Tar oil is a black viscous liquid attained from a variety of organic materials. Since it is an inflammable liquid, it requires proper care in its handling and transportation. It is a versatile chemical that is used as an intermediate in personal care, pharmaceutical and construction industry. The major applications of tar oil are noted in manufacturing of synthetic dyes, paints, and photographic materials. Owing to its water-repellent properties, it is also used for surface treatment of buckets, tubs, boats, and roofs.
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The increased consumption of tar oil is mainly associated with growth in pharmaceutical and construction industries, which are the major demand generators for Tar Oil around the world. By 2050, the world’s population aged 60 years and above is expected to total 2 billion, up from 900 million in 2015. With a rise in geriatric population, disease burden is set to grow. This will contribute to growth in the market under consideration.
However, tar oil is toxic owing to its carcinogenic properties. Also, due to its flammable and corrosive nature, safety concerns have emerged around its storage and transportation. This also adds-up to the total transportation and storage costs in the value chain. These are some of the restraining factors of growth of the global tar oil market.
North America is expected to be a key market for the Tar Oil Market. Canada is likely to be a major contributor to the growth of the tar oil market in this region, being a major producer of tar with an average of 1.7 trillion of crude bitumen produced per year. In the Asia Pacific region, China is the major producer of tar with a capacity of 11 million tons of tar annually.
Few prominent players in the Tar Oil Market are Crowley Chemical Company, Jalan Carbons & Chemicals Ltd., Baoshun Chemicals and Aminco Resources LLC, among others.
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