Coal Tar Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 Market

Coal Tar Market Analysis 2020-2027:

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. 

COVID-19 Scenario Analysis

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. 

Market scenario analysis

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.

Market drivers and trends

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.

Regional insights

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.

Key benefits of the report

• This study presents the analytical depiction of the global coal tar industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global coal tar market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global coal tar market growth scenario.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global coal tar market research report:

• Which are the leading market players active in the global coal tar market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Coal Tar Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights