Coal oil is a colorless oil that is distilled from bituminous coal and used as a fuel for lamps. Chemically, coal oil is similar to kerosene. Coal oil is a shale oil. It is obtained from the distillation of cannel coal, mineral wax, and bituminous shale. Coal oil has higher boiling point compared to gasoline or petroleum ethers. Conventionally, coal oil is used in lighting applications. It can also be used for cooking and as a fuel for automobiles. Coal oil is derived from fossil fuel. The oil has low vapor pressure; hence, it has higher flash point compared to gasoline or LPG (liquefied petroleum gas). Coal oil has lower risk of explosion.
Key Drivers and Restraints of Coal Oil Market
· Demand for coal oil in automotive and aerospace industries is rising across the globe. Low vapor level of coal oil makes it suitable for jet engine applications, as it lowers the risk of exploding. Rise in demand for coal oil for cooking applications is a key factor boosting the coal oil market. Recent advancements in the renewable energy sector are anticipated to augment the coal oil market in the next few years.
· Increase in demand for fossil fuels in the chemical industry is also estimated to drive the coal oil market in the next few years. In the medical sector, coal oil is employed for treating disorders such as athlete’s foot, cold, and influenza. However, implementation of regulations related to coal gas exploration and production is projected to restrain the coal oil market in the near future.
Hydraulic Fracturing Method Segment to Hold Major Share of Global Market
· The global coal oil market can be segmented based on method and application
· Based on method, the global coal oil market can be segmented into hydraulic fracturing and horizontal drilling. In hydraulic fracturing (or fracking), a fluid is pumped under high pressure into the coal oil to open up fractures. Horizontal drilling is carried out at deep levels under the ground.
· In terms of application, the coal oil market can be divided into lamp & lighting fuel, heating oil, jet engine fuel, chemical lubricant, medical & pharmaceutical, and others
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COVID-19 Impact Analysis
Rapid transmission of the coronavirus is significantly impacting the demand for coal oil in several end-use industries, as many industries have had to halt or reduce their production capacity to limit the spread of coronavirus as per government guidelines. This is expected to hamper the coal oil market.
Asia Pacific Coal Oil Market to Expand Rapidly
· In terms of region, the global coal oil market can be segregated into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
· The coal oil market in North America is expected to expand at a significant pace during the forecast period. Active gas exploration activities, especially by using unconventional methods, are driving the market in the region.
· Australia is a major country of the coal oil market in Asia Pacific. The coal oil market in the country has been expanding rapidly since the last few years. The power generation sector in Australia has witnessed immense growth in the recent past. The market in China is also projected to expand significantly in the next few years.
· Active gas exploration activities in Eastern Europe are anticipated to propel the coal oil market in the Europe during the forecast period
· Countries in Latin America such as Brazil and Mexico have initiated offshore development activities. This is estimated to boost the coal oil market in the region. Presence of oil reserves coupled with strong presence of oil companies in Middle East & Africa is likely to augment the market in the region during the forecast period.
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