New York, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The global Carbolic Oil Market is expected to witness significant growth at a CAGR of 4.2% during the forecast period of 2023-2030. Factors such as the increasing demand for carbolic oil in personal care products, the rising demand for industrial paints, and others are accelerating the demand for carbolic oil, which, in turn, is boosting the market growth. In addition, the rising development of a new range of carbolic oil product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the carbolic oil market is poised for strong expansion and is expected to reach USD 438.14 Million by 2030. The market, which was valued at USD 315.60 Million in 2022, is predicted to grow at a compound annual growth rate of 4.2% during the period 2023-2030. The report highlights the increasing adoption of carbolic oil in the extraction of phenol, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the carbolic oil market.
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Carbolic oil is a complex mixture of hydrocarbons obtained by distillation of coal tar. It consists of aromatic and other hydrocarbons, phenolic compounds and aromatic nitrogen compounds and distills at the approximate range of 150°C to 210°C (302°F to 410°F). It has been used in various industrial applications including disinfectants, pharmaceuticals, and precursors for the production of chemical and synthetic materials. Therefore, gowth in the demand for phenol extraction may also drive advancement and investment in carbolic oil refining and extraction technologies.
Global Carbolic Oil Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 438.14 Million |
| CAGR (2023-2030) | 4.2% |
| By Application | Pharmaceutical Ingredient (API), Extraction of Phenol, Pyridine Bases, and Others |
| By End-Use Industry | Chemical, Healthcare, Oil and Gas, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Jining Chenguang Coal Chemical CO. Ltd., Chinagtchem, DEZA a. s., Elkem, KUMHO P&B CHEMICALS, Hindustan Organic Chemicals Limited., INDUSTRIAL QUIMICA DEL NALON, Shanghai HaiChagn Petroleum, Equipment Co., Ltd., and Rain Industries Limited |
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Global Carbolic Oil Market Segmentation Details:
Based on Application, the pharmaceutical ingredients (API) segment contributed the largest shares to the market growth in 2022. Carbolic oil is used as an active pharmaceutical ingredient (API) or immediate compound in the synthesis of various medications. These properties make carbolic oil a key ingredient in the production of drugs and medication.
Based on End-use industry, the chemical segment accounted for the largest market share in the year 2022. Carbolic oil serves as a chemical intermediate in the production of various chemicals and compounds. It acts as a building block for the synthesis of resins, dyes, herbicides, and specialty chemicals. Further, the demand for these chemicals rising in various industries such as agriculture, textile, paint and coatings, and others contributes to the growth of the segment, which, in turn, is fostering market growth.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the rapid industrialization and urbanization, driving the demand for carbolic oil in various industries. Countries such as China, India, and others are major consumers of carbolic oil, particularly in the chemicals, pharmaceuticals, and construction sectors.
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Competitive Landscape
Jining Chenguang Coal Chemical CO. Ltd., Chinagtchem, DEZA a. s., Elkem, KUMHO P&B CHEMICALS, and Hindustan Organic Chemicals Limited., are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of carbolic oil-based products. Further, the carbolic oil market is expected to grow steadily due to rising demand from end-use industries, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of carbolic oil players in the international market is expected to increase the competition in the industry.
Recent Developments
- In June 2023, KUMHO P&B CHEMICALS announced the ISCC PLUS certification for its five products (Cumene, Phenol, acetone, Bisphenol-A, and Epoxy resin). Through this Kumho P&B Chemical will contribute to the establishment of a sustainable Phenol derivatives supply chain.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 35.70% valued at USD 112.67 million in 2022 and is expected to reach USD 157.12 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 22.31% during the base year of 2022.
- Based on Application, the pharmaceutical ingredient (API) segment accounted for the highest share contribution to the carbolic oil market statistics in 2022.
- In the context of the end-use industry, the chemical segment is expected to contribute significant shares to the growth of carbolic oil market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for carbolic oil due to the driving demand for carbolic oil in various industries in countries such as India, Singapore, and others.
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List of Major Global Carbolic Oil Market:
- Jining Chenguang Coal Chemical CO. Ltd.
- Chinagtchem
- DEZA a. s.
- Elkem
- KUMHO P&B CHEMICALS
- Hindustan Organic Chemicals Limited.
- INDUSTRIAL QUIMICA DEL NALON
- Shanghai HaiChagn Petroleum Equipment Co., Ltd.
- Rain Industries Limited
Global Carbolic Oil Market Segmentation:
- By Application
- Pharmaceutical Ingredient (API)
- Extraction Of Phenol
- Pyridine Bases
- Others
- By End-Use Industry
- Chemical
- Healthcare
- Oil And Gas
- Others
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Frequently Asked Questions in the Carbolic Oil Market Report
- What was the market size of the carbolic oil industry in 2022?
- In 2022, the market size of carbolic oil was USD 315.60 million.
- What will be the potential market valuation for the carbolic oil industry by 2030?
- In 2030, the market size of carbolic oil will be expected to reach USD 438.14 million.
- What are the key factors driving the growth of the carbolic oil market?
- The increasing demand for carbolic oil in personal care products, thereby fueling market growth at the global level.
- What is the dominating segment in the carbolic oil market by end-use industry?
- In 2022, the chemical segment accounted for the highest market share in the overall carbolic oil market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the carbolic oil market?
- Asia Pacific accounted for the highest market share in the overall carbolic oil market.
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