10-Aug-2021 | Market Research Store
According to Market Research Store, the worldwide demand for coal tar was valued at roughly USD 14.38 billion in 2020 and is predicted to create revenue of roughly USD 17.37 billion by the end of 2026, with a CAGR of roughly 3.2% between 2021 and 2026.
The thick dark liquid formed as a by-product during the manufacturing of coke and coal gas from coal is known as coal tar. Aluminium, graphite, and other speciality compounds are made predominantly from coal tar. In nature, coal tar is a liquid that comprises a mixture of bi- and poly-condensed aromatic hydrocarbons. Compounds with heteroatoms in rings and phenols have also been discovered in the tar. Coal tar is widely employed as a binding agent in the production of graphite electrodes for use in steel mills' electric arc furnaces and carbon anodes for use in aluminium smelters. It is used as an insulating agent in paints, synthetic dyes, photographic material, and boiler systems to create heat that can be directed to duct systems that are being installed in the homes.
Coal tar is used in the production of a variety of commodities, including coal tar pitch, carbon black oil, and speciality oils. Carbon electrodes, graphite electrodes, roofing applications, the tyre industry, and wood preservation are just a few of the applications for these materials. Because of its antifungal and anti-inflammatory characteristics, coal tar is also utilised for skin treatments and is found in ointments, soaps, and shampoos. Coal tar has also been approved as a safe and effective treatment and is placed in the group of essential medicines.
On the strength of increased family disposable income and an increasing desire among individuals for various modes of transportation, the demand for automobiles has grown exponentially over the years. However, as a result of high automotive emissions, countries all over the world have developed severe standards to decrease pollution from automobiles on the road. One of the most important initiatives taken by governments throughout the world is to reduce the overall curb weight of vehicles, which has increased the demand for lightweight metals like aluminium by vehicle makers. The consistent rise of the automobile sector, as well as the increasing manufacturing of automobiles around the world, is expected to increase demand for aluminium, requiring metal producers to produce aluminium in bigger quantities, and therefore benefiting the global coal tar market's growth.
Major players operative in the coal tar market is JFE Holdings, POSCO, Voestalpine AG, Himadri Specialty Chemical Ltd, ArcelorMittal, Lone Star Specialties, Nippon Steel Chemical and Material, Severstal, Stella-Jones, Tata Steel, Industrial Quimica del Nalon S.A, Rain Carbon Inc, DEZA a.s., Bilbaina de Alquitranes, S.A., Koppers Inc., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., Tar Alliance AM and among others. and among others.
Furthermore, due to growing environmental concerns, China's steel production is governed by tight laws. Manufacturers have turned away from traditional steel production processes and toward EAF steel production. Graphite electrodes are required in the manufacturing of EAF steel. As a result, China's graphite electrode demand is expected to triple in the next few years. This is also predicted to raise demand for coal tar to increase graphite electrode manufacturing and deal with the global undersupply problem.
Market Dynamics
Coal tar is frequently used in the medical field to treat skin disorders like psoriasis and seborrheic dermatitis. Furthermore, the substance is frequently utilised in the manufacture of skin goods, but it must be used under safety precautions because it may increase sensitivity to sunlight, irritating the skin.
In addition, the number of infrastructure projects is growing year after year, particularly in developing nations. Simultaneously, stricter car emissions rules have paved the way for lighter automobile components. Aluminium is regarded as one of the greatest materials for vehicle components due to its lightweight. Aluminium is in high demand in the aerospace industry because of the same feature. Air travel has become more affordable throughout time, leading to a desire for more planes. In the short term, this is projected to assist the worldwide coal tar market's growth.
On the other hand, steel is a critical component of infrastructure construction. Manufacturers all over the world have switched from traditional steel production to EAF steel production, which requires graphite electrodes. Coal tar is also used to make graphite electrodes. The worldwide coal tar market is predicted to be driven by the steel industry's steady growth.
Asia-Pacific is projected to Dominate Global Coal Tar Market Growth
Due to increased demand for primary aluminium in the region from end-user industries such as automotive, aerospace, building and construction, and others, as well as the presence of several nations in the region, such as China, India, and Japan, which are known to be major steel producers in the world, Asia Pacific is expected to hold the largest market share. Furthermore, rising government spending in the region to promote the construction of various architectural structures is growing demand for steel and aluminium, which is expected to fuel the region's coal tar market expansion in the next years.
Browse the full “Coal Tar Market By Type (Low-Temperature Coal Tar, Medium Temperature Coal Tar, High-Temperature Coal Tar), By Application (Coal Tar Pitch, Carbon Black Oil, Specialty Oils), By End-user (Aluminum Industry, Roofing, Tire Industry, Paint Industry, Wood Preservation, Others), By Marketing Channel (Online, Offline), and By Region, 2021 - 2026.” Report at https://www.marketresearchstore.com/market-insights/coal-tar-market-828611
The global coal tar market is segmented as follows:
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