Enjoy complimentary customisation on priority with our Enterprise License!
The coal tar market size is forecast to increase by USD 3.35 billion at a CAGR of 3.97% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing heightened demand, propelled by the increased use of advanced coal tar pitch, especially in roofing applications. Furthermore, the rising adoption of needle coke in lithium-ion batteries is driving market growth. These trends indicate a broadening range of applications across various industries, highlighting promising opportunities for market expansion.
For More Highlights About this Report, Download Free Sample in a Minute
The growing use of advanced types of coal tar pitch is an emerging trend shaping market growth. Over the years, the demand has surged, driven primarily by their crucial role in electrode production for primary aluminum manufacturing. Approximately 10 lbs. of coal tar pitch is required to produce 100 lbs. of aluminum, with global primary aluminum production reaching 5,744 thousand metric tons in May 2021. Notably, China dominated this production with 3,344 thousand metric tons. The rising demand for aluminum across various sectors fuels the coal tar pitch market.
Moreover, advancements in coal tar pitches, like the Zero QI impregnation pitch derived from high-temperature coal tar processing, enhance graphite and carbon electrodes' density and strength. This pitch's unique properties improve electrical conductivity and durability, driving its utilization in diverse applications. As a byproduct of dead oil distillation, increased demand is anticipated to propel the market's growth in the forecast period.
The market finds diverse applications across various industries due to its unique properties. In the paints and coatings industry, it serves as a crucial ingredient, providing durability and weather resistance. Moreover, it is widely utilized in the production of asphalt products for paving roads and constructing highways. In the aerospace, construction, and automotive sectors, dead oil is employed as a coating material for aluminum and steel products, offering protection against corrosion and enhancing longevity. Furthermore, derivatives such as carbon black are essential in manufacturing graphite electrodes for electric arc furnaces and carbon anodes. Despite its utility, dead oil contains carcinogens and is associated with certain health concerns, but it remains indispensable in various industrial processes due to its versatility and effectiveness.
The low temperature coal tar segment is estimated to witness significant growth during the forecast period. LTCT is a sticky liquid mixture produced mainly from coal pyrolysis, which contains various value-added chemicals (VACs). LTCT production typically involves distillation temperatures below 600C. It is commonly used in the production of pavement sealants and coatings for asphalt surfaces.
Get a glance at the market contribution of various segments Download PDF Sample
Further, the production processes often require less energy compared to high-temperature processes. This energy efficiency can result in cost savings for manufacturers, driving interest in low-temperature methods. It is also used in the manufacturing of high-tensile reclaim rubber and butadiene-nitrile rubbers. The growth of the population, coupled with the rise in spending on automobiles, has increased the demand for reclaimed rubber tyres. LTCT-based coatings and paints are used for corrosion protection in industrial and marine environments. These coatings provide excellent resistance to water, chemicals, and abrasion, making them suitable for harsh operating conditions. Thus, the increasing demand is driven by a combination of environmental considerations, technological advancements, market dynamics, and product requirements, which may fuel the growth of the market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 77% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC countries are experiencing rapid urbanization and infrastructure development, driving the demand for construction materials such as asphalt for roads, roofing materials, and waterproofing compounds. Coal tar, as a key ingredient in asphalt production, is in demand for road construction and maintenance projects across the region. Steel production in China and India is also growing at a significant rate, owing to the growth in the construction industry. Due to the growth in the steel industry, production will also increase in China, where the second-most common use of coal tar, after dead oil distillation processing, is carbon black production.
In addition, the chemical industry in APAC is one of the largest in the world, encompassing sectors such as petrochemicals, pharmaceuticals, and specialty chemicals. Dead oil serves as a feedstock for various chemical products, including dyes, pesticides, and synthetic resins, contributing to its demand in the region. As APAC economies continue to grow and urbanize, the demand and its derivatives is expected to remain strong, which may boost the growth of the regional market during the forecast period.
In this market, creosote is a common treatment for wood, but it can cause hair problems if not handled carefully. In the aerospace industry and automotive industry, aluminum & steel products are crucial and often used in manufacturing and construction. Binder & Impregnating Grade creosote is used for wood preservation, while Special Grade is used in applications like paint and coatings. Additionally, Graphite Electrodes Electric Arc Furnaces are essential in this market.
