Wood Tar: Market Outlook
Wood tar is a liquid product formed by the destructive distillation or carbonization of wood. Wood tar is generally used as a preservative for rope or wood, especially in marine applications, and is even used as caulking material in construction applications, for sealing off leaks and joints. Wood tar can be further fractionated to yield oil, pitch, and creosote, the latter of which is used as disinfectants in pharmaceuticals and in manufacturing of cosmetics products. Wood tars are generally of two types, namely hardwood tars and resinous tars.
Hardwood tar is derived from oak and beech woods, either as a deposit from pyroligneous acid or residue from the distillation of the acid. Resinous tars are derived from pine wood barks, roots and even stumps of the tree. Resinous tars have pleasant odor, due to the presence of turpentine, and is generally applied on ships as a coating material to provide protection from the water and shipworms. A steady growth in shipbuilding activities and growing application in pharmaceutical and cosmetics manufacturing is anticipated to create significant opportunities for the wood tar market in the coming years.
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Wood Tar: Market Dynamics
Wood tar has a significant importance in the marine industry, especially in shipbuilding and overhauling. Ship structures made of wood, which are generally in contact with water all the time, require special coating to prevent damage from soaking and water seeping, which is avoided by the application of wood tar.
Despite of a recent slowdown in shipbuilding activity, the shipbuilding and ship repair and maintenance services are projected for a steady growth, which is anticipated to drive the demand for wood tar as well. By product type, resinous wood tar is estimated to hold lion’s share in the wood tar market owing to its widespread use in marine coatings and in pharmaceuticals. Use of wood tar derivatives is finding more applications in cosmetics manufacturing and is expected to provide a significant market opportunity for the manufacturers in the coming years.
Falling average selling price of wood tar due to oversupply and the carcinogenic effects of tar based drugs on human skin are anticipated to bottleneck the market growth in key developed countries.
Wood Tar: Market Segmentation
The overall wood tar market can been segmented on the basis of type as:
- Resinous Wood Tar
- Hardwood Tar
The overall wood tar market can been segmented on the basis of production type as:
- Destructive Distillation
The overall wood tar market can been segmented on the basis of application as:
- Construction Coatings
- Animal Husbandry
- Ship Coatings
Wood Tar Market: Regional Outlook
Europe is anticipated to dominate the production of wood tar given the years of expertise of countries like Sweden, Russia and Finland. Although in terms of consumption, the region is expected to play second fiddle to Asia Pacific, which is anticipated to dominate the demand for wood tar.
Driven by the colossal ship building sector in East Asia and the growing pharmaceuticals and construction sectors in China and India, Asia Pacific is expected to be the market leader in terms of wood tar consumption. North America is anticipated to hold a prominent share and grow at a steady pace in the global wood tar market, given the maturity in end use industries. Latin America is expected to register a healthy growth rate in the wood tar market.
Middle East & Africa is anticipated to hold a minority share in the global wood tar market but is projected to witness a significant rise in demand for wood tar owing to growing investments in Africa from U.S. and China, into construction projects and the prominent presence of marine sector in the region.
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Wood Tar Market: Market Participants
Some of the key market participants identified in the Wood tar market across the globe are:
- Xinzhongxing Biomass
- Kemet Skandian Group
- Verdi Life
- Fusheng Carbon
- Albert Kerbl
- S.P.S. BV
- Shuanghui Active Carbon
- Eco Oil