Steady Demand for Use in Timber Preservation Applications to Drive Africa Creosote Oil Market
Creosote oil that is primarily obtained from coal tar or wood tar is mainly used as a wood preservative. While the global steel consumption continues to grow at a rapid pace, the production of creosote (a byproduct derived from the coking of the coal) has witnessed a steady growth. Creosote oil is predominantly used for timber preservation particularly across terrestrial regions and applications in the marine industry. In addition, as creosote oil offers exceptional long-term protection against a host of organisms, the demand is expected to witness steady growth during the forecast period, thus driving the Africa creosote oil market.
For several decades, the highly toxic nature and persistence of polycyclic aromatic hydrocarbons have been a major environmental and health concern due to which, multiple nations have increasingly imposed several restrictions pertaining to the use of creosote oil. Despite receiving criticism, creosote oil continues to gain traction as an effective wood preservation ingredient particularly in several regions across Africa. In addition, as creosote oil is extensively used to treat marine piling, railroad ties, and utility poles, the demand is likely to grow at a steady pace in the upcoming years. At the back of these factors, the Africa creosote oil market is expected to reach a value of ~US$ 44 Mn by the end of 2027.
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Continual Adoption of Oil-based Preservation Systems to Fuel Market Growth
Oil-based preservation systems wherein metal naphthenates, pentachlorophenol, bis-oxide, and creosote have been deployed for several decades and the adoption of such systems is expected to witness moderate growth in the upcoming decade. As per the analysts at Transparency Market Research, the uptake of pentachlorophenol and creosote oil is projected to continue over the next few years. Timber impregnation activities across Africa have increased at a rapid pace due to which, the demand for creosote oil is on the rise. In addition, as creosote oil has a high tolerance to insects, marine borers, and fungi, the adoption continues to move up the ladder.
The automotive sector does not directly contribute to the growth of the creosote oil market. However, carbon black, which is primarily utilized as a reinforcing material to improve the abrasion resistance of rubbers used to make automotive tires are developed using creosote oil. The growing demand for creosote oil to produce carbon black is anticipated to directly impact the expansion of the Africa creosote oil market. In addition, the growing demand for carbon black to make photocopier toners and inks is estimated to directly impact the growth of the Africa creosote oil market.
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Advent of New Protection Technologies and Alternatives to Hinder Market Growth
Although the demand for creosote oil for timber preservation continues to witness steady growth, government restrictions pertaining to its application are likely to hamper the growth of the Africa creosote oil market. For instance, the European Commission has laid down new regulations that restrict the use of creosote-based applications due to the toxic nature of the ingredient. Although creosote oil is included in the European Biocidal Products Directive’s list of approved substances, several controversies have stirred up revolving around the use of creosote oil. Bio-based alternative solutions are increasingly being investigated as a potential replacement for creosote oil due to the lower greenhouse gas emissions in comparison to the fossil-based creosote. The surge in the number of sustainable, safe, and environment-friendly alternatives is likely to hamper the demand for creosote oil, particularly during the latter half of the forecast period.
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COVID-19 Pandemic: Market Players to Address Supply Chain Challenges
The ongoing COVID-19 pandemic is expected to impact the growth of the Africa creosote oil market in 2020 and the first half of 2021. While uncertainty around the timeline of when operations are likely to resume in full swing continues, players operating in the current Africa creosote oil market are expected to focus on addressing the supply-side bottlenecks during the COVID-19 pandemic. In addition, while the demand for creosote oil is likely to take a major hit during the ongoing health crisis, market players should focus on product diversification to generate revenues.
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