What is Global Residual Aromatic Extract Market?
The Global Residual Aromatic Extract Market is a specialized sector within the broader market of aromatic extracts. These extracts are derived from petroleum and are used in a variety of industries due to their unique properties. The term "residual" refers to the fact that these extracts are the by-products or "residues" left over after the primary extraction process. These residual aromatic extracts have a high concentration of aromatic compounds, which give them their distinctive characteristics. They are primarily used in the rubber and tyre industry, but also find applications in other sectors such as adhesives, sealants, and coatings. The global market for these extracts is growing steadily, driven by increasing demand from the end-use industries. However, the market also faces challenges such as fluctuating raw material prices and stringent environmental regulations. Despite these challenges, the market is expected to continue its growth trajectory in the coming years, driven by innovation and technological advancements.
High Content Polycyclic Arematic Hydrocarbon(PAH), Low Content Polycyclic Arematic Hydrocarbon(PAH) in the Global Residual Aromatic Extract Market:
The Global Residual Aromatic Extract Market can be segmented based on the content of Polycyclic Aromatic Hydrocarbon (PAH) into High Content PAH and Low Content PAH. High Content PAH extracts are those that have a high concentration of PAH compounds. These extracts are typically darker in color and have a stronger aroma. They are used in applications where a high level of aromaticity is required, such as in the manufacture of black rubber products. On the other hand, Low Content PAH extracts have a lower concentration of PAH compounds. They are lighter in color and have a milder aroma. These extracts are used in applications where a lower level of aromaticity is sufficient, such as in the manufacture of light-colored rubber products. The demand for both types of extracts is driven by the needs of the end-use industries, and the market dynamics for each segment can vary depending on factors such as technological advancements, regulatory changes, and shifts in consumer preferences.
Tyre, Non-Tyre in the Global Residual Aromatic Extract Market:
The Global Residual Aromatic Extract Market finds significant usage in the tyre and non-tyre sectors. In the tyre sector, these extracts are used as a softening agent to improve the flexibility and durability of the rubber. They also enhance the grip of the tyre, making it safer for use in various weather conditions. The non-tyre sector includes applications such as adhesives, sealants, and coatings. In these applications, the extracts are used to enhance the performance characteristics of the products, such as their adhesion properties, resistance to weathering, and durability. The demand from both these sectors is a key driver for the growth of the market. However, the market also faces challenges such as the need for product innovation to meet changing customer needs, and the need to comply with stringent environmental regulations.
Global Residual Aromatic Extract Market Outlook:
The Global Residual Aromatic Extract Market is a dynamic and evolving sector. As of 2022, the market was valued at US$ 144 million. It is projected to reach US$ 165.3 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 2.0% during the forecast period from 2023 to 2029. The market is dominated by three major players - Shell, H&R Group, and Eni S.p.A, who collectively hold a market share of around 50%. Geographically, Europe is the largest market for these extracts, accounting for around 40% of the global market. It is closely followed by the Asia-Pacific region, which holds a market share of around 35%. In terms of application, the tyre sector is the largest downstream market, accounting for about 90% of the total market. These figures provide a snapshot of the current state of the market, but it is important to note that the market dynamics can change rapidly due to factors such as technological advancements, regulatory changes, and shifts in consumer preferences.
| Report Metric | Details |
| Report Name | Residual Aromatic Extract Market |
| Accounted market size in 2023 | US$ 147.2 million |
| Forecasted market size in 2029 | US$ 165.3 million |
| CAGR | 2.0 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Shell, H&R Group, Eni S.p.A., Repsol, Orgkhim Biochemical Holdings, Total, HollyFrontier, IRPC |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
