Coal tar has been prevalent in the global industries for a couple of centuries and was predominantly invented for use in the pharmaceutical industry. Coal tar is listed in the World Health Organization’s “List of Essential Medicines” for usage in the health industry. It gradually found its applications in the construction industry and was used with seal coats products. Today, coal tar has found its application areas in various end-use industries such as aluminum industry, steel industry, and tire industry. With the growth and development of these end-use industries, the coal-tar industry is continuously honing its footprint in the global market.
Read Report Overview: Coal Tar Market
Coal tar is a thick/brown liquid, which has a high viscosity and is a byproduct of carbonized coal. Coal tar is a complex mixture of various substances such as phenol, metro cyclic compounds, and polycyclic aromatic hydrocarbons. Over several years, coal tar has developed its importance in different product formulation processes. It is used as an insulating agent in paints, synthetic dyes, photographic material, and in boiler systems to create heat that can be directed to duct systems that are being installed in the homes. The U.S. was the first country that built coal chemical recovery ovens in the late 18th century.
The global coal tar market is expected to account for a market value of $16.54 billion by the end of 2024. The significant demand for coal tar is primarily generated from industries such as automotive, steel, and aluminum. The rising demand for EVs in the market is directly accelerating the growth of the coal tar market.
Coal tar also finds significant applications in the medical industry for treating skin conditions such as psoriasis or seborrheic dermatitis. Additionally, the material is also widely used in the manufacturing of skin products, but it must be used under protection guidelines, as it might enhance sensitivity to sunlight, irritating the skin. All coal-tar products have their pros and cons; therefore, they are required to be used with proper safety and handling measures.
Some of the key contributors operating in the global coal tar market are POSCO, Himadri Specialty Chemicals Ltd, and ArcelorMittal. These players have an active presence in their domestic locations, which helps the companies to get a stronger hold in the local market.
This is due to the high demand generated from the tire industry. The tire industry acquires the largest share in the consumption of carbon black oil. The constant growth of the automobile market is pushing the demand generated for carbon black oil in the production of automotive tires. This segment of application is also backed by the constant growth of electric mobility, driving the demand for carbon black oil in the global market.
Some of the leading players involved in the production of carbon black oil are Mitsubishi Chemical Corporation, Phillips Carbon Black Ltd, and Cabot Corporation.
In the global coal tar market, APAC accounted for the highest revenue-generating region of the world in 2018. The region’s growth and development in the coal tar market is mainly attributed to China, driven by its vast production capacity, excessive industrial base, and financial support of government bodies. China has giant players of the coal tar market operating in the country. China produced XX million tons of coal tar in 2018, fulfilling the demand generated from its application segments of the domestic market.
The global coal tar market is a very consolidated market consisting of few handful players operating in the market. The key players involved in the growth and development of the global coal tar market are Himadri Specialty Chemical Ltd, POSCO, and JFE Holdings, Inc., among others.
Competitive Landscape
The modern era has witnessed rising developments in the construction sector which can be majorly attributed to the growing urbanization and industrialization. With the advent of modernization, there has been an increase in demand for smart homes, offices, shopping complexes, among others in the recent times with strict emphasis on the energy saving. As a result of these, the escalating demand for the construction sealants has paved way for many market players (both established and new entrants) to exercise strong foothold in this market sector. Proceeding on these lines, there have been various kinds of business activities exercised by the market players so as to establish themselves and create good customer base across the globe.
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Some of the business strategies executed in this regard are product launches, business expansions, mergers and acquisitions and partnerships/collaborations/joint-ventures between established players as well as new entrants in the construction sealants market. Several companies, including ARKEMA, BASF SE, Wacker Chemie AG were involved in new product launches. Akzo Nobel N.V., ARKEMA, BASF SE, EVONIK, Hodgson Sealants, and Wacker Chemie AG, were involved in the business expansions. Akzo Nobel N.V., BASF SE, H.B. Fuller Company, KCC Corporation, Sika AG, and The Sherwin-Williams Company, among others have been involved in the strategy of mergers and acquisitions and Akzo Nobel N.V., ARKEMA and EVONIK, have been involved in the partnerships, collaborations and joint ventures.
The steel and aluminum industry are one of the most exponentially growing sectors of the market, uplifting the coal tar demand in the global market.
The coal tar is in high demand in the global market, driven by its various applications such as coal tar pitch, carbon black oil, and specialty oil.
Coal tar pitch is majorly used in the production of aluminum as a binding agent for carbon anodes and graphite electrodes for the steel production via electric arc furnace technique.
The growth and demand for coal tar pitch is expected to simultaneously spike the demand for coal tar in the global market.The global tire industry also plays a vital role in the growth and development of the coal tar industry.
The continual growth in the automotive industry toward the adoption of electric vehicles is expected to drive the demand for the carbon black oil in the tire industry, propelling the growth prospects of the global coal tar market.Coal tar has been prevalent in the global industries for a couple of centuries and was predominantly invented for use in the pharmaceutical industry.
Coal tar is a complex mixture of various substances such as phenol, metro cyclic compounds, and polycyclic aromatic hydrocarbons.
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Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The entire coal tar enamel market has been sub-categorized into type and application.
The report provides an analysis of these subsets with respect to the geographical segmentation.
This research study will keep marketer informed and helps to identify the target demographics for a product or service.Request a FREE Sample Copy of Coal Tar Enamel Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/coal-tar-enamel-market/download-sampleBy TypeSoft EnamelsHarder EnamelsBy ApplicationWater Supply and Drainage PipesSeawater PipelineGas PipelineOtherThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the coal tar enamel market include Bhilai Cement, MASPION GROUP, NGP Industries Limited, PSL and Samhwa.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.This section covers regional segmentation which accentuates on current and future demand for coal tar enamel market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
