What is Global Residual Aromatic Extract Market?
The Global Residual Aromatic Extract Market is a fascinating sector of the global economy that focuses on the production and distribution of residual aromatic extracts. These extracts are by-products of the petroleum refining process, specifically from the distillation of crude oil. They are rich in aromatic compounds, which are chemical compounds that have a distinct, often pleasant smell. These extracts are used in a variety of industries, from the production of rubber and plastics to the manufacturing of paints and coatings. The market for these extracts is vast and diverse, with demand driven by a wide range of factors including economic growth, technological advancements, and changes in consumer preferences. The global market is highly competitive, with key players constantly striving to innovate and improve their products to gain a competitive edge.
High Content Polycyclic Arematic Hydrocarbon(PAH), Low Content Polycyclic Arematic Hydrocarbon(PAH) in the Global Residual Aromatic Extract Market:
High Content Polycyclic Aromatic Hydrocarbon (PAH) and Low Content Polycyclic Aromatic Hydrocarbon (PAH) are two key segments of the Global Residual Aromatic Extract Market. High Content PAHs are those that contain a high percentage of polycyclic aromatic hydrocarbons, which are chemical compounds that consist of multiple aromatic rings. These PAHs are often used in industries that require high-performance materials, such as the automotive and aerospace sectors. On the other hand, Low Content PAHs contain a lower percentage of polycyclic aromatic hydrocarbons. They are typically used in applications that require less performance, such as in the production of consumer goods like cosmetics and household products. The demand for both High Content and Low Content PAHs is influenced by a variety of factors, including economic conditions, technological advancements, and regulatory changes.
Tyre, Non-Tyre in the Global Residual Aromatic Extract Market:
The Global Residual Aromatic Extract Market plays a crucial role in the Tyre and Non-Tyre sectors. In the Tyre sector, these extracts are used as a softening agent, helping to improve the flexibility and durability of the tyres. They also enhance the tyre's resistance to heat and wear, thereby extending its lifespan. In the Non-Tyre sector, residual aromatic extracts are used in the production of a wide range of products, from rubber goods and adhesives to paints and coatings. They help to improve the performance and quality of these products, making them more durable and resistant to wear and tear. The demand for these extracts in both the Tyre and Non-Tyre sectors is driven by a variety of factors, including economic growth, technological advancements, and changes in consumer preferences.
Global Residual Aromatic Extract Market Outlook:
Looking at the Global Residual Aromatic Extract Market outlook, it's clear that this market is on a growth trajectory. In 2023, the market was valued at US$ 144 million and it's projected to reach US$ 165.3 million by 2030. This represents a compound annual growth rate (CAGR) of 2.0% during the forecast period from 2024 to 2030. The market is dominated by three key players - Shell, HR Group, and Eni S.p.A, who collectively hold around 50% of the market share. Geographically, Europe is the largest market, accounting for around 40% of the total market share, closely followed by Asia-Pacific with a 35% market share. In terms of application, the tyre sector is the largest downstream market, accounting for about 90% of the total market share.
| Report Metric | Details |
| Report Name | Residual Aromatic Extract Market |
| Accounted market size in 2023 | US$ 144 million |
| Forecasted market size in 2030 | US$ 165.3 million |
| CAGR | 2.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption 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 |
