Growing need to reduce carbon footprint, sustainability concerns, and circular economy strtaegies by key players are some of the key factors boosting the market. Further, utilization of waste for oil production is also anticipated to increase the demand in the market
NEWARK, Del, June 30, 2022 (GLOBE NEWSWIRE) -- 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%. 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.
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.
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“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,” says an FMI analyst.
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 for rubber derived unrefined pyrolysis oil as automotive fuel is anticipated to grow with a growth rate of about 5.8% over the forecast period.
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SABIC, Fortum Oyj, Twence B.V., Green Fuel Nordic Corporation, Quantafuel AS, Kartepe Endüstriyel Geri Dönüşüm SAN. ve TİC. A.Ş., Pyrum Innovations AG, Tasnee and many others are the some of the manufacturers of rubber derived unrefined pyrolysis oil profiled in the full version of the report.
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.
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.
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:
By End Use:
Heat & Power
Rest of Europe
Table of Content
1. Executive Summary
1.1. Europe Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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