The pyrolysis gas market is expected to grow at a CAGR of over 3% during the forecast period. Major factor driving the market studied is growing demand of pygas from benzene processing. On the flip side, Volatility in price of hydrocarbons and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– Increasing sale of automotive and growing utilization of pygas in motor fuels is forecasted to offer various opportunities for the growth of the market over the forecast period.
– Pyrolysis gas from benzene processing application is expected to dominate the market studied over the forecast period.
– Asia Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from regions such as China and India .
Key Market Trends
Growing Demand of Pyrolysis Gas from Benzene Processing
– Pyrolysis Gasoline, a naphtha-range product with high aromatics content, is a by-product of ethylene production from ethane cracking.
– Pyrolysis gas containing a significant amount of carbon dioxide, along with methane, may be used as a fuel for industrial combustion.
– Pyrolysis gasoline can be blended with other hydrocarbons as a gasoline additive, or distilled in BTX process to separate it into its components, such as benzene.
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– Increasing the number of petrochemical plants in the world is anticipated to supplement the growth of the benzene processing segment in coming years.
– Hence, owing to the above-mentioned factors, the application of pyrolysis gas from benzene processing is likely to dominate during the forecast period.
Asia Pacific Region to Dominate the Market
– Asia-Pacific region is expected to dominate the market for pyrolysis gas during the forecast period. The rising demand of pyrolysis gas from benzene processing and growing application as fuel in developing regions like China and India is expected to drive the demand for pyrolysis gas in this region.
– The largest producers of pyrolysis gas are located in Asia Pacific region. Some of the leading companies in the production of pyrolysis gas are ONGC Petro additions Limited, Shell, SABIC, Exxon Mobil Corporation and Haldia Petrochemicals Limited among others.
– China, the world’s top crude oil importer, boosted its annual crude oil refining capacity by 3.4% in 2019 to 860 million tonnes, equal to 17.2 million barrels per day according to Chemical Industry Federation (CPCIF).
– India’s oil refining capacity amounted to 249 MMTPA (Million Metric Tonne Per Annum) in 2018-19 ranking India as the fourth largest in the world with some of the largest refineries located in the country.
– Owing to the above-mentioned factors, the market for pyrolysis gas in the Asia-Pacific region is projected to grow significantly during the study period.
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