According to the research report titled ‘Global Waste-derived Pyrolysis Oil Market Size study, by Material (Unrefined, Refined) by Pyrolysis Process (Fast, Flash, Others) by Source (Plastic, Rubber, Biomass) by End Use Industries (Heat& Power, Automotive Fuel, Bio Refineries, Food Flavouring) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global waste-derived pyrolysis oil market is projected to record substantial growth through 2028.

The expanding biofuels sector and increasing demand for eco-friendly alternative fuels are some of the key factors driving the growth of global waste-derived pyrolysis oil market.

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For the uninitiated, pyrolysis oil is made from waste and can be used as gasoline, automotive fuel, and diesel among others. Waste-derived pyrolysis oil aids in reducing waste and is an excellent fuel and energy source.

Apart from this, favorable government regulations & policies and rising R&D activities will contribute toward the overall market growth as well. However, high transportation and storage costs and the negative impact of the COVID-19 pandemic biofuels production are likely to restrain the overall market expansion.

Based on the material spectrum, the market is subdivided into refined and unrefined segments. Moving on to the pyrolysis process, the waste-derived pyrolysis oil industry is split into flash, fast, and others.

Citing source type, the market is bifurcated into biomass, rubber, and plastic. With respect to the end-user landscape, the industry is segregated into food flavoring, bio-refineries, automotive fuel, and heat & power.

From the geographical point of view, the report claims that North America is anticipated to hold the biggest market share during the review period, on account of the rising power & heat generation sector and favorable government policies.

While Asia-Pacific waste-derived pyrolysis oil market is estimated to witness a decent CAGR over the forecast period, primarily due to the availability of raw materials and favorable government initiatives.

The major players influencing global waste-derived pyrolysis oil market are Nexus Fuels LLC, Resynergi Pvt. Ltd., Quantafuel Ltd., Vadxx Energy LLC, Agilyx Corporation, Twence B.V. Pvt. Ltd., Green Fuel Nordic Corporation, Ensyn Corporation, Enerkem Pvt Ltd., and Fortum Ltd.