According to a recent analysis, the global coal tar market size was USD 14.38 Billion in 2020 and is expected to reach USD 18.64 Billion in 2028, and register a CAGR of 3.2% over the forecast period. Market revenue growth is driven by surging demand for coal tar for manufacturing of tires, electrodes, specialty oils, and roofing industry applications and others.
Another key factor contributing to coal tar market growth is extensive product utilization for aluminum production. Increasing need to produce more lightweight automotive and aircraft components to achieve higher fuel-efficiency, lightweight, and strength is driving growth of the coal tar market to a significant extent. Aluminum alloys are also used extensively to insulate satellites as the material offers multi-layer insulation and is more cost-effective. Increase in number of satellites being launched into lower orbit of space is driving demand for aluminum, and in turn, supporting revenue growth of the global coal tar market.
Coal tar also finds skin treatment applications and is used in soaps, shampoos, and ointments, owing to anti-inflammatory and anti-fungal properties. Expanding product application scope in a wide range of essential medicines will bolster coal tar market growth through till 2028.
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Some Key Findings in the Report:
- The aluminium segment is expected to dominate other end use segments in the global coal tar market with the highest revenue share throughout the forecast period. One of the key ingredients in the production of aluminium is coal tar pitch, and high consumption of aluminium in industries including automotive, aerospace, and space will continue to bolster revenue growth of this segment going ahead.
- In the regional landscape, North America accounted for second-largest share in the global coal tar market in 2020, and the trend is expected to continue over the forecast period owing to rising demand for coal tar from automotive and aerospace industries in the United States.
- Key players in the global coal tar market include Himadri Speciality Chemical Ltd., Rain Carbon Inc., Voestalpine AG, Industrial Química del Nalón S.A, Bilbaína de Alquitranes, S.A., DEZA, a. s., Koppers Inc., Neptune Hydrocarbons Mfg. Pvt. Ltd., Tar Alliance AM, and Nagreeka Hydrocarbons (P) Ltd., among others.
For the purpose of this report, Emergen Research has segmented the global coal tar market based on type, application, end-use, marketing channel, and region:
- Type Outlook (Revenue: USD Billion; Volume: Billion Metric Tons; 2018–2028)
- Low Temperature Coal Tar
- Medium Temperature Coal Tar
- High Temperature Coal Tar
- Application Outlook (Revenue: USD Billion; Volume: Metric Tons; 2018–2028)
- Coal Tar Pitch
- Carbon Black Oil
- Specialty Oils
- End-use Outlook (Revenue: USD Billion; Volume: Metric Tons; 2018–2028)
- Aluminum Industry
- Tire Industry
- Paint Industry
- Wood Preservation
- Marketing Channel Outlook (Revenue: USD Billion; Volume: Metric Tons; 2018–2028)
- Regional Outlook (Revenue: USD Billion; Volume: Metric Tons; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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