Pyrolysis oil, also known as bio-oil, is a product derived from the pyrolysis of biomass.
Its value varies depending on the level of processing and the specific market it serves.
As of the information provided, the worth of pyrolysis oil can be summarized as follows:
What is Pyrolysis Oil Worth? 5 Key Factors to Consider
1. Unprocessed Bio-oil
Unprocessed bio-oil is priced competitively with industrial wood chips on an energy per dollar basis.
It is comparable to fuel oil in many markets.
For instance, the price of Canadian pyrolysis oil delivered to Rotterdam in 2014 was approximately $13 per gigajoule (GJ).
This is similar to the price of heating oil (~$2 per gallon) without environmental credits.
However, for pyrolysis oil to have a price advantage over fuel oil, current oil prices would need to rise above $55 per barrel.
2. Upgraded Pyrolysis Oil
When upgraded to a drop-in fuel compatible with existing infrastructure, the minimum selling price per gallon is estimated by the U.S. National Renewable Energy Laboratory (NREL) to be about $2.53 per gallon for fast pyrolysis oil.
For catalytic pyrolysis oil, which produces higher quality products, the estimated minimum selling price could be as low as $1.28 per gallon.
3. Chemical Extraction
Bio-oil also serves as a source of valuable chemicals such as substituted phenols and aromatics.
These can be separated and sold at a premium over fuel, potentially increasing the overall value of the bio-oil.
4. Production Costs
The production costs of bio-oil depend on various factors including feedstock costs, plant scale, and technology used.
Studies indicate that bio-oil can be produced for between 75 and 300 EUR per ton (4 to 18 EUR/GJ), assuming feedstock costs between 0 and 100 euros/t (0 to 1.9 EUR/GJ).
5. Market and Application
The value of pyrolysis oil ranges from being a commodity product comparable to traditional fuel oils to a high-value product when upgraded or used for chemical extraction.
The economic feasibility of pyrolysis oil largely depends on the level of processing and the specific application or market it targets.
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