, pyrolysis oil remains a key player in the transition towards a bio-based economy.
The market report analyses the leading companies in the industry including Alterra Energy LLC, Bioenergy Ae Cote-Nord, Ensyn, Green Fuel Nordic Oy, Mk Aromatics Ltd, New Energy Kft., New Hope Energy, Nexus Circular, Plastic Advanced Recycling Corp, PLASTIC ENERGY, Quantafuel ASA, Setra Group, Trident Fuels Pty Ltd, Twence, and others.
One prominent market trend in the pyrolysis oil industry is the increasing focus on renewable energy sources, driven by the global transition towards cleaner and sustainable energy alternatives. Pyrolysis oil, also known as bio-oil or biocrude, is produced through the thermal decomposition of organic materials such as biomass, agricultural residues, and waste plastics. As countries and industries strive to reduce greenhouse gas emissions, enhance energy security, and mitigate climate change impacts, there is growing interest in pyrolysis oil as a renewable and carbon-neutral energy source. The versatility of pyrolysis oil for power generation, heat production, and biofuel production applications makes it a promising alternative to fossil fuels, driving investment and development in the pyrolysis oil sector.
A key market driver for pyrolysis oil is the rising demand for sustainable waste management solutions, fueled by increasing waste generation, limited landfill capacity, and environmental concerns. Pyrolysis processes offer an environmentally friendly method for converting various organic waste streams into valuable energy products, including pyrolysis oil, syngas, and biochar. By diverting organic waste from landfills and incineration facilities, pyrolysis technologies help minimize environmental pollution, reduce reliance on fossil fuels, and promote resource recovery. Furthermore, the production of pyrolysis oil from biomass residues, agricultural wastes, and non-recyclable plastics presents opportunities for circular economy initiatives and waste valorization, contributing to sustainable development goals. As governments implement policies and incentives to promote waste-to-energy projects and renewable energy production, the demand for pyrolysis oil as a renewable energy source and waste management solution is expected to grow.
An opportunity for market growth lies in advancements in pyrolysis technology and product development to enhance process efficiency, product quality, and commercial viability. Companies and technology developers in the pyrolysis oil sector can capitalize on this opportunity by investing in research and development to optimize pyrolysis reactor designs, feedstock preprocessing methods, and product upgrading techniques. This includes the development of integrated pyrolysis systems with improved heat transfer, gas-solid separation, and liquid fraction upgrading capabilities to maximize pyrolysis oil yield, quality, and value. Additionally, there is an opportunity to explore niche markets and value-added applications for pyrolysis oil, such as bio-based chemicals, biofuels, and specialty products, to diversify revenue streams and enhance market competitiveness. By leveraging innovation, collaboration, and market insights, pyrolysis oil companies can unlock new opportunities for growth, contribute to the transition towards a low-carbon economy, and address sustainability challenges related to waste management and energy production.
Within the Pyrolysis Oil Market, the Waste Plastic segment is the largest. Waste plastic is one of the most abundant and readily available feedstocks for pyrolysis oil production, owing to the widespread use of plastics in various industries and the high volumes of plastic waste generated globally. Pyrolysis of waste plastic involves thermal decomposition of plastic materials in the absence of oxygen, resulting in the production of pyrolysis oil along with other valuable by-products such as gas and char. The versatility of waste plastic as a feedstock allows for the recycling and valorization of plastic waste into useful energy products, including fuel oils, which can be used in heating applications, electricity generation, or as a feedstock for further refining into transportation fuels. Additionally, the increasing emphasis on waste management and circular economy principles drives the demand for pyrolysis oil derived from waste plastic as an eco-friendly and sustainable alternative to fossil fuels. With the growing focus on plastic waste reduction and resource recovery, the Waste Plastic segment remains the largest and most prominent in the pyrolysis oil market.
Within the Pyrolysis Oil Market, the Chemicals segment is the fastest-growing. Pyrolysis oil serves as a valuable feedstock for the production of a wide range of chemicals, including solvents, resins, lubricants, and specialty chemicals. Through advanced refining processes such as hydroprocessing, hydrotreating, and fractional distillation, pyrolysis oil can be upgraded into high-quality chemical intermediates and end products. The versatility of pyrolysis oil as a chemical feedstock allows for the production of various value-added chemicals used in industries such as petrochemicals, plastics, coatings, and pharmaceuticals. Additionally, the increasing focus on sustainable and renewable sources of raw materials in the chemical industry drives the demand for pyrolysis oil as an alternative to fossil-based feedstocks. Moreover, advancements in pyrolysis technology and process optimization enable the efficient conversion of biomass and waste materials into high-quality chemical products, further fuelling the growth of the Chemicals segment in the pyrolysis oil market. With the growing demand for eco-friendly and sustainable chemical solutions, the Chemicals segment is poised for significant expansion in the coming years.
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
ChemicalsCountries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Alterra Energy LLC
Bioenergy Ae Cote-Nord
Ensyn
Green Fuel Nordic Oy
Mk Aromatics Ltd
New Energy Kft.
New Hope Energy
Nexus Circular
Plastic Advanced Recycling Corp
PLASTIC ENERGY
Quantafuel ASA
Setra Group
Trident Fuels Pty Ltd
Twence
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Pyrolysis Oil Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Pyrolysis Oil Market Size Outlook, $ Million, 2021 to 2032
3.2 Pyrolysis Oil Market Outlook by Type, $ Million, 2021 to 2032
3.3 Pyrolysis Oil Market Outlook by Product, $ Million, 2021 to 2032
3.4 Pyrolysis Oil Market Outlook by Application, $ Million, 2021 to 2032
3.5 Pyrolysis Oil Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Pyrolysis Oil Industry
4.2 Key Market Trends in Pyrolysis Oil Industry
4.3 Potential Opportunities in Pyrolysis Oil Industry
4.4 Key Challenges in Pyrolysis Oil Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Pyrolysis Oil Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Pyrolysis Oil Market Outlook by Segments
7.1 Pyrolysis Oil Market Outlook by Segments, $ Million, 2021- 2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
8 North America Pyrolysis Oil Market Analysis and Outlook To 2032
8.1 Introduction to North America Pyrolysis Oil Markets in 2024
8.2 North America Pyrolysis Oil Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Pyrolysis Oil Market size Outlook by Segments, 2021-2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
9 Europe Pyrolysis Oil Market Analysis and Outlook To 2032
9.1 Introduction to Europe Pyrolysis Oil Markets in 2024
9.2 Europe Pyrolysis Oil Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Pyrolysis Oil Market Size Outlook by Segments, 2021-2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
10 Asia Pacific Pyrolysis Oil Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Pyrolysis Oil Markets in 2024
10.2 Asia Pacific Pyrolysis Oil Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Pyrolysis Oil Market size Outlook by Segments, 2021-2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
11 South America Pyrolysis Oil Market Analysis and Outlook To 2032
11.1 Introduction to South America Pyrolysis Oil Markets in 2024
11.2 South America Pyrolysis Oil Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Pyrolysis Oil Market size Outlook by Segments, 2021-2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
12 Middle East and Africa Pyrolysis Oil Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Pyrolysis Oil Markets in 2024
12.2 Middle East and Africa Pyrolysis Oil Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Pyrolysis Oil Market size Outlook by Segments, 2021-2032
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Alterra Energy LLC
Bioenergy Ae Cote-Nord
Ensyn
Green Fuel Nordic Oy
Mk Aromatics Ltd
New Energy Kft.
New Hope Energy
Nexus Circular
Plastic Advanced Recycling Corp
PLASTIC ENERGY
Quantafuel ASA
Setra Group
Trident Fuels Pty Ltd
Twence
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Raw Material
Waste Plastic
Waste Rubber
Wood
Oil Sludge
Others
By Application
Fuels
Chemicals
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Pyrolysis Oil Market Size is valued at $586.1 Million in 2024 and is forecast to register a growth rate (CAGR) of 18.2% to reach $2233.1 Million by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Alterra Energy LLC, Bioenergy Ae Cote-Nord, Ensyn, Green Fuel Nordic Oy, Mk Aromatics Ltd, New Energy Kft., New Hope Energy, Nexus Circular, Plastic Advanced Recycling Corp, PLASTIC ENERGY, Quantafuel ASA, Setra Group, Trident Fuels Pty Ltd, Twence
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume