Slurry oil market projected to reach $5.23 billion by 2032, driven by growing demand.
From GlobeNewswire: 2025-03-20 10:00:00
The slurry oil market is projected to reach USD 5.23 billion by 2032, growing at a rate of 4.53% from 2024 to 2032. Slurry oil is used in carbon black production, bunker fuel blending, and industrial fuel, driven by industrialization, shipping industry growth, and demand for low-cost fuel alternatives. Advanced processing methods are also improving slurry oil quality to meet environmental regulations.
The demand for carbon black is increasing due to its application in tire manufacturing and other industries like coatings, plastics, and printing inks. With the global automotive industry expanding, the need for high-performance tires is rising, boosting the demand for carbon black. Slurry oil’s aromatic nature makes it a preferred feedstock for carbon black manufacturers.
Asia Pacific leads the slurry oil market growth with a 48% market share in 2023. The region’s large oil refineries in China, India, and South Korea produce significant amounts of slurry oil. The automotive industry in countries like China and India is driving carbon black demand for tire production. Asia Pacific’s growing marine industry and infrastructure development also contribute to the region’s high demand for slurry oil.
In 2023, the automotive segment accounted for the largest market share at 42% due to its use in carbon black production for tire manufacturing. Rising vehicle consumption, especially in emerging economies like China and India, is driving demand for carbon black and slurry oil. The fast food & beverage segment is also growing rapidly, with carbon black from slurry oil being used in food packaging materials for its durability and high-temperature resistance. ExxonMobil and Shell introduce upgraded slurry oil refining processes in 2023 to meet stricter environmental regulations and improve fuel efficiency for marine fuels. Shell collaborates with shipping companies to develop optimized slurry oil blends for compliance with International Maritime Organization emission standards. Interested in the Slurry Oil Market 2024-2032 research report? Visit https://www.snsinsider.com/checkout/6028 for more information or customization options. SNS Insider is a leading market research and consulting agency, providing clients with current market data and insights to make confident decisions in changing circumstances. Contact [email protected] for more details.
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