Decant Oil Market In-deep Analysis And Experts Review Report 2021-2031

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Decant Oil: Introduction

• Decant oil or slurry oil is a high-boiling cracked aromatic process oil. This oil appears as a thick oily liquid that is soluble in diethyl ether, partially soluble in acetone, and insoluble in water. Decant oil possesses petroleum asphalt odor.
• Decant oil is commonly referred to as clarified oil, catalytic cracked clarified oil, carbon black feedstock, cat slurry oil, or residual fuel oil. Decant oil is composed of catalytic cracked clarified oils (petroleum), hydrodesulfurized catalytic cracked clarified oils, distillates (petroleum), fuel oil No. 6, residues (petroleum), polycyclic aromatic hydrocarbons, asphaltenes (petroleum), naphthalene, hydrogen sulfide, and sulfur. It is primarily used in carbon black feedstock and needle coke in the chemical industry. It is also deployed as a heavy fuel oil in the petroleum industry.

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Key Drivers and Restraints of Decant Oil Market

• Decant oil has a similar boiling range to heavy fuel oils; hence, it is blended into heavy fuel oil and used in marine engines and coal power plants.  Increase in demand for decant oil in coal power plants across the globe is expected to boost the decant oil market.
• Decant oil’s high aromatics content and FCC slurry tend to form needle-like crystalline carbon structures when coked. This needle coke is highly valued for the manufacture of electrodes. Increase in demand for needle coke among electrode manufacturers is projected to drive the decant oil market.
• IMO regulation on sulfur content in marine fuels and increase in investment to revive offshore oil & gas exploration activities are the key factors driving the global decant oil market
• Fuel reduction initiatives among various shipping communities is expected to restrain the global decant oil market during the forecast period

Decant Oil: Type Segment

• In terms of type, the global decant oil market can be bifurcated into FCC-based (fuel catalytic cracking) and RCC-based (residue catalytic cracking)
• The FCC-based segment holds major share of the decant oil market. FCC decant oil forms needle-like crystalline carbon structures during the coking process; hence, it is widely used to produce needle coke. Increase in utilization of these electrodes in the steel manufacturing industry is anticipated to boost the demand for FCC-based decant oil. FCC decant oil is also used as a feedstock to generate carbon black or carbon fiber owing to its high aromatic content.
• RCC produces lighter products that feed the alkylation unit and heavier products that can be blended into diesel and residual fuel oil. It is particularly valuable in a refinery that is striving to maximize gasoline production over residual fuel oil. RCC yields a high volume of gasoline of good quality. Thus, the segment is expected to expand at a significant pace during the forecast period.

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Decant Oil: Application Segment

• Based on application, the decant oil market can be segregated into carbon black feedstock, needle coke, heavy fuel oil, and others
• The needle coke segment is estimated to account for major share of the global decant oil market in the next few years. Pure decant oil is utilized in a delayed coker under appropriate operating conditions to produce a special grade of coke, which is known as needle coke. Needle coke commands a premium price over the other grades of coke due to its superior characteristics.
• Increase in demand for needle coke among electrode manufacturers is projected to drive the decant oil market

Covid-19 Impact on Decant Oil Market

• The Covid-19 outbreak has compelled many countries to halt all operations including production and distribution activities. This has hampered economies of many countries.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• Disruption of logistics and non-availability of the workforce due to nationwide lockdown and restriction on movement have adversely affected the production and usage of decant oil
• Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the decant oil market.

Asia Pacific Holds Major Share of Decant Oil Market

• In terms of region, the decant oil market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific accounted for major share of the global decant oil market in 2020 due to the presence of a large number of electrode manufacturers in the region. The decant oil market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the rise in industrialization in countries such as China, Japan, and Taiwan.
• Rise in demand for steel and growth in production of electrodes are expected to boost the production of needle coke in Asia Pacific during the forecast period. This is anticipated to boost the utilization of decant oil. In turn, this is anticipated to drive the decant oil market in Asia Pacific during the forecast period.
• North America and Europe held key share of the global market in 2020 owing to the increase in demand for decant oil in petroleum and chemical industries in these regions