Pyrolysis waste oil value set to soar in next decade
The value of oil generated by the pyrolysis process is set to soar in the next decade as its value as a circular commodity begins to be fully appreciated.
The oil, which is a by-product from the pyrolysis of waste materials such as end of life rubber, plastic and wood can be a valuable asset to businesses that can retail the products, whilst upping the sustainability and waste management credentials of its business operations.
Following on from a recent report commissioned by Future Market Insights, Alex Matthias, Technical Director at the renowned pyrolysis plant manufacturer, specifier and installer IRR Waste 2 Energy explains its value in the circular economy and other industry sectors.
Emphasis has been placed on the need for additional, and ongoing, research into the suitable uses of pyrolysis oil generated from waste to energy processes and the significant part it can play in a sustainable economy. With CAGR (Compound Annual Growth Rate) of 4.5% predicted over the forecast period (2019 – 2029) the uplift from a relatively low starting point will be significant.
Documenting the findings of the report, Bloomberg commented earlier this year that, “The upcoming decade will witness the rise of new players in global waste-derived pyrolysis oil market amidst fluctuating oil prices and establishment of inexpensive pyrolysis units.”
This is critical to the success of such technologies and will shift the emphasis hugely as awareness and investment grow in tandem.
Impact on businesses
This will result in a significant impact on businesses, not just from the onward sale of the pyrolysis oil to other industries. The integration of a waste to energy pyrolysis plant in business operations has the potential to reduce energy bills and the costly reliance on energy generated from fossil fuels. Pyrolysis can integrate into business operations in a number of ways.
The energy generated from the plant can be used for absorption chilling, heating or can be sold back to energy companies. In addition, the oil generated can be used for both onsite and off-site energy generation reducing or removing, energy costs and making a massive impact on the sustainability of any business that uses waste for its energy generation in a truly circular way. Similarly, other by-products that are produced such as carbon char can also be re-purposed in a number of ways ensuring there is no further waste product created from the process.
The future of pyrolysis oil
This is why, whilst not a new invention, the way that pyrolysis oil is now being recognised as a valuable commodity will stir up the waste, recycling and energy sectors. Up until very recently it’s not been a mainstream commodity – indeed, if you operated in circles other than those strictly pertaining to the waste recycling or waste to energy sector, it is most likely that you wouldn’t have heard of it, and definitely not heard how it could impact so positively on business operations. As its profile and the possibilities attributed to this begin to grow, so do the opportunities. We know that the future of pyrolysis oil is just getting started and we will work with all sectors of the industry to unlock its benefits and how it can impact positively in so many ways.
An ongoing demand for fossil fuel alternatives, and a desire to tackle climate change and the impact business has on the environment, will continue to drive market growth upwards.
The editorial by Bloomberg to which I refer comments; “Pyrolysis oil extracted from rubber will gain impetus through the forecast period” and the team at IRR will be instrumental in driving awareness and educating industry and unlocking the benefits as to how, quite simply, it works.
IRR is on a mission to remove the ‘smoke and mirrors’ image that pyrolysis has. We tell everyone that it is not rocket science, although the science bit is beyond impressive. What is more impressive though, is the global impact circular pyrolysis can have on so many aspects of our modern world. It can help to tackle hard to recycle waste such as tyres and certain types of plastic; it can help the delivery of environmental plans and Government directives, it will refocus businesses as to how they can manage their own energy demands and impact on the environment, and promote a way of integrated responsible business operations that fully support a circular economy.
We are looking forward to the journey and taking you along with us.
Further information about IRR and its pyrolysis technology can be found by visiting www.IRRwaste2energy.com