The stability of lignin-derived bio-oil obtained from a continuous process [base (K2CO3)-catalyzed, using phenol as a capping agent] under subcritical conditions of water (25 MPa, 290–370 °C) was investigated. The lignin-derived bio-oil obtained was stored at ambient temperature for 2 years. Our results show that the base concentration in the feed solution affects the stability of this lignin-derived bio-oil during its long-term storage. It was found that, at low base concentrations (i.e., 0.4%–1.0%), the yields of all lignin-derived bio-oil fractions were relatively stable. At high base concentrations (i.e., 1.6%–2.2%), however, the yield of high-molecular-weight (high-Mw) structures increased and that of low-molecular-weight (low-Mw) structures decreased after storage. This indicated that the low-Mw materials had been polymerized to form high-Mw materials. In addition, it was found that the yield of gas chromatography-mass spectrometry (GC-MS)-identified compounds (excluding phenol) in this lignin-deriv...
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