Tar oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Tar oil Market: Introduction
Tar oil is a black viscous liquid that is attained from a variety of organic materials by the process of destructive distillation. It is an inflammable liquid, thus requires proper care for its handling and transportation. Tar oil is a versatile chemical that is used as an intermediate in personal care, pharmaceutical and construction applications. The major applications of tar oil are found in the manufacturing of synthetic dyes, paints, and photographic materials. Rising demand for new and improved drugs for the cure of numerous clinical conditions has led the foundation for growth of pharmaceutical sector all around the globe, thus influencing the global tar oil market. Owing to its water-repellent properties, it is also used for the surface treatment of buckets, tubs, boats, and wood shingle roofs. Tar oil market is expected to witness higher growth in emerging countries like China and India, where the personal care and cosmetic industry’s support to the country’s GDP is significant. Tar oil is also used as a general disinfectant, thus, additional consumption of tar oil is expected in chemical industries over the forecast period.
Tar oil Market: Dynamics
The consumption of tar oil is mainly associated with the growth in the pharmaceutical and construction industries, which are the major drivers for the growth of the tar oil market around the world. With an increase in the geriatric population, the rate of disease burden is rising exponentially. Thus, tar oil consumption is also on a rise in the pharmaceutical industry. The competition between major pharmaceutical giants in developing and manufacturing medical drugs facilitated the consumption of tar oil in pharma products. Thus with more and more competition in the pharmaceutical industry, the market for tar oil is expected to foray ahead over the forecast period. Moreover, the improved lifestyle of the consumers related to personal care and cosmetic products has also fueled the tar oil market.
However, tar oil is very toxic as it has carcinogenic properties. Also, owing to its flammable and corrosive nature, the transportation and storage of tar oil have raised safety concerns. This also adds to the total transportation and storage costs in the value chain. These are some of the restraining factors for the growth of the tar oil market.
Tar oil Market: Segmentation
Based on the source, the tar oil market is segmented as:
Based on the end-use industry, the tar oil market is segmented as:
Tar oil Market: Regional Outlook
The global tar oil market is divided into six regions including Latin America, North America, South Asia & Oceania, Europe, East Asia, and MEA. Among the regions mentioned above, East Asia and South Asia have the largest share for the tar oil market due to the massive growth of the construction industry in these regions. Thus, North America and Europe are anticipated to have significant growth for the tar oil market over the forecast period. Latin America is projected to exhibit average growth for the tar oil market by the end of 2029. Whereas, in Middle East Africa, the market for tar oil is expected to grow in line with the global GDP.
Tar oil Market: key stakeholders
Key market stakeholders in the global Tar oil market are Mahata Petroleum Pvt. Ltd., KOPPERS, Drummond Company, ArcelorMittal, and Himadri. The tar oil market consists of well-diversified global and regional players with the global vendors ruling the market.
Some of the suppliers of tar oil include Energy Coal Trading, Far Eastern Enterprises, Linkson International and Aditya Coal Pvt. Ltd.
The research report presents a comprehensive assessment of the Tar oil market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Tar oil market report provides analysis and information, according to market segments such as geographies, source and end-use industry.
Tar oil Market Report Covers Exhaustive Analysis On:
Tar oil report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Tar oil report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The Tar oil report also maps the qualitative impact of various market factors on market segments and geographies.
The Tar oil Market Report Highlights:
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The 5-point growth formula includes the following points:
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