The main factors driving the development of the market are the growing demand for pyrolysis oil used to generate heat and electricity, and the growing demand in the fuel sector. On the other hand, the problems related to the storage and transportation of pyrolysis oil and the unfavorable conditions due to the COVID-19 outbreak are major constraints that are expected to hinder market growth.
Pyrolysis oil is a synthetic fuel that can replace petroleum. It is also called bio crude oil or bio oil.
It is expected that North America will dominate the pyrolysis oil market during the forecast period. In countries such as the United States and Canada, the demand for pyrolysis oil is increasing due to the development of the industrial diesel engine and industrial boiler industries.