Global Heavy Pyrolysis Resin Market: Overview
Heavy pyrolysis resin is a flammable viscous liquid produced primarily in ethylene plants as a byproduct during pyrolysis of mixed gasoline or gasoline and gas feedstock such as diesel, petrol, and hydrocarbon gases. It contains polycyclic aromatic hydrocarbons and aromatic hydrocarbons. Heavy pyrolysis resin is widely used in the production of carbon black, dark petroleum resins, concrete superplasticizing agents, fuel oil, inactive carbon black, paints & varnishes, and coke.
Based on grade, the global heavy pyrolysis resin market can be bifurcated into grade A (1.03 g/cm3 density) and grade B (1.04 g/cm3 density). Grade A has kinematic viscosity of 25 mm²/sec, while grade B has kinematic viscosity of 40 mm²/sec. Grade A has coking property of not less than 12%, whereas the coking property of grade B is no more than 16%. Distillate temperature for processing grade A is 180°C, while that for B is 170°C. Grade A and B are used as fuel component for heavy oil in the production of coke, carbon black, polymeric petroleum resins, and binder for briquetting.
Processing of heavy pyrolysis resin does not require complex technical solutions and expensive technological operations such as purification of resin, reprocessing from sulfur, nitrogen, and oxygen containing compounds. Rise in application of heavy pyrolysis resin in various end-user industries such as oil & gas, construction, and automotive is driving the global heavy pyrolysis resin market. Heavy pyrolysis resin has high content of aromatic and unsaturated hydrocarbons. Thus, it is widely used as a fuel oil component. Accumulation of heavy pyrolysis resin may pose serious threat to the environment. This is likely to restrain the market during the forecast period. Increase in research activities to enhance the formulation of heavy pyrolysis resin is expected to provide lucrative opportunities to manufacturers operating in the market
Global Heavy Pyrolysis Resin Market: Regional Analysis
In terms of region, the global heavy pyrolysis resin market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is the leading consumer of heavy pyrolysis resin, followed by Asia Pacific and Europe. The U.S. is the leading consumer of heavy pyrolysis resin in North America, led by the rise in investment in new refinery capacity expansion in the country. The heavy pyrolysis resin market in China, India, and ASEAN in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the growth in the automotive industry in the region. The usage of heavy pyrolysis resin is gaining momentum in the manufacture of synthetic rubber, carbon black, and aromatic hydrocarbon such as benzene. Improvement in economy and increase in industrialization with strong FDI investment are estimated to fuel the heavy pyrolysis resin market in Asia Pacific.
Demand for heavy pyrolysis resin market is projected to rise at a sluggish pace in Europe due to the closure of various large refineries in the region. This is likely to adversely affect the demand and supply of fuel oil, thereby hampering the demand for heavy pyrolysis resin in the region. However, increase in efforts by the Government of Russia to upgrade refinery facilities and expand refinery operations is expected to boost the heavy pyrolysis resin market during the forecast period. Middle East & Africa expected to provide lucrative opportunities to the manufacturers of the heavy pyrolysis resin. Rise in investment by various automakers in GCC, South Africa, etc. is anticipated to provide lucrative opportunities to manufacturers of heavy pyrolysis resins. Demand for heavy pyrolysis resin market is estimated to increase moderately in Latin America due to the improvement in economic conditions and rise in import activities in the region.
Global Heavy Pyrolysis Resin Market: Key Players
Key players operating in the global heavy pyrolysis resin market are Chevron Phillips Chemical, PJSC Nizhnekamskneftekhim, SIBUR International GmbH, Belhim OJSC, and LUKOIL Group.
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