Increasing demand for coal tar products from the healthcare sector is notably driving market growth analysis. Coal tar is a topical medicine and has been used to treat many skin diseases, such as psoriasis, seborrheic dermatitis, eczema, and dandruff. The treatment involved the application to the affected area. It comes in various forms, such as cream, shampoo, lotion, ointment, and bath additive forms. The use to treat psoriasis has been followed for many centuries. This is because of the anti-scaling and anti-inflammatory properties of coal tar, which can treat plaque psoriasis. Coal tars anti-inflammatory and antipruritic (anti-itch) properties make it useful in relieving itching associated with various skin conditions.
Also, it helps to slow down the growth of skin cells and make the skin look better. Coal tar shampoos are sometimes prescribed to treat scalp conditions such as dandruff, seborrheic dermatitis, and scalp psoriasis. These shampoos help to reduce scaling, itching, and inflammation of the scalp. Hence, there is a continuous demand for skin treatment purposes. Therefore, the demand for skin treatments is expected to drive the growth of the market during the forecast period.
Fluctuations in coal prices are a significant challenge hindering market growth. As per the US EIA, coal is classified into four main ranks (types), namely, sub-bituminous, lignite, anthracite, and bituminous, depending on the amount of heat energy that it produces and the types and amounts of carbon it contains. Prices are generally higher for coal with high heat content. Anthracite is the most expensive type of coal, followed by bituminous, lignite, and sub-bituminous coal. The price of coal varies according to the coal grade, rank/type, mining method, and geographic region.
Further, coal is used to produce coke, which is used in the smelting of iron ore in steel production. Coal tar is produced as a byproduct during the production of coke. According to the US EIA, in 2020, the average export price of coal used to make coke was about USD 83.1 per short ton (st), which is about three times more than the price of coal supplied to the power sector. Thus, the fluctuations in the prices of coal are a significant challenge for investors and other stakeholders who invest in the production of coke. This, in turn, may affect the market adversely during the forecast period.
The market forecasting research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Coopers Creek Chemical Corp. - The company offers coal tar such as Coal Tar, Coal Tar Pitches, and Coal Tar Pitch Cutbacks. The company manufactures coal tar based protective coatings and sold under a private label agreement.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market encompasses a wide array of applications across various industries. From roofing coating materials to pavement tars, coal tar serves as a versatile binder in products like roofing sealants and refractory bricks. Its significance extends to the aerospace, automotive, and space industries, where it's used in the production of aluminum and steel products, carbon fibers, and composites. However, challenges arise due to concerns over chemical vapors and polycyclic aromatic hydrocarbons (PAHs) in products. Despite this, ongoing advancements in processing and refining technologies aim to mitigate such challenges. As demand grows for lightweight aluminum components and carbon raw materials, the market plays a crucial role in industrial development and the production of essential materials for energy storage, water treatment, and medical applications.
Additionally, the market spans numerous sectors and applications, including aluminum and steel production, aerospace, and automotive industries. Its derivatives, like aluminum grade coal tar pitch and graphite grade coal tar pitch, are vital in manufacturing aluminum electrodes and carbon composites. Additionally, it finds use in petroleum asphalt-based seal coats, roofing tars, and coatings for non-ferrous metals. However, concerns over skin absorption and emissions persist, particularly in medical materials and vehicle emissions. With ongoing advancements, it remains essential in various sectors, from foundries to the space industry, playing a crucial role in chemical production, fiber manufacturing, and the creation of activated carbon. Its diverse applications underscore its importance in industrial processes and the global economy.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.97% |
Market Growth 2024-2028 |
USD 3.35 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.02 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 77% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Coopers Creek Chemical Corp., Epsilon Carbon Pvt. Ltd., Ganga Rasayanie Pvt. Ltd., Himadri Speciality Chemical Ltd, Indian Tar Coal Company, Italiana Coke Srl, Jalan Carbons and Chemicals Ltd., Koppers Holdings Inc., Mitsubishi Chemical Group Corp., National Aluminium Co. Ltd., Nippon Steel Corp., Palriwal Industries Pvt. Ltd., POSCO Holdings Inc., Rain Carbon Inc., Shree Shyam Chemicals, Spectrum Laboratory Products Inc., Tata Steel, Voestalpine AG, Metinvest BV, and thyssenkrupp AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.