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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Coal Tar Market
Request Now !Coal tar is a solid fuel, which is a by-product of coke. It is commonly used in ointments, soaps, and shampoos, due to its antifungal and inflammatory properties. WHO includes coal tar in the category of essential medicines, the safest and most effective medicines needed in a health system. The global coal tar market is expected to witness significant growth during the forecast period. The demand for coal tar is expected to increase, as it is widely applicable in graphite electrodes, tire production, specialty oils, and roofing. Moreover, coal tar is used in the construction of roads. It is used to extend the life of roads and reduces maintenance cost associated with pavements, primarily in road paving, car parks, and walkways. In addition, it is used to manufacture paints and synthetic & photographic materials. Furthermore, coal tar finds its application in industries such as automotive, steel, and aluminum.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | USD Million |
Segments covered | Type, Application, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA |
Companies covered | - Baowu Steel Group |
Coal Tar By Type
Coal Tar By Application
The outbreak of COVID-19 pandemic has had an adverse affect on the global economy all industries, including mining. Lockdown imposed by the government and restrictions on movements have to prevent further spread of virus have negatively impacted the mining industry. The pandemic has affected the entire value chain, as organizations and companies limit access to offices, mine sites, and manufacturing facilities and restrictions on transportation &shipping are imposed.
Demand for coal tar is primarily generated from industries such as automotive, steel, and aluminum, which significantly contributes toward the growth of the global coal tar market. Furthermore, surge in demand for coal tar products in the manufacturing from the healthcare industry such as to treat skin conditions commonly known as eczema and psoriasis is expected to create lucrative opportunities for market players. Use of coal tar in fractionated distillation columns, heating of industrial gases, and manufacturing of lamp black are the factors that are predicted to raise the demand in near future. . However, tar cannot be used in the extracted and mined state, as it is usually in solid form. To process it for further utilization, it is heated at high temperature. Furthermore, high cost of heating furnace hampers the growth of the global market.
The demand for coal tar from the healthcare industry is increasing significantly, owing to its various beneficial applications. Coal tar has been used to treat many skin diseases, such as psoriasis, seborrheic dermatitis, eczema, and dandruff. A key factor driving the growth of the market is the use of coal tar pitch in aluminum smelting. Coal tar pitch is used in many applications, such as in paving roads, base for paint &coatings, and as a binder in products. Moreover, coal tar provides natural resistance to ultraviolet (UV) rays, water, and chemicals, which adversely impact the roofing in buildings. In addition, the use of coal tar in cosmetics has propelled its demand. Coal tar is used in topical medications in order to treat itching, flaking due to skin conditions, and to treat people suffering from skin condition known as psoriasis which is expected to boost the global coal tar market over the forecast period.
Asia-Pacific dominates the coal tar market, and is anticipated to offer potential growth opportunities to vendors during the forecast period. This is attributed to use of coal tar in paint manufacturing, dyes, and photographic materials in this region. However, North America is expected to witness significant growth, owing to increase in domestic production that has eventually increased the level of demand from the aluminum, graphite, and others. Canada is the major share contributor in the North America coal tar market.
